Private equity firms Vista Equity Partners and Harvest Partners are weighing a potential sale of Granicus, a leading provider of cloud-based government software, in a deal that could value the company at approximately $4bn, including debt.

According to sources familiar with the matter, investment banks Jefferies and William Blair have been engaged to manage the sale process, expected to commence in the latter half of the year. While discussions remain in early stages, the private equity owners are reportedly targeting a valuation of more than 20 times Granicus’ $175m EBITDA, placing it among premium software deals.

Neither Vista, Harvest, nor the involved financial advisers have commented on the potential transaction.

Founded in 1999, Denver-based Granicus provides digital solutions that help federal, state, and local governments streamline services, improve transparency, and enhance citizen engagement. Vista Equity first acquired a majority stake in 2016 and later merged Granicus with GovDelivery, another Vista-backed firm. Harvest Partners joined as a significant shareholder in 2020 after acquiring a stake from Vista and K1 Investment Management.

The potential sale comes amid sustained investor interest in high-growth software businesses, particularly those serving the public sector. If completed, the deal would mark a major exit for Vista and Harvest, highlighting the continued strength of the government technology sector in private equity portfolios.