Bain Capital is exploring a potential sale of Rocket Software in a deal that could value the US-based automation software provider at up to $10bn, including debt. 

The private equity firm has engaged financial advisors Moelis & Co and RBC Capital to oversee the process, which is expected to begin in the coming weeks.

The sale comes amid rising corporate investment in technology, driven by increased artificial intelligence adoption. Gartner projects global IT spending will grow nearly 10% this year, reaching $5.61tn, as businesses modernize legacy software and automate operations.

Sources indicate that Rocket Software could be valued between $8bn and $10bn, with private equity firms likely to compete for the asset. Some bidders may form consortiums to finance the acquisition. Rocket is reportedly seeking a valuation of more than 10 times its annual EBITDA, estimated at $800m.

Bain Capital acquired Rocket Software in 2018 at a $2bn valuation and has since expanded the business through acquisitions, including the $2.3bn purchase of OpenText’s software modernization unit last year.

Discussions remain at an early stage, and there is no guarantee a deal will materialize. Bain Capital, Moelis & Co, and Rocket Software declined to comment, while RBC Capital has yet to respond.