Is ASG for sale?

One of Naples' homegrown technology firms may be for sale.

ASG Software Solutions is seeking a buyer, the Wall Street Journal reported recently. The newspaper didn't attribute a source for the information, but says the company formerly known as Allen Systems Group has hired an investment bank to sound out potential buyers.

ASG provides services that manage large amounts of data for Fortune 500 companies. Entrepreneur Arthur Allen founded the Naples-based company in 1986. It is currently ranked 51st on the Business Observer's Gulf Coast 500, a list the largest companies, with revenues of $276 million in 2013.

In November 2012, ASG secured $250 million in debt financing from TPG Opportunities Partners. The Wall Street Journal noted that Moody's reported ASG failed to make an interest payment earlier this year and that its capital structure was unsustainable at current levels.