3i is reportedly planning to exit UK-based enterprise software provider Civica.
The firm bought Civica, which provides services for local government, police forces and NHS trusts, in a £190m (€236.9m) take-private in 2008. The investment followed a failed management buyout that had put a strain on the company's share price.
Local councils in the UK accounted for 50 per cent of revenues in 2011. The company also services 275 healthcare providers including 80 per cent of NHS acute trusts. It has a presence in Australia, Singapore and the US, and around 39 per cent of its gross profits came from overseas last year.
Under private equity ownership, Civica has continued to grow, in spite of cuts to IT budgets in UK government departments. Last year, revenues grew by eight per cent to £182.7m, nearly 50 per cent higher than the company's turnover in 2007.
3i has hired Rothschild to conduct a review of the business, with a sale likely to take place in the first half of 2013, according to the Financial Times.