HubSpot shares plunged 11% on Wednesday after a Bloomberg report said Alphabet isn’t going forward with plans to buy the software company.

Representatives of HubSpot and Google’s parent company didn’t immediately respond to a request for comment.

Regulators in the U.S. and abroad have pushed back on deals that large technology companies have proposed recently. Amazon abandoned its planned acquisition of robot vacuum maker iRobot, and it took Microsoft 20 months to close its purchase of game publisher Activision Blizzard.

HubSpot develops software that companies, largely small and medium-sized businesses, use to automate marketing and reach prospective customers. Buying HubSpot would have helped Google grow revenue from business software, alongside cloud infrastructure, as well as other non-cloud businesses under the Alphabet umbrella.

Google’s cloud unit reached profitability in 2023 after years of hefty investment.

HubSpot has been growing more rapidly than Google of late, with the company reporting revenue growth above 20% for the past six quarters and in excess of 30% prior to that. Sales in the first quarter increased 23% to $617.4 million.

Alphabet, meanwhile, hasn’t topped 20% growth since early 2022. Revenue in the latest period rose 15% from a year earlier to $80.54 billion.

Google is no stranger to competition regulation. The U.S. Justice Department and a collection of state attorneys general accused Google of violating anti-monopoly law through exclusive agreements with phone makers and browser companies to make its search engine the default for consumers.

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