Alphabet-owned Google has reportedly walked away from the deal to acquire HubSpot Inc. Google earlier this year had reported to be exploring opportunities to acquire HubSpot.
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The conversations between both the companies, including Alphabet and HubSpot, did not progress because of due diligence and were called off soon after the companies held initial conversations on a conceivable deal. HubSpot, which develops marketing software for small and medium-sized businesses (SMBS), has dropped the most since 2020, down further from April’s peak. On Wednesday, the CRM software vendors’ shares closed 12% lower. On the other hand, Alphabet’s shares were up by 1.2%.