EQT AB and Thoma Bravo are exploring potential bids for Swiss banking software specialist Temenos AG, according to people familiar with the matter.

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The buyout firms are in the early stages of considering offers for Temenos, which has a market value of 9.8 billion Swiss francs ($10.7 billion), the people said, asking not to be identified discussing confidential information.

If Temenos does get taken private, it would be the largest takeover of a Swiss company since the acquisition of Actelion Ltd. in 2017, according to data compiled by Bloomberg.

There’s no certainty EQT or Thoma Bravo will decide to move ahead with a takeover offer for the company, and other suitors could emerge, according to the people. Representatives for EQT, Temenos and Thoma Bravo declined to comment.

Temenos competes with firms such as Avaloq Group AG to provide a range of software products to banks and wealth managers that cover everything from payments to fund administration. Clients include Credit Suisse Group AG.

It has used acquisitions such as the 2017 purchase of Australia’s Rubik Financial Ltd. to grow its business, benefiting from an urgency in the banking industry to adapt to changing customer habits and an increasing shift to online and mobile payment transactions. In 2018, Temenos pursued a takeover of U.K. rival Fidessa that failed to materialize.

Such companies have been a favorite of technology-focused Thoma Bravo as they can provide a steady, recurring revenue source. Thoma Bravo typically makes light-touch operational tweaks to the companies it buys, keeping management in place as it focuses on growth over cost-cutting.

Group revenue at Temenos rose 9% year on year to $231.6 million in the third quarter, on a constant currency basis. Earnings before interest, taxes, depreciation and amortization were up 6% to $108.3 million, results for the period show.

Private equity firms have already announced deals valued at $242 billion targeting companies in Europe this year, data compiled by Bloomberg show. That’s roughly double the amount in the same period a year ago and the highest annual total on record.

EQT has been among the most active private equity buyers in the region. On Monday, it teamed up with Hellman & Friedman on a joint 3.7 billion euro ($4.3 billion) offer for Zooplus AG, ending a takeover battle between the private equity companies for the German online pet-food retailer.

It’s also in talks with the owners of Schufa Holding AG about taking control of the Germany’s equivalent to the FICO credit score firm in the U.S., Bloomberg News reported this month.