Google parent Alphabet has been talking to its advisers about the possibility of making an offer for HubSpot, an online marketing software company with a market value of $32 billion, people familiar with the matter said.

If Alphabet moves ahead with an offer, it would be a rare example of a major technology company attempting a mega deal amid heightened regulatory scrutiny of the sector under U.S. President Joe Biden’s administration.

The potential deal would also allow Alphabet to put some of its cash pile, which reached $110.9 billion as of the end of December, to work.

Alphabet has met with Morgan Stanley investment bankers in recent days about a potential offer for HubSpot, the sources said. It has been discussing how much it should offer and whether antitrust regulators would clear such a tie-up, the sources added.

Alphabet has not yet submitted an offer to HubSpot and there is no certainty it will do so, the sources said, requesting anonymity to discuss confidential deliberations.

Alphabet, HubSpot and Morgan Stanley did not immediately respond to requests for comment.

HubSpot, which listed in the stock market in 2014, provides marketing software to companies that typically have up to 2,000 employees.

It generated $2.2 billion revenue in 2023 and posted a net loss of $176.3 million. Despite this loss, investors are excited about the Cambridge, Massachusetts-based company’s prospects, driving up its shares 50% in the 12 months.

Google is currently facing several antitrust challenges, including a landmark lawsuit accusing it of abusing its position as online search leader.

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