By Milana Vinn

(Reuters) – Buyout firm Blackstone is weighing strategic options, including a sale, for Liftoff that could value the mobile app marketing provider at more than $4 billion, including debt, two people said on Friday familiar with the matter.

The Redwood City, Calif.-based company is working with investment bankers from Goldman Sachs and Jefferies to weigh its options, which also include a possible initial public offering, the sources said, speaking on condition of anonymity because the matter is confidential.

Discussions are at an early stage, said the sources, who caution that a deal is not guaranteed.

Blackstone expects to value Liftoff at more than 10 times the company’s trailing 12-month earnings before interest, taxes, depreciation and amortization of $350 million, the sources said. Liftoff currently generates about $650 million in annual revenue.

Blackstone and Goldman declined to comment, while Liftoff did not immediately respond to requests for comment. Jefferies declined to comment.

Liftoff previously explored an IPO in late 2021, before plans fell through after capital markets froze following Russia’s invasion of Ukraine in early 2022, the sources said.

The company, which was formed through a merger of Vungle and Liftoff that was designed by Blackstone, provides a platform for mobile developers to build, advertise and monetize their apps. Blackstone acquired Vungle in 2019 and invested in Liftoff the following year.

Liftoff’s clients include large corporations such as Amazon, PayPal and Lyft, according to its website.

New York-based Blackstone, the world’s largest alternative asset manager, had more than $1.1 trillion in assets under management at the end of September. The buyout giant expects an improved deal-making environment and a rebound in equity capital markets to help it sell and exit more than double the number of private equity investments this year.

(Reporting by Milana Vinn in New York Editing by Deepa Babington)