Hootsuite has abandoned a process that could have led to its sale, according to a report by the Globe and Mail.
Hootsuite, a Vancouver-based social media management platform, ended the process after preliminary offers came in below expectations, the report said.
In October, Reuters reported the company hired Goldman Sachs to explore a sale that could value it at more than US$750 million ($995 million).
Sources told the Globe and Mail that Hootsuite held talks with private equity firms, which generated initial offers ranging as high as US$650 million to US$700 million.
Hootsuite is backed by Accel Partners, Fidelity Investments, Insight Venture Partners, OMERS Ventures and other investors.