Zuora, Inc. (NYSE:ZUO) is exploring options that include a sale after receiving acquisition interest from potential suitors, according to people familiar with the matter. Zuora has tapped investment bank Qatalyst Partners to advise on discussions with potential acquirers, which include private equity firms, the sources said. Zuora's board has formed a special committee comprising independent directors to handle the company's discussions on a deal to allow for the possibility that its Chief Executive Officer and founder Tien Tzuo and some other large shareholders may participate in the transaction, one of the sources said.

According to recent company filings, Tzuo holds about 43% of Zuora's total voting rights through a special class of shares. The sources cautioned that there is no certainty that any deal will materialize and asked not to be identified because the deliberations are confidential. Zuora and Qatalyst did not immediately respond to requests for comment.

In early 2022, Zuora raised $400 million through convertible notes and warrants from buyout firm Silver Lake Technology Management, L.L.C., which currently holds a board seat at the company. Silver Lake is considering whether it will bid for Zuora or be part of a potential deal should there be a transaction, the sources said. Silver Lake did not immediately respond to requests for comment.