HashiCorp at the Nasdaq market site, December 9, 2021.
Source: Nasdaq
HashiCorp Shares jumped 12% in extended trading Friday after Bloomberg reported that the software developer was considering a sale.
The company has hired an outside firm to explore interest from potential buyers, Bloomberg said, citing unnamed sources. A company representative did not immediately respond to CNBC’s request for comment.
HashiCorp, whose software helps developers control resources in public clouds and data centers, debuted on the Nasdaq in late 2021, right at the height of the tech market. Over the past year, the stock has fallen 14%, while the S&P 500 has gained 24%.
As of Friday’s close, HashiCorp was trading at $26.50, or 67% below its initial public offering price. Its market capitalization is approximately $5 billion. In the latest quarter, revenue growth slowed to 15% from 41% a year 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 said on a conference call with analysts last week.
Mitchell Hashimoto, co-founder and former chief technology officer of HashiCorp, said in December that he was leaving the company.
Read Bloomberg’s full report here.
CLOCK: McJannet, CEO of HashiCorp, talks about enterprise software
