Vista Equity Partners is looking to sell part of its UK banking software firm Misys.
The private equity group, which is known for buying underperforming software companies, has hired bankers to look for buyers and is considering an initial public offering, according to the Financial Times.
The report comes over two years after Misys agreed to be acquired by Vista for $2bn after merger talks with Swiss rival Temenos fell through.
Last week, it also emerged that Vista and Thoma Bravo LLC were among a small group of private equity firms competing to buy TIBCO Software.
The move also comes against a backdrop of several deals in the software industry. SAP announced that it would acquire Concur Technologies for $8.3bn, while UK based Micro Focus said it would buy US-rival Attachmate for $2.35bn.