BAIN CAPITAL and Baring Private Equity Asia are among firms considering bids to acquire an outsourcing business from their private equity rival Carlyle Group, Inc., according to people familiar with the matter.

A sale of VXI Global Solutions is entering the final stages and a buyer could emerge as early as in the coming weeks, the people said, asking not to be identified because the matter is private. Carlyle has been working with a financial adviser to find suitors for the company, which could be valued at $1.5 billion to $2 billion in a deal, Bloomberg News reported in September.

Bain, which previously held a stake in VXI, and BPEA have separately lined up financing for a potential acquisition, the people said. The company has also drawn interest from other investment funds and industry players, they said. Earlier this year, Hong Kong-based BPEA bought content outsourcing company Straive amid consolidation in the sector.

Considerations are ongoing and the funds could still decide against a deal, the people said. A Beijing-based spokeswoman at Bain Capital and representatives for BPEA and Carlyle declined to comment.

Founded in 1998 in Los Angeles, VXI expanded into China in 2005 and has helped multinational companies with business process outsourcing and information technology services as they enter the world’s second-largest economy, according to its website. The company now has a presence in about 43 locations in countries such as the US, China, the Philippines, Sweden, Finland, Jamaica and Guatemala.

Carlyle became the majority shareholder in VXI in 2017 after acquiring a stake from owners including Bain. The company has expanded both organically and via acquisitions. In 2019, it acquired Memory Science to help build its portfolio of instructional design tools. — Bloomberg