FrontStream is planning an auction process according to peHub, which cited three sources, with one banker adding the company was looking for more than 14-times EBITDA from the sale.
Arsenal bought into FrontStream, which specialises in handling payment transactions for non-profit organisations, in March 2010 during a bolt-on deal for Fast Transact.
Other backers include SSM Partners, Noro-Moseley Partners and Southpoint Capital Advisors.
Arsenal closed its third buyout fund at $875m in April, more than $100m above its original target.
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