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(Bloomberg) -- Insight Partners is exploring a sale of PDI Technologies, which provides software to convenience stores, according to people with knowledge of the matter.
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The firm has tapped an adviser to solicit interest in PDI, which could fetch $4.5 billion or more in any transaction, said the people, who asked not to be identified discussing confidential information. The effort is at an early stage and no final decisions have been made, one of the people said.
A representative for Insight declined to comment. A PDI representative didn’t immediately respond to a request for comment.
Insight backed PDI in 2019 and since then, the company has made acquisitions including GasBuddy, an app that shows real-time fuel prices; Skupos, which connects convenience stores and consumer packaged goods brands; and Blue Cow Software, a fuel oil and propane management software company.
PDI, led by Chief Executive Officer Jimmy Frangis, serves more than 200,000 sites in over 60 countries, and GasBuddy has 27 million monthly active users, according to its website. The company also has a cybersecurity and managed network services business segment, and acquired Nuspire last year. It separately bought the Comdata Merchant Solutions business from Corpay Inc.
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