TROY, MI – Altair Engineering is exploring a sale after receiving acquisition interest, Reuters reported, citing multiple anonymous sources familiar with the matter.

The report said the maker of design and simulation software is working with investment bankers to gauge interest from potential suitors, with PTC and Cadence Design Systems being possible bidders.

A deal could be signed in coming weeks if talks are successful, but the company could still choose to remain independent, one of the sources said.