Solera Holdings Inc, the insurance claims processing software maker that has sought to sell itself in a leveraged buyout, has so far failed to agree on an acquisition price with private equity firms, people familiar with the matter said on Friday.

Buyout firms Vista Equity Partners and Thoma Bravo LLC have made offers that failed to meet Solera’s valuation expectations, the people said.

Solera is now trying to sell itself to another company rather than an investment firm, the people said. Among the companies Solera has reached out to solicit interest is IHS Inc, an information services company based in Englewood, Colorado, the people added.

IHS declined to comment.

Westlake, Texas-based Solera did not immediately respond to a request for comment.

Thoma Bravo is trying to improve on its offer by increasing the amount of money it is seeking to borrow from banks for the deal, some of the people said. It is not clear if banks will provide Thoma Bravo with the financing it needs.

The sources asked not to be identified because the negotiations are confidential.

Thoma Bravo and Vista Equity both declined to comment.

Solera, founded in 2005, has a market capitalization of $3.22 billion.

On Aug. 20 Solera said it was exploring a “variety of strategic alternatives.” The company hired Rothschild as its financial adviser while its board of directors’ special committee hired adviser Centerview Partners LLC and the law firm Sullivan & Cromwell.

According to Solera’s website, the company’s clients include the 10 largest insurance companies in Europe and the United States.

Private equity firms have been active acquirers of insurance services providers, attracted by their resilience in financial downturns

(Reporting by Liana B. Baker and Greg Roumeliotis; Editing by Leslie Adler)

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