Hellman & Friedman has held talks about a potential purchase of business payments provider Bill Holdings, Bloomberg reported, citing people familiar with the situation.

According to the report, the private equity firm has been in contact in recent weeks with Bill and the company’s financial adviser as part of a sale process.

The sources said other buyout firms have also shown interest.

The discussions are continuing and may not result in a deal, the people told Bloomberg.

Representatives for Bill and Hellman & Friedman did not immediately respond to Bloomberg’s requests for comment.

Bill’s shares rose 21% on 6 February (Friday) after the company increased its full-year outlook alongside its earnings release.

Even after the move, the stock was down about 56% over the past 12 months. On Friday, Bill was trading at $42.83 in New York, giving it a market capitalisation of about $4.2bn.

For the second quarter of fiscal 2026, Bill reported revenue of $414.7m, compared with $362.6m a year earlier.

The company attributed the increase to higher subscription and transaction fee revenue, which totalled $375.1m versus $319.6m in the prior-year quarter.

Bill posted a net loss of $2.6m for the quarter, compared with net income of $33.5m in the December 2024 quarter.

The company, which provides payments and expense-management services to small and midsize businesses, has faced pressure from activist investors Starboard Value LP, Elliott Investment Management and Barington Capital Group amid weaker customer spending and competition.

Starboard, led by Jeff Smith, reached a cooperation agreement with Bill in October after revealing a stake. Bill subsequently named four new independent directors, including one nominated by Starboard.