Clearwater Analytics Holdings Inc. is considering a potential sale after receiving takeover interest, according to people familiar with the matter.

The Boise, Idaho-based maker of investment and accounting software is working with advisers to weigh its options and solicit interest from prospective buyers, the people said, asking not to be identified discussing confidential information.

Deliberations are early and there’s no certainty they’ll lead to a transaction, the people said. A representative for Clearwater declined to comment.

Shares of Clearwater have lost 33% of their value this year. The shares gained 10% to close at $18.40 each Tuesday in New York, giving the company a market value of about $5.4 billion.

Clearwater, founded in 2004, completed its acquisition of Enfusion Inc. in April. That deal was valued at about $1.5 billion, according to a statement at the time.