Bigtincan Holdings Limited (ASX:BTH) has appointed Morgan Stanley to evaluate interest it has received from potential buyers. The company, which is considering a $442 million unsolicited bid lobbed by shareholder SQN Investors LP, described discussions as "preliminary in nature". "There is no certainty any transaction will eventuate," Bigtincan told investors on 16 January 2023.

"Bigtincan remains committed to executing its strategic plan and maximising shareholder value." The company said it remained on track for its financial guidance to June 30, including annualised recurring revenue of between $137 million and $143 million and revenues of between $123 million and $128 million - and cashflow break-even. "Passing the important milestone … was driven by new customer wins, expansions with our existing customers and the small-scale M&A program", Bigtincan Chief Executive Officer David Keane said. Its last update about the SQN Investors offer, in December, said the fund had made a bid of 80c a share.

But SQN did not have in place binding commitments to fund the acquisition at the time - although it had said it planned to finance it through a combination of debt and equity from partners.