The Advisory Board, which announced earlier this year that it was exploring strategic options including the sale of part of the company, is exploring a merger with Evolent Health, according to Reuters.
The merger would include all or some of The Advisory Board's businesses, Reuters said.
The Advisory Board helped to found Evolent Health five years ago.
The company said it did not expect to make further public comment regarding these matters until its Board of Directors concludes its review of strategic alternatives, according to Robert Borchert, vice president of Investor Relations for The Advisory Board.
Evolent had no immediate comment.
The news comes less than three weeks after The Advisory Board fended off a takeover by Elliott Management Corp., instead coming to an agreement with Paul Singer, head of the hedge fund management company. In January, Elliott Management bought 8.3 percent shares in The Advisory Board for $130 million.
The Advisory Board announced in February it was exploring options for the company after laying off about 200 people due to a weak fourth quarter following the election of Donald Trump.