The security firm formerly known as Blackwater is looking for new ownership, announcing Monday it is pursuing a sale of the company that became renowned and reviled for its involvement with the U.S. government in Iraq and elsewhere.

The Moyock, N.C.-based company now called Xe Services announced its decision in a brief statement that gave few details.

"Xe's new management team has made significant changes and improvements to the company over the last 15 months, which have enabled the company to better serve the U.S. government and other customers, and will deliver additional value to a purchaser," the statement said.

Owner and founder Erik Prince said selling the company is a difficult decision, but constant criticsm of Xe helped him make up his mind.

"Performance doesn't matter in Washington, just politics," Prince said in a further statement.