Jana Adds More Sale Pressure on Alkami in New Letter to Board

Activist investor Jana Parners contends Alkami Technology Inc. is failing to run a true sale process, according to a new letter to the fintech company’s board that was reviewed by Bloomberg News.

The activist wrote it has spoken with multiple potential suitors but was told that “they have had their previous interest stymied by the company’s lack of engagement and unrealistic value expectations.”

A representative for Alkami didn’t immediately respond to a request for comment.

“With recent private transactions demonstrating a significant disconnect between public and private valuations, it is now time for the board to capitalize on interest in the company by running a true sale process grounded in reality and overseen by the full board,” Jana Managing Partner Scott Ostfeld wrote in the letter.

Jana has amassed an economic stake of more than 10% in Alkami and in June pushed for the company to engage with multiple interested parties, including strategic and financial buyers. The activist is also pushing for a change in Alkami’s board leadership, a person familiar had said.

Shares of Plano, Texas-based Alkami are down about 23% this year in New York, giving the company a market value of about $1.9 billion.