Private equity firm Astorg Asset Management S A.R.L. is considering a sale of its U.S.-based intellectual property software firm Anaqua, Inc., four people familiar with the matter told Reuters, with two of them saying the company could be worth as much as $3 billion. Astorg is in the process of appointing financial advisers to gauge buyer interest in Anaqua, which offers software that manages patents, trademarks and contracts for law firms and corporations, the sources said. The process is in the early stages and Astorg is expected to proceed with an auction in the second half of the year, the people said, speaking on condition of anonymity.

Astorg declined to comment. Anaqua did not immediately return requests for comment. Anaqua's competitors include French software firm QUESTEL SAS, backed by IK Partners and Eurazeo, and British-American business Clarivate Plc (NYSE:CLVT), formerly the intellectual property and science division of Thomson Reuters, according to one of the sources.

Questel is among those considering a possible bid for the business, a fifth person familiar with the process said. Questel did not immediately return requests for comment. IK Partners and Eurazeo declined to comment.