Okta Inc, a U.S. cloud identity management company valued at $1.2 billion in its latest private fundraising round, has hired Goldman Sachs Group to lead an initial public offering or outright sale, people familiar with the matter said.

Okta’s exploration of both an IPO and a sale underscores the dilemma faced by several technology companies this year, as the frothy stock market valuations of many of their peers begin to come down, prompting potential buyers to enter the fray.

Okta could file for an IPO as early as the second half of this year, the people said this week. However, the San Francisco-based company has also held talks with technology peers about being acquired, and could pursue a sale if it believes it can fetch a significantly higher valuation than in an IPO, the people added.

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