Lyft Inc., the second-largest U.S. ride-hailing startup, is working with Qatalyst Partners LP to explore deal options, said a person familiar with the matter.

Qatalyst, an investment bank founded by Wall Street veteran Frank Quattrone, has orchestrated high-profile sales of technology companies. Lyft and Qatalyst declined to comment.

The Wall Street Journal, which earlier reported the hiring, said Quattrone has contacted large automakers about buying a stake in Lyft. In January, Lyft said General Motors Co. invested $500 million into the San Francisco company.

Lyft, which was last valued at $5.5 billion, has been overshadowed by Uber Technologies Inc. While Lyft only operates in the U.S., it has teamed up with China’s Didi Chuxing and other global ride-hailing companies to form an alliance to take on Uber.

–With assistance from Alex Sherman To contact the reporter on this story: Eric Newcomer in San Francisco at enewcomer@bloomberg.net. To contact the editors responsible for this story: Mark Milian at mmilian@bloomberg.net, Virginia Van Natta

©2016 Bloomberg L.P.

This article was written by Eric Newcomer from Bloomberg and was legally licensed through the NewsCred publisher network.

Photo Credit: Lyft promoted its service during Negroni Week, a celebration of cocktails with some of the proceeds going to charities. Lyft