KKR is exploring a sale of BMC Helix that could value the AI-driven IT service management platform at up to $1.5 billion, according to Reuters. The private equity firm has appointed Jefferies to advise on the process, with initial bids reportedly received from both private equity firms and corporate acquirers.

BMC Helix generates approximately $150 million in EBITDA and $750 million in annual recurring revenue, potentially valuing the business at eight to 10 times core profit. KKR spun off Helix from BMC Software in 2025 to create an independent IT service and operations platform. The potential sale comes as software valuations face pressure amid concerns that artificial intelligence advancements could disrupt business models and compress multiples.

The proposed transaction would test sponsor appetite for software assets in a market where public technology valuations have softened and M&A activity has slowed. KKR is simultaneously preparing groundwork for a possible IPO of BMC as early as 2026, following any Helix divestment. This dual-track approach reflects the firm's strategic flexibility as it navigates challenging market conditions for technology assets.