Investing.com -- Activist investor Jana Partners said Alkami Technology Inc. is not conducting a proper sale process, according to a letter to the fintech company's board quoted by Bloomberg on Friday.
The activist said it has talked with multiple potential buyers who reported that their previous interest was blocked by the company's lack of engagement and unrealistic value expectations.
Jana Managing Partner Scott Ostfeld wrote in the letter that recent private transactions show a major gap between public and private valuations. He said the board should now take advantage of interest in the company by running a proper sale process based on realistic expectations and supervised by the full board.
Jana has built an economic stake of more than 10% in Alkami. In June, the firm urged the company to engage with multiple interested parties, including strategic and financial buyers. The activist is also seeking a change in Alkami's board leadership, according to a person familiar with the matter.
Shares of the Plano, Texas-based company are down about 23% this year in New York.
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Activist Jana said to urge Alkami to run proper sale process
