Enfusion, Inc. (NYSE:ENFN) is attracting takeover interest from private equity firms and strategic buyers, several people familiar with the matter said. Enfusion’s management has been approached in recent months by Francisco Partners Management, L.P., Vista Equity Partners Management, LLC and investment firm Irenic Capital Management LP, said the sources who asked not to be identified because the talks are private. Enfusion, which provides cloud-based portfolio management and risk systems to investment funds, is currently valued at roughly $1 billion.

Since going public in 2021, Enfusion’s shares have lost more than half of their value. On 26 June 2023, they traded at $9.18 and they have lost 16% this year. The company has experienced turbulence in the executive ranks, with its chief executive officer and chief financial officer resigning just months apart from one another last year.

Most recently, Irenic has held multiple meetings with new chief executive Oleg Movchan about a proposed transaction at a premium to the current share price, two sources said. Representatives for Francisco, Vista and Irenic did not respond to requests for comment and a representative for Enfusion was not immediately available for comment. There is no certainty that a deal will occur.