NEW YORK ( TheStreet) --Shares of Active Network ( ACTV) surged 24.33% to $10.33 on Friday, following news the event and activity management company is officially on the block, upon receiving inquiries from unnamed third parties. As it noted in its second-quarter earnings announcement on Aug. 1, Active said it has created a committee to explore strategic alternatives. Citigroup has been retained to serve as financial advisor throughout the process. "The company has received a number of expressions of interest from outside parties, ranging from an investment in Active Network to an acquisition of the company," Jon Belmonte, interim CEO of Active, said in the company's earnings call. "The Strategic Transactions Committee and the entire Board of Directors intend to evaluate all options carefully in order to maximize shareholder value, including the continued execution of its stand-alone plan," Belmonte said in a statement. The San Diego-based company's cloud-based technologies offer processing and management services for events, conferences, and other settings including campgrounds and golf clubs. Though Active is the largest company in the event management space, its competition includes Seventy Event Media Group and Eventbrite. Active has entered a number of markets over the past few years through acquisitions, Sequin said. Rather than trying to win over a competitor's customers, Active's found it more cost effective to simply buy certain companies, he said. For instance, on Jan. 5, 2012, Active acquired corporate meeting manager StarCite for almost $58 million in cash and stock. It purchased online church management software provider Fellowship Technologies, on Feb. 8, 2011, for undisclosed terms. Active, which said a third-party transaction coming out of its review was not guaranteed, declined to comment further. The company posted a second-quarter loss of $4.5 million on revenue of $119.5 million, as compared to a $2.3 million loss $108.2 in revenue for the same time the year before. Andre Sequin, research analyst at RBC Capital Markets, said the three most likely outcomes of the review include a take-private deal, a strategic investment by a partner, or a buyout of the company.