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Business Tech Firm Marketo Hires Bank For Potential Sale

Marketo CEO Phil Fernandez addresses customers at his company's conference in 2015.Marketo CEO Phil Fernandez addresses customers at his company's conference in 2015.
Marketo CEO Phil Fernandez addresses customers at his company's conference in 2015.Courtesy of Marketo

(Reuters) – Marketo, a maker of cloud-based marketing software, is working with Morgan Stanley to explore strategic alternatives including a potential sale, Bloomberg reported, citing people with knowledge of the matter.

Shares of the company (MKTO) rose as much as 19.5% to a four-month high of $25.65 on Tuesday on the Nasdaq.

Marketo is speaking with both strategic companies and private equity firms to gauge their interest in buying the company, according to Bloomberg.

The company’s shares have been rising after JMP Securities said in a research note last week that the company had given presentations to SAP (SAP) and Microsoft (MSFT) about a potential sale.

“We do not comment on speculation or rumors,” Marketo spokeswoman Stephanie Gordish said.

Morgan Stanley (MS) could not immediately be reached for comment.