Silver Lake bought the business for $1.2bn in 2006, a value it will struggle to equal in a sale according to Reuters, which cited three people familiar with the matter.
The firm has hired Barclays to run the latest sale, it added.
Serena provides software to help businesses streamline their management processes through their IT infrastructure.
Reuters said Serena launched two restructuring plans this year to address falling profits and boost operating margins, reducing its workforce by 8 per cent in the first quarter and 24 per cent in the second quarter.
Its EBITDA In the 12 months ending Jan 31 was $74.4m, down from $85.8m over the same period a year ago.
The company had total outstanding debt of $410 million as of the end of July, Reuters added.
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