LONDON, Jan 16 (Reuters) - Carlyle has lined up

bankers to explore a sale of its British funds network and data

business Calastone, which would be the latest deal in a sector

that has attracted billions of pounds from investors, four

people familiar with the matter said.

The U.S. buyout group is working with Barclays ( JJCTF ) to

explore a sale of the London-headquartered business, a

marketplace for trading and settling investment funds

underpinned by blockchain technology, the people said. It also

provides data on fund flows.

The process is in its early stages and Carlyle is expected

to proceed with an auction before the summer, two of the people

said.

It could fetch more than 20 times its earnings before

interest, tax, depreciation and amortisation, or 600 million

pounds ($731.52 million), in the event of a sale, based on deals

in the wider financial technology and data sector, one of the

people added.

The four sources said a deal was not certain and asked not

to be identified because the matter is confidential.

Carlyle and Calastone did not immediately respond to a

request for comment. A spokesperson for Barclays ( JJCTF ) declined to

comment.

Calastone is expected to attract attention from global

exchange and market infrastructure groups as well as private

equity firms, three of the people said.

A sale would mark the latest in a series of deals for

companies that provide specialised financial technology and data

to clients including banks, asset managers and investment

groups, and that have changed hands at elevated valuation

multiples. BlackRock agreed to buy Preqin last year for 2.55

billion pounds.

Calastone's customers span 4,000 fund distribution and fund

manager clients in 57 countries, processing 270 billion pounds

of investment value each month, the group's website said.

It uses blockchain among other technologies to automate

manual tasks including order routing, settlement and transaction

reporting for asset and fund managers, which have been hampered

by rising costs and inefficiency in the past, according to its

website.

Carlyle, which has $447 billion under management, bought

Calastone from venture capital investor Octopus Ventures and

Accel in 2020 for an undisclosed sum. Management, led by CEO

Julien Hammerson, hold a minority stake in the business.

Revenues at Calastone were 68.3 million pounds in 2023, up

from 60.3 million pounds a year earlier, according to Companies

House filings.

($1 = 0.8202 pounds)