Thoma Bravo is exploring the sale of Trader, a Canadian automotive marketplace and software provider, according to people with knowledge of the matter.

The private equity firm is working with an adviser to solicit interest from potential buyers, said the people, who asked not to be identified discussing confidential information. The company could be valued at $4 billion or more, including debt, the people said.

The deliberations are ongoing and Thoma Bravo could still opt to keep the company, the people said.

A representative for Thoma Bravo declined to comment. A spokesperson for Trader didn’t immediately respond to a request for comment.

Thoma Bravo agreed in 2016 to buy Trader from Apax Partners for about $1.6 billion, according to a statement at the time. Trader, headquartered in Etobicoke, Ontario, operates websites including

Chicago-based Thoma Bravo also has been weighing a sale of J.D. Power, the consumer intelligence provider best known for its automotive research, Bloomberg News reported in February.

Thoma Bravo, which was seeking for that business to be valued at about US$8 billion including debt, hasn’t been able to find a buyer at that price so far, said people familiar with that matter who also asked not to be identified.

A spokesperson for Thoma Bravo also declined to comment on J.D. Power. A spokesperson for J.D. Power didn’t immediately respond to a request for comment.