Shares of HashiCorp jumped after the report that the company is considering a sale

HashiCorp shares jumped 12% in extended trading on Friday after Bloomberg reported that the software developer was considering a sale.

The company has hired an outside firm to explore interest from potential buyers, Bloomberg said, citing unnamed sources. A company representative did not immediately respond to CNBC’s request for comment.

HashiCorp, whose software helps developers control resources in public clouds and data centers, is debuting on the Nasdaq in late 2021, right at the top of the tech market. The stock fell 14% last year, while the S&P 500 posted a 24% gain.

As of Friday’s close, HashiCorp was trading at $26.50, or 67% below its initial public offering price. Its market capitalization is around $5 billion. In the most recent quarter, revenue growth slowed to 15% from 41% a year earlier.

“We’re behind what we wanted the company to be at this point in our growth cycle, and we have work to do,” Chief Executive Officer David McJanet said on a conference call with analysts last week.

Mitchell Hashimoto, co-founder and former CTO of HashiCorp, said in December that he was leaving the company.

Read the full Bloomberg report here.

WATCHING: HashiCorp CEO McJannet talks about enterprise software