Street Talk can reveal the human resources software company (Tambla Limited) has called in boutique corporate adviser Allier Capital Pty Ltd. to run a sale process that is expected to fetch from $50 million to $100 million. Prospective buyers are being told Tambla is making about $30 million in annual revenue, having grown strongly since it decided to delist from the ASX voluntarily two years ago. Kestrel Capital Pty Limited, along with the management, make up a majority of the register, but there's also several minority shareholders who tagged along from its listed life.

Sources said non-binding indicative bids are due in two weeks. It is registered as a public unlisted company, and would require a scheme bid or takeover offer - but potential bidders are being told they can sort out the deal structuring later. With Tambla, Allier would have its fingers crossed it can catch equally driven bidders.