CNBC's David Faber seemingly confirmed Alphabet's rumored acquisition of the cloud-based growth platform. "There have been many reports about HubSpot ( HUBS ) being in conversations with Google ( GOOG )," Faber said. "My understanding is absolutely true, all stock deal for Alphabet to acquire HubSpot ( HUBS )." Last month, Reuters reported that Alphabet had met with Morgan Stanley advisors to discuss a possible offer to acquire HubSpot ( HUBS ).

HubSpot, Inc. ( HUBS ) shares are trading higher Tuesday as investor's digest reports that Google ( GOOG ) parent Alphabet, Inc. ( GOOG ) will acquire the company in an all-stock deal. 

The Details:

According to a report, CNBC's David Faber said reports of Alphabet's rumored acquisition appear true.

"There have been many reports about HubSpot ( HUBS ) being in conversations with Google ( GOOG )," Faber said. "My understanding is absolutely true, all stock deal for Alphabet to acquire HubSpot ( HUBS )."

Last month, it was reported that Alphabet had met with advisors to discuss a possible offer to acquire HubSpot ( HUBS ).

HubSpot ( HUBS ) provides a cloud-based marketing, sales, and customer service software platform and reported total revenues of $2.17 billion in 2023. The company anticipates full-year 2024 revenue of $2.55 billion to $2.56 billion and has a market cap of $30.076 billion. If a deal goes through, it would be Alphabet's largest acquisition to date.

HubSpot ( HUBS ) shares are moving on heavy trading volume as investors digest the latest reports with more than 762,000 shares already traded in Tuesday's session,according to data from Benzinga Pro.

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HUBS Price Action: According to Benzinga Pro, HubSpot ( HUBS ) shares are up 7.96% at $637.15 at the time of publication Tuesday.

Image: Courtesy of HubSpot, Inc. ( HUBS )