SunGard Data Systems is reportedly preparing to hire financial advisers to explore a sale that could value the financial technology company at as much as $10bn (£6.7bn, €9.2bn), including debt.
US-based SunGard has asked investment banks competing for advisory mandates to prepare for interviews as early as next week, Reuters reported.
The company proposes to simultaneously explore an outright sale and stock market flotation, the news agency added.
Private equity-owned SunGard decided to explore a sale after it was approached by at least one other company about a potential takeover.
Pursued by Reuters, a SunGard spokesman did not immediately respond to a request seeking comment.
SunGard is one of the longest-held investments in private equity (PE) history.
The firm's is jointly owned by Silver Lake Partners, TPG Capital, Bain Capital, Blackstone Group, Goldman Sachs Capital Partners, KKR and Providence Equity Partners.
SunGard's PE owners have taken money from the firm. In 2012, for instance, they paid themselves $720m with their first dividend from the company.
SunGard was acquired for $11.4bn in 2005. Based in Wayne, Pennsylvania, it also serves the education and public sectors.
In 2014, SunGard spun off its disaster recovery unit, which represented about a third of its revenue.
Annual revenue at SunGard rose 2% to $2.8bn in 2014. Total debt as of 31 December stood at $4.7bn and cash at $447m.