The Chicago-based firm is expected to choose investment bank Goldman Sachs to manage the sale, said Reuters, citing three sources close to the situation.
The sale process had not officially kicked off, but the company has started to attract interest from private equity firms and other suitors including IBM, Oracle and Hewlett-Packard.
Blue Coat has seen its EBITDA increase to $200m from $75m when it was acquired by Thoma Bravo in a $1.3bn deal in 2007 and could be sold for around $2bn, said the people.
Thoma Bravo is also currently in the process of selling management software company LANDesk Software with first round bids expected next week, said one of the sources.
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