The private equity owners of Snow Software are exploring a sale that could value the software management solutions company at about $1 billion, including debt, according to people familiar with the matter.

Sumeru Equity Partners, Ontario Pension Board, Vitruvian Partners and other investors behind Snow Software have hired investment bank JPMorgan Chase & Co (JPM.N) to explore options for the company, the sources said.

A formal sale process will kick off this year, the sources added, adding that a deal is not certain.

Based in Stockholm, Sweden and Austin, Texas, Snow Software builds software tools and solutions that help companies obtain the proper licensing for the software they use.

Spokespeople for Snow Software, JPMorgan, and Sumeru Equity declined to comment. Representatives for Vitruvian Partners and Ontario Pension Board did not respond to requests for comment. Snow Software currently generates annual revenue of about $175 million, according to the sources. Sumeru and Ontario Pension Board joined Vitruvian as shareholders in Snow Software in 2017 with a $120 million investment.

Worldwide spending on information technology is projected to grow 2.4% to $4.5 trillion in 2023, driven mostly by enterprise tech spending, according to technology research firm Gartner.