Vancouver-based HootSuite Media Inc. is exploring a sale that could value the company at more than $750 million, Reuters reported Oct. 5, citing people familiar with the matter.

As cyber security and privacy issues push the demand for social media analytics, a sale will reportedly let the company's venture capital backers to cash out.

Hootsuite is working with Goldman Sachs Group Inc. for an auction process, sources said, adding that the discussions are still at an early stage.

Hootsuite helps companies manage their social media presence and is backed by Canadian Imperial Bank of Commerce Innovation Banking, Accel Partners, Insight Venture Management LLC and OMERS Ventures.