Activist investor Starboard Value, which now owns 9per cent of ACI Worldwide Inc, views the payment systems company as an"attractive" takeover candidate, the hedge fund's chief Jeffrey Smith said at a conference on Thursday.
"ACI looks equally as attractive when you compare its current revenue multiple to recent transaction comps," Smith, Starboard's chief executive officer and chief investment officer, said.Smith told the Capitalize for Kids Virtual Investors Conference that the company has underperformed peers including Blackbaud, Commvault Systems, and FireEye among others, despite its favorable business characteristics and unique collection of assets.
Smith noted an"unprecedented amount of M&A activity in the payments space in recent years," noting that both strategic and private equity buyers have been active."The valuations paid for recent acquisitions exceeds the multiple that ACI is currently trading at," he said.
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