(Bloomberg) — Customer survey software provider Medallia Inc. is exploring options including a potential sale, according to people familiar with the matter.

The San Francisco-based company is working with a financial adviser, said the people, who asked to not be identified because the matter isn’t public. Private equity firms have expressed interest in buying the company, the people added.

No final decision has been made and Medallia could opt to remain independent. A representative for the company declined to comment.

Medallia shares climbed as much as 13% in New York after a temporary halt to trading, valuing Medallia at about $5 billion.

Tech Take-Privates

Private equity firms have been busy buying tech companies this year.. Public software companies have announced multi billion-dollar buyouts in recent months, including Cloudera Inc. and Proofpoint Inc.

Companies hire Medallia to run surveys for improving customer service, according to its website.

It competes with Qualtrics International Inc., which SAP SE spun off last year into an independent public company. Medallia went public in 2019, and trades about 30% above its initial public offering price.

(Updates shares in fourth paragraph.)

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