(Reuters) - RingCentral Inc, a cloud-based business communications services provider, is working with an adviser after receiving takeover interest, Bloomberg reported on Wednesday, citing sources familiar with the matter.
The company’s shares jumped as much as 19.9 percent to hit a record high of $43.05 in morning trading.
RingCentral is likely to attract interest from technology-focused private equity firms and other cloud-based software providers, according to Bloomberg. (bloom.bg/2vm9eMd)
The San Mateo, California-based company, which went public in 2013 and counts AT&T Inc among its customers, had a market capitalization of $2.7 billion as of Tuesday’s close.
RingCentral declined to comment.
Reporting by Narottam Medhora in Bengaluru; Editing by Shounak Dasgupta