Advent Software Inc, an accounting software company, is exploring a sale and has hired Frank Quattrone's investment bank Qatalyst Partners to lead the effort, several people familiar with the matter said on Tuesday.

Advent, which has a market value of $1.3 billion, has attracted interest mostly from private equity firms and the process is currently in the second round of bidding, the people said.

There is a substantial price gap between the company and some of the potential buyers and it remains unclear whether the auction will lead to a deal, the people cautioned, asking not to be named because the process is not public.

Representatives for Advent Software and Qatalyst Partners did not immediately respond to requests for comment.