Mike Stone reports the private equity firm tapped Morgan Stanley and Houlihan Lokey to advise on a possible auction for the sale.
Novetta works with defense and intelligence agencies to help them analyze massive data sets with analytics technology.
The company could attract interest from other technology firms such as General Dynamics (NYSE: GD), Hewlett Packard (NYSE: HPQ), IBM (NYSE: IBM), Lockheed Martin (NYSE: LMT) and Raytheon (NYSE: RTN), according to the report.
Reuters cites unnamed sources that say Novetta has an estimated $40 million to $50 million in annual earnings.