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HubSpot shares plunge 12% on report that Alphabet is shelving interest in acquiring software company

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Alphabet has reportedly shelved its interest in acquiring HubSpot months after the companies were in talks.

According to Bloomberg, Alphabet was in talks with HubSpot earlier this year, "but the sides didn't reach a point of detailed discussions about due diligence," the report said, citing people with knowledge of the matter.

HubSpot develops software that companies, mostly small and medium-sized businesses, use to automate marketing and reach prospective customers. Buying HubSpot would have helped Google grow revenue from business software, alongside cloud infrastructure, as well as other non-cloud businesses under the Alphabet umbrella.

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