HashiCorp on the Nasdaq market website, December 9, 2021.
Supply: Nasdaq
HashiCorp shares jumped 12% in prolonged buying and selling on Friday after Bloomberg reported the software program developer was contemplating a sale.
The corporate has engaged an outdoor agency to discover curiosity from potential patrons, Bloomberg mentioned, citing unnamed sources. An organization consultant did not instantly reply to CNBC’s request for remark.
HashiCorp, whose software program helps builders management sources in public clouds and knowledge facilities, debuted on the Nasdaq in late 2021, proper on the peak of the tech market. The inventory dropped 14% final yr whereas the S&P 500 posted a 24% achieve.
As of Friday’s shut, HashiCorp was buying and selling at $26.50, or 67% under its preliminary public providing value. Its market cap sits at round $5 billion. Within the newest quarter, income progress slowed to fifteen% from 41% a yr 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 mentioned on a convention name with analysts final week.
Mitchell Hashimoto, a co-founder and former expertise chief of HashiCorp, said in December that he was leaving the corporate.
Learn Bloomberg’s full report here.
