According to sources familiar with the matter at hand, software firm Clearwater Analytics is exploring a potential sale which could value the investment management software firm, owned by private equity, at nearly $2 billion, including debt.

According to two sources, Welsh, Carson, Anderson & Stowe, the buyout firm which acquired its majority stake in the business in 2016 for an undisclosed amount, has hired an investment bank to review strategic options for Clearwater.

Currently, Clearwater’s revenues hover around $200 million annually, said three sources.

Options being considered, beyond a sale, include an initial public offering or recapitalization to support its ongoing expansion in Asia and Europe said another source.

All sources spoke on the condition of anonymity, since the matter is yet to be made public.

Neither Welsh Carson nor Clearwater responded to requests for comments.

The company specializes in creating software that helps financial firms and other companies manage their investment portfolios, including accounting and reporting tasks.

According to the company’s website, it has offices in India and in the United States. Its client list includes Facebook Inc, the international arm of Sompo Holdings, and Cisco Systems Inc.

Technology platforms which aid firms in automating and streamlining processes, known as software-as-a-service (SaaS), are considered attractive investments as businesses seek increased efficiency and lower costs.