BOSTON: Activist investor Starboard Value has built a stake in U.S. data protection and data management software company Commvault, saying in a regulatory filing that it felt the shares were undervalued when it purchased them.
Starboard, run by Jeffrey Smith, often seeks operational changes at the companies it targets. The Commvault filing did not give any hints as to what Starboard may be planning, saying only that the shares, when bought,"were undervalued and represented an attractive investment opportunity." "Commvault's top priorities, at this time, are the health and safety of our employees, taking care of customers, and operating our business," a company spokeswoman said."As always, Commvault embraces open dialogue with our shareholder community and will continue to act in their best interest."This is not the first time that Tinton Falls, NJ-headquartered Commvault has faced an activist investor in its stock.
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