American payments software company ACI Worldwide is holding negotiations with private equity players over potential sale of its operations, Bloomberg has reported citing people privy to the development.

The firm is working with financial advisers as it is pitching for a takeover bid, added the unnamed people.

However, uncertainty prevails regarding the finalisation of a deal amid rough patches seen by the financing markets, one of the people told the news agency.

Following the news, ACI Worldwide witnessed a 14% surge in its share price, the highest increase since March 2020.

The company’s stock rose 13% to $26.11 apiece in New York trading, taking its market cap to over $2.9bn.

A representative for ACI Worldwide refused to give any update on the matter.

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Two years ago, ACI Worldwide examined an option to sell business through an adviser, with Starboard Value driving for a sale after buying a stake in the firm, reported Barrons.

Starboard has been offloading its stake after entering a deal in 2021 and installed two independent directors at the board of ACI Worldwide.

Currently, ACI Worldwide provides various payments solutions to banks, merchants, among others. The company also operates a platform for carrying out in-store payments and fraud-detection services.

Last month, the firm announced the formation of a strategic partnership with payments solutions provider Axerve to offer improved payment orchestration tools to eCommerce merchants across the UK, Europe and the US.