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What: Shares of Advent Software (UNKNOWN:ADVS.DL) have popped today by as much as 12% on reports that the company is exploring a possible sale.

So what: Reuters exclusively reported that Advent has tapped investment bank Qatalyst Partners to spearhead a possible sale of the company. The data software maker had a market value of $1.3 billion before the move, and there has reportedly been some interest from multiple private equity firms.

Now what: The company is at the second round of bidding, according to sources, but there is still a large gap between what the company is looking for and what prospective buyers are willing to pay. The auction may not lead to a deal due to this spread, and neither Advent nor Qatalyst responded to requests for comment. Shares have tapped fresh 52-week highs on the speculation.

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