Activist investor Jana Partners has told the board of Alkami Technology Inc. that the company is not conducting a proper sale process, according to a letter delivered to the board. Jana said it has been in contact with several potential acquirers who reported that earlier interest was frustrated by a lack of engagement from Alkami and by the company's expectations about value.
In the letter, Jana Managing Partner Scott Ostfeld highlighted an apparent divergence between public market pricing and recent private transactions, saying those trades underscore a "major gap" between public and private valuations. Ostfeld urged the Alkami board to take advantage of existing buyer interest by launching a formal sale process that reflects realistic price expectations and that is supervised by the full board.
Jana has accumulated an economic stake exceeding 10% in Alkami. The activist previously pressed the company in June to engage with multiple interested parties, including both strategic and financial buyers. In addition to requesting a formal sale process, Jana is pursuing a change in the company's board leadership, according to a person familiar with the matter.
Alkami is headquartered in Plano, Texas. Its shares have declined by about 23% so far this year on the New York exchange. The company's stock trades under the ticker ALKT.
The letter from Jana conveys two central complaints: that Alkami has not sufficiently engaged with potential buyers and that the board's valuation expectations do not align with indications from recent private deals. Jana's recommendation is procedural - to run a properly overseen sale process - and governance-related, pressing for full-board supervision and leadership changes.
How the Alkami board will respond and whether it will launch a sale process or consider leadership adjustments has not been disclosed in the material provided. The outcomes of those deliberations could affect investor sentiment in fintech and software services tied to financial institutions, as well as M&A activity in the sector.
Context limitations: The letter and statements cited here reflect Jana's position as communicated to the Alkami board. There is no additional public detail in this report about the specific potential buyers Jana spoke with, nor about any formal response from Alkami's board.