Chibuike Oguh and Krystal Hu

(Reuters) – Buyout firm KKR & Co (NYSE:) Inc is exploring a sale or an initial public offering for Optiv Security Inc, a U.S. cybersecurity solutions distributor and consultant it controls at a valuation of more than $3 billion, including debt, according to people familiar with the matter.

Sources said that KKR had held talks with banks to discuss how they could cash out of Optiv which it bought five years back. The possibility of Optiv being sold could be attractive to private equity firms. Sources requested anonymity due to the confidential nature of the matter and because these discussions are preliminary. It is possible that no deal will result.

One source said that Optiv has an annual revenue of $650 millions and a cash flow of approximately $150 million.

A spokesperson from KKR refused to comment. Optiv, however, did not respond immediately to a request.

Optiv emerged from the 2015 merger of Accuvant Security and FishNet Security, a cybersecurity firm. It has become a key player in the security solution space and is now a leading provider of managed services.

Private equity firms Blackstone (NYSE) Inc, Investcorp or Sverica Capital purchased KKR a majority interest in the Denver-based company. Reports at that time estimated the transaction’s value at close to $2 billion. In 2017, the Denver-based company was acquired by Blackstone (NYSE:) Inc, Investcorp and Sverica Capital. The deal came as the company posted $643.8million in revenue and had $651 million in debt over the first nine month of 2016.

Optiv, which was acquired by KKR in 2005, has been expanding into Canada and Europe through the acquisition of smaller companies. The company claims that it services over 7,000 firms across industries. According to its website, 75% of Fortune 500 companies are represented.