(Bloomberg) -- Vista Equity Partners is exploring a sale of Quickbase that may value the software company at more than $2.5 billion, including debt, according to people with knowledge of the matter. 

The technology-focused investment firm is working with an adviser to solicit interest in the Boston-based company, said the people, all of whom requested anonymity discussing confidential information. No final decision has been made and Vista could opt to hold onto the business. 

In 2019, Vista acquired a majority stake in the company from Welsh Carson Anderson & Stowe, which kept an interest in the business, according to a statement at the time.

A Vista Equity Partners spokesperson declined to comment. A representative for Welsh Carson didn’t immediately respond to a request for comment. 

Quickbase, led by Chief Executive Officer Ed Jennings, said in March that it hit a milestone of $200 million in revenue in 2022. In June, it said it acquired Merge Mobile, best known for FastField Mobile Forms, a data collection and analytics platform. 

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