Activist investor Starboard owns large stake in Splunk

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Oct 16 (Reuters) – Activist investor Starboard Value LP has a nearly 5% stake in Splunk Inc (SPLK.O) and plans to push the software maker into action that would boost its share price, a said a source familiar with the matter.

Starboard CEO Jeffrey Smith plans to discuss the investment at Tuesday’s 13D Monitor Active-Passive Investor Summit, The Wall Street Journal, which first announced the participation, wrote on Sunday.

Starboard and Splunk did not immediately respond to requests for comment from Reuters.

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Last week, Splunk added two directors to its board, including a partner from Hellman & Friedman. The private equity firm owns around 7.8% of the software maker’s equity.

San Francisco-based Splunk is looking for a new chief financial officer after Jason Child left to join Britain’s Arm Ltd. read more

Starboard is one of the industry’s leading activist investors and is known for its operational expertise. Last month, the activist hedge fund disclosed its stake in website development platform Wix, backing Wix’s bid to turn profitable. Read more

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Reporting by Maria Ponnezhath in Bengaluru and Svea Herbst-Bayliss in New York; edited by Diane Craft

Our standards: The Thomson Reuters Trust Principles.

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