Zendesk (NYSE -) is reportedly looking at a possible sale option, after it hired Qatalyst Partners as an advisory bank and boutique investment bank.

A consortium of private equity funds offered $16 million to purchase the software manufacturer, but Zendesk declined. Furthermore, Zendesk’s investors also rejected the company’s bid to acquire Momentive Global in a deal that was valued at around $4 billion.

The rejection ended Zendesk’s merger agreement with Momentive Global after renowned investors bashed the deal, raising concerns about its rationale and potential risks.

Jana Partners, an activist investment company started a proxy battle against Zendesk. They nominated four directors and said that Zendesk must be restored after its failed attempt to buy Momentive Global.

ZEN stock up 6% Today

By Senad Karaahmetovic