Clearwater Analytics Holdings Inc. (NYSE:CWAN) shares surged 7.6% on Wednesday after a Bloomberg report revealed that the company is considering a potential sale amid growing takeover interest.

According to sources cited by Bloomberg, the Boise, Idaho–based provider of investment and accounting software is working with financial advisers to assess strategic options and evaluate interest from prospective buyers.

The report follows a difficult year for Clearwater Analytics, whose shares had fallen 33% year-to-date prior to Wednesday’s rally, leaving the company with a market capitalization of about $5.4 billion.

Clearwater, which develops cloud-based software for investment accounting, reporting, and analytics, has not yet officially confirmed that it is exploring a sale. Details on potential bidders or valuation estimates remain unclear at this stage.

In pre-market trading, the stock briefly gained as much as 8.7% before settling with a 7.6% increase after the report was released.

Clearwater Analytics Holdings stock price

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