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HubSpot shares plunge 11% on report that Alphabet is shelving interest in acquiring software company

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Hubspot Inc,Business,Technology

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

Citing people with knowledge of the matter, Bloomberg reported on Wednesday that there were never "detailed discussions about due diligence."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, largely 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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