Email security provider Mimecast Ltd. is eyeing a private sale or raising an additional big investment, according to a report today in The Wall Street Journal.

Referencing people familiar with the matter, the report says Mimecast is working with banks to consider its options. The process is said to be at an early stage and there’s no guarantee that it will result in a deal.

One potential buyer expected to be interested in Mimecast is cybersecurity firm Proofpoint Inc. A regular purchaser of small cybersecurity-related firms such as ObserveIT Ltd. and Cloudmark Inc., Proofpoint itself was taken private by the private equity firm Thoma Bravo in a $12.3 billion deal in April. Thoma Bravo is renowned for its “buy and build” strategy, where it will buy one company then, through that company, acquire other complementary companies to create a bigger business. Mimecast into Proofpoint would work under that strategy.

Founded in 2003, Mimecast offers a software-as-a-service platform designed to reduce the risks users face from email. The company’s platform is also said to offer support in reducing the cost and complexity of protecting users by moving the workload to the cloud.

Mimecast went public in November 2015 at an initial public offering price of $10 per share. The company has continued to grow over the years. As of its most recent quarterly earnings, Mimecast reported revenue of $142.5 million in the quarter and a profit before certain costs of 32 cents per share.

The company has not been without problems, however. It was reported in January that a security certificate issued by Mimecast that’s used in Microsoft Corp.’s 365 Exchange Web Services had been hacked. At the time, the hacker was described as a “sophisticated threat actor” and later reports pointed the finger at the Russian government.

If Mimecast does pursue a sale, it won’t be the first company in the email security market this year to do so. Zix Corp. was reported on Oct. 18 to have hired Citigroup to explore strategic alternatives, including a sale of the company. Mimecast would deliver a hat trick of the top three email security companies going private. Proofpoint was the first to go private and has the largest revenue, while Mimecast is second in the market and Zix is third, according to CRN.

Mimecast investors warmed to the news that the company might go on the market. Its stock rose 9% today, to $75.16 a share.

Image: Mimecast