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Exclusive: Advent Software hires Qatalyst to explore sale- sourcesUS-ADVENTSOFTWARE-SALE:Exclusive: Advent Software hires Qatalyst to explore sale- sources
NEW YORK (Reuters) - Advent Software Inc <ADVS.O>, an accounting software company, is exploring a sale and has hired Frank Quattrone's investment bank Qatalyst Partners to lead the effort, several people familiar with the matter said on Tuesday.
Advent, which has a market value of $1.3 billion, has attracted interest mostly from private equity firms and the process is currently in the second round of bidding, the people said.
There is a substantial price gap between the company and some of the potential buyers and it remains unclear whether the auction will lead to a deal, the people cautioned, asking not to be named because the process is not public.
Representatives for Advent Software and Qatalyst Partners did not immediately respond to requests for comment.
(Reporting By Nadia Damouni and Greg Roumeliotis in New York, Editing by Soyoung Kim and Gerald E. McCormick)
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