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Apigee (APIC) Stock Jumps, to be Acquired by Alphabet's Google

NEW YORK (TheStreet) -- Shares of Apigee (APIC) were climbing 6.52% to $17.41 on heavy trading volume midday Thursday after Alphabet's (GOOGL) Google unit agreed to acquire the company in a deal valued at about $625 million.

Google will pay $17.40 per share for the San Jose, CA-based company, representing a 6.5% premium to Apigee's closing price on Wednesday.

The company provides a software platform that allows businesses to design, deploy and scale application program interfaces or APIs.

"Companies are moving beyond the traditional ways of...