(Updates name of private equity firm in paragraph 1)By Milana VinnJan ​29 (Reuters) - Audax Private Equity is ‌exploring a sale of cybersecurity provider BlueCat Networks, ‌which could fetch more than $1.5 billion, according to people familiar with the matter. The private equity firm, which bought BlueCat ⁠in 2022, has ‌hired JPMorgan to run the sale process, which is currently ‍underway, several of the sources said. Representatives for Audax and BlueCat did not respond to requests ​for comment, while a spokesperson for ‌JPMorgan declined to comment. The company generates more than $100 million in annual revenue and could be ⁠valued between $1.5 billion and $2 ​billion in the sale, ​the people said. Security software has remained a ripe sector for M&A ‍as private ⁠equity firms target cash-generative businesses with returning customers and long-term growth tied ⁠to cyber risk.