The company is understood to have taken first round bids and is looking to receive revised offers early next month, according to Reuters, adding it was not clear whether a sale would happen.
The company, whose shares closed at $27.23 on Tuesday, could fetch over $35 per share.
Spectrum Equity Investors bought a controlling stake in the parent company of Ancestry.com and other sites for $300m in 2007. The firm floated Ancestry.com on the public market two years later.
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