Business software company Progress Software Corp is considering a sale as part of an exploration of strategic alternatives and has spoken to private equity firms about a potential deal, according to people familiar with the matter.

Progress Software is working with investment bank JPMorgan Chase & Co on a limited auction process that was open to only a small number of buyout firms, the people said this week.

A leveraged buyout would be challenging because of the choppy debt markets, and there is no certainty the company’s negotiations with potential buyers will lead to any deal, the people said.

The sources asked not to be identified because the sale process is confidential. Progress Software and JPMorgan declined to comment.

(Reporting by Liana B. Baker and Greg Roumeliotis in New York; Editing by Dan Grebler)

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