Microsemi Corp., a semiconductor manufacturer that’s focused on selling computer chips to the military and aerospace industries, is scouting out potential buyers after receiving an offer from an unnamed firm.

The company has reacted to that offer by hiring Qatalyst Partners, an investment bank specializing in mergers and acquisitions, to advise it on its next move, which could include a sale, Reuters reported. Neither Microsemi nor Qatalyst would respond to a request for comment, Reuters added.

The move comes at a time of intense consolidation in the semiconductor market. One of the industry’s biggest heavyweights, Qualcomm Inc., recently got the green light to complete its acquisition of Netherlands-based chip maker NXP Semiconductors NV. At the same time, Qualcomm is reportedly trying to fend off a hostile takeover from rival firm Broadcom Corp., which saw its $103 billion bid for the smartphone chipmaker rejected.

Microsemi sells semiconductors and related systems to the aerospace and defense, communications, data center and industrial sectors. The company has been busy with acquisitions itself in recent years, buying out smaller rival PMC-Sierra in 2016 for $2.5 billion and Vectron International for $130 million at the end of last year.

The reported approach came the same day as Microsemi reported its first-fiscal quarter financial results. The company said its net sales jumped 9.5 percent, to $1.8 billion. It reported a profit of $176.3 million, up from its $32.6 million loss one year ago.

In a conference call, Microsemi Chief Executive James Peterson warned that the company could face a tough period ahead of it. Asked whether there was a risk of “softness” in the defense market, the CEO admitted there was. “We don’t have a budget, right? But the orders have been robust,” he said.

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