Activist investor Elliott Management Corp has acquired a multi-billion dollar holding in cloud-based software firm Salesforce Inc, but has yet to reveal its strategy for increasing value at the company, according to a report by Reuters.
The report cites a statement by Jesse Cohen, managing partner at Elliot, as saying that: “We look forward to working constructively with Salesforce to realise the value befitting a company of its stature”.
Cohn has past experience of working with technology companies having previously served on the boards of both Twitter and eBay, while Elliot has made many tech-focused investments and recently saw portfolio manager Marc Steinberg join the board of Pinterest Inc as a director.
Elliot is the second activist investor to take a stake in Salesforce in the last three months after Starboard Value revealed an undisclosed holding in the company back in October.
Shares in Salesforce, which is valued at $151.3 billion, have climbed 12% this year, but are still down 32% over the past 12 months.
