Jana Partners has expanded its holding in Alkami Technology Inc. (NASDAQ:ALMT) to exceed 10%, and is pressing the company to actively pursue a sale, a person with knowledge of the situation told Bloomberg News. The source spoke on condition of anonymity because the details have not been made public.
According to the person, the activist investor is urging Alkami to engage with a range of interested parties. That outreach should include both strategic bidders - companies in a position to integrate Alkami's business - and financial buyers such as private equity firms. The goal, as described by the source, is for Alkami to consider multiple avenues rather than limit discussions.
In addition to advocating a sale process, Jana is pressing for changes to the company's board leadership, the person said. The activist's recommendations include adjustments at the governance level intended to position the company for whatever path the board elects to pursue, including a potential transaction.
The activist is cautioning Alkami's board to keep valuation expectations grounded during any sale consideration. The person described a market environment where worries related to artificial intelligence have contributed to a broader selloff in the software sector, and that context should inform discussions about price and timing.
Finally, the source noted that Jana is expected to formalize its position in a regulatory filing. The investor plans to disclose the increased stake in Alkami in a 13D filing on Monday, the person said.
Context and implications
This development represents a clear activist push for strategic options at Alkami, combining a significant stake with public pressure for a sale process and board changes. The emphasis on engaging both strategic and financial buyers signals that Jana wants the company to test the market broadly while remaining mindful of prevailing valuation pressures in the software sector.