HashiCorp on Nasdaq Market Site, December 9, 2021.
Source: Nasdaq
Hashicorp shares rose 12% in after-hours trading on Friday after Bloomberg reported that the software developer was considering a sale.
Bloomberg, citing unnamed sources, said the company has contracted with an outside firm to gauge interest from potential buyers. A company representative did not immediately respond to CNBC’s request for comment.
HashiCorp, which provides software that helps developers control resources in public clouds and data centers, went public on the Nasdaq in late 2021, right at the peak of the technology market. Last year, stocks fell 14%, while the S&P 500 rose 24%.
As of Friday’s close, Hashicorp was trading at $26.50, or 67% below its initial public offering price. Its market capitalization reaches approximately $5 billion. In the latest quarter, sales growth slowed to 15% from 41% a year earlier.
“We’re behind where we would have liked to be at this point in the growth cycle, and we have work to do,” CEO David McJannette said on a conference call with analysts last week.
Mitchell Hashimoto, co-founder and former head of technology at HashiCorp, said: Said He will be leaving the company in December.
Read the full Bloomberg report here.
clock: HashiCorp CEO McJannet talks enterprise software
