Fitbit Inc has been in talks with an investment bank about the possibility of exploring a sale, Reuters reported on Friday.

The fitness tracker specialist has has struggled to gain a foothold in the smartwatch category, as Apple and Samsung Electronics have cornered a bigger share of the market with more advanced devices. In addition, Fitbit’s dominant share of the fitness tracking sector continues to be challenged by cheaper offerings from companies such as China’s Huawei and Xiaomi.

Fitbit has held discussions with investment bank Qatalyst Partners about whether it should engage with potential acquirers, according to Reuters. However, the company has not yet decided to pursue a sale and there is no certainty it will do so, the report said.

Fitbit could attract acquisition interest from Google owner Alphabet as well as private equity firms.

Fitbit and Alphabet said that it is their policy not to comment on rumors and speculation.

Fitbit cut its 2019 revenue forecast in July, blaming disappointing sales of its cheapest smartwatch Versa Lite.

Fitbit, which helped pioneer the wearable devices craze, has been partnering with health insurers and has been making tuck-in acquisitions in the healthcare market, as part of efforts to diversify its revenue stream.

In August, Fitbit said it had signed a contract with the Singapore government to provide fitness trackers and services in a health program it said could reach up to 1 million users.

Fitbit's latest smartwatch, Versa 2, supports Amazon.com’s voice assistant Alexa, online payments and music storage.