Misys is considering a sale of its general insurance division, following the group's decision to focus on banking and healthcare markets.
Group chairman Kevin Lomax said: "The board is considering options for realising shareholder value from the company's general insurance business."
He said the form that the realisation would take was yet to be decided.
Misys General Insurance chief executive Phillip Bell said: "The whole range of options will be considered from a sale to a reduction in the level of ownership."
But industry sources suggested that Misys would not want to retain any interest in the division and that a sale to a rival would also be unlikely.
A source in the software market said: "Misys general insurance division would be attractive to someone who wants to get into the broker software market."
Acturis co-chief executive Theo Duchen said: "Any current provider would have problems with the multiplicity of platforms. An MBO would be a good option."
Another source said: "It would be a classic venture capitalist acquisition. It has a strong profit and loss account and a good cash-to-profit relationship."
Bell said an MBO was "not on the table at the moment", but he said it "could not be ruled out".
He added "A potential reduction in Misys plc shareholding in Misys General Insurance will not have any impact on the day-to-day activities of the division. We are essentially an autonomous business, which is a net financial contributor to Misys plc."