Plaxo, the online address-book updater that bolstered its social-networking tools, is up for sale, according to a published report.

The New York Times reported Thursday that the Mountain View, California-based company, which has yet to turn a profit, has hired investment banker Revolution Partners of Boston and is seeking a sale price of up to $100 million.

The 7-year-old company is backed by Sequoia Capital, Globespan Capital Partners, Harbinger Venture Management, and Cisco Systems as well as former Yahoo Chief Executive Timothy Koogle.

Plaxo's original premise was to create a network in which users would upload their address books, offering fellow users the opportunity to update their contact information as it changed. But rival LinkedIn, a professional networking site also backed by Sequoia, has gathered momentum as have full-featured social-networking sites such as MySpace and Facebook.

Plaxo in October launched its Pulse service that harvests information from social-networking sites such as MySpace and Facebook.

Calls to Revolution Partners were not returned.