SolarWinds Corp (NYSE:SWI), the company at the center of a major 2020 U.S. government cyberattack, gained 4.5% in early trading Friday following reports Thursday afternoon from Bloomberg News that the company is exploring a possible sale.
The Austin-based IT software company, which is controlled by private equity giants Silver Lake and Thoma Bravo, is said to be working with bankers and plans to launch a sales process early next year, the report stated citing sources familiar with the matter.
Shares of SolarWinds are down 44% since its IPO in 2018, including this year's 5% drop.
Silver Lake and Thoma Bravo control about 68% of the common stock after taking the company private in 2016 and then bringing it back to the market over two years later.