HubSpot announced it was adding payments features to its online marketing software, sending its stock price soaring to an all-time high.
New chief executive Yamini Rangan unveiled the new payments offering, which is starting with a limited beta test, at the Cambridge company’s annual Inbound conference on Tuesday.
“This is big,” said Rangan, who took over for HubSpot cofounder and longtime CEO Brian Halligan in September. “Our vision is to help [business-to-business] companies sell touch-lessly to their customers.”
HubSpot’s stock price shot up to as much as $789.90 in midday trading, a 16 percent gain from Monday’s close and an all-time high since the company went public in 2014. HubSpot’s market value exceeded $37 billion for the first time with the stock gain. The stock closed at $758.27 for the day, up 11 percent.
Investors are enthusiastic that HubSpot could leverage its existing customer base of more than 120,000 small and medium-sized businesses and move from just assisting with marketing to aiding e-commerce and taking a cut of every sale. Boston startup Toast, which went public last month, and rivals like Square and Olo, have seen their stock prices soar, thanks to the boom in e-commerce payments volume.
HubSpot said it would partner with Stripe, the Dublin, Ireland-based financial technology startup, to enable the payments features.
Originally, HubSpot focused on helping small companies improve their online marketing efforts. But the company has been adding features and now says it is competing in the broader but more crowded business software category of customer relationship management programs.