NEW YORK, Oct 7 : Elliott Investment Management and Siris are exploring a sale of Gigamon that could value the infrastructure software provider at more than $2 billion, according to people familiar with the matter.

The firms have tapped investment bankers at Bank of America and Perella Weinberg Partners to advise Gigamon on the process, which is in its early stages, said the people, who requested anonymity because the deliberations are confidential.

A sale process could attract interest from private equity firms as well as strategic buyers seeking to expand their capabilities in network monitoring, cybersecurity and cloud infrastructure management, the people said.

Based in Santa Clara, California, Gigamon provides software that helps companies monitor network traffic and detect security threats. Founded in 2004, the company serves more than 4,000 customers globally, including banks, healthcare providers and government agencies, according to its website.

Gigamon generated more than $400 million in annual recurring revenue and around $170 million in earnings before interest, taxes, depreciation and amortization (EBITDA), the sources said.

Gigamon, Siris, Elliott, and Bank of America declined to comment. Perella Weinberg did not respond to a request for comment.

Elliott acquired Gigamon in 2017 in a take-private transaction, which valued the company at about $1.6 billion. Private equity firm Siris bought a minority stake in Gigamon in 2024.

The potential sale comes as investors continue to show interest in software companies that provide critical infrastructure tools underpinning cloud computing, cybersecurity and artificial intelligence deployments.