Fitbit has hired boutique investment firm Qatalyst Partners to explore a sale, according to a person familiar with the matter. Shares of the wearables company closed up 11.7% on Friday following the news.

No deal is imminent, said the person, who asked not to be named because the process is private. Representatives from Fitbit said the company does not comment on rumors or speculation.

News of Fitbit exploring a sale was first reported by Reuters.

Qatalyst has urged Fitbit to consider a sale of the business for several weeks, saying it could garner interest from the likes of Google and private equity firms, according to Reuters.

The company maintains a foothold in the fitness tracker market but it has stumbled in its recent move to smartwatches. Additionally, Fitbit's business continues to suffer and it faces steep competition from device makers such as Apple. Fitbit has a market value of about $1 billion.

— CNBC's Alex Sherman contributed to this report.