HashiCorp shares soared 13% in extended trading on Friday after Bloomberg reported that the software company has engaged an outside firm to explore interest from potential buyers.
CEO David McJannet said on a conference call with analysts last week that HashiCorp is"behind where we wanted the company to be at this point in our growth cycle, and we have work to do."shares jumped 12% in extended trading on Friday after Bloomberg reported the software developer was considering a sale.
The company has engaged an outside firm to explore interest from potential buyers, Bloomberg said, citing unnamed sources. A company representative didn't immediately respond to CNBC's request for comment.in late 2021, right at the peak of the tech market. The stock dropped 14% last year while the S&P 500 posted a 24% gain.Sign up for NBC San Diego newsletters.
As of Friday's close, HashiCorp was trading at $26.50, or 67% below its initial public offering price. Its market cap sits at around $5 billion. In the latest quarter, revenue growth slowed to 15% from 41% a year earlier. "We are behind where we wanted the company to be at this point in our growth cycle, and we have work to do," CEO David McJannet said on a conference call with analysts last week.in December that he was leaving the company.