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'Everbridge must now undertake the challenge of rebuilding virtually every aspect of its go-to-market efforts, restructuring the sales force and rebuilding important lost muscle in the marketing department,' Ancora wrote. Cloudera went private last year after prominent activist Carl Icahn took a position in the stock.Īncora expressed concerns to Everbridge about management turnover and poor performance at the federal government level, and said a CEO change would not be enough to fix all of the company's issues. The most notable exceptions were file-sharing app Box and big data software company Cloudera, which had both underperformed their peers.īox emerged victorious in a proxy fight with Starboard Value in September, with shareholders reelecting CEO Aaron Levie and two other incumbent board members and turning away Starboard's three board nominees.

And most companies in the space don't possess the level of operating profit that activists prefer. The stocks, for the most part, dramatically outperformed the market for several years, leaving little opportunity to unlock value. Prior to this year's market swoon, activists largely avoided cloud companies. While Everbridge and Anaplan face very different internal challenges, they're part of a group that's been battered this year as investors have rotated out of growth and risk and into areas like energy and utilities.

Later on Thursday, two hedge funds known for activism campaigns disclosed stakes in financial planning software vendor Anaplan and said they were looking to install four people on the company's board.

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