Starboard Value

Qorvo ("kor-vo") enables customers to launch next-generation designs even faster. Their unique combination of talent, technology, scalability and innovation helps you eliminate barriers to bringing your most powerful ideas to market. They believe that their new name reflects their company's commitment to keep customers at the center of all that they do," said Bob Bruggeworth, Qorvo president and CEO. "As a new leader in RF solutions, Qorvo will offer the agility, innovation and precision customers need for success in mobile, infrastructure, and defense markets. They think end-to-end so you can create without constraint – get all the critical RF building blocks you need here, from power amplifiers to premium filters. Expanded R&D and manufacturing capabilities offer economies of scale to help set a new standard for product performance, integration and speed in mobile, infrastructure and defense markets.

Healthcare Realty Trust is a real estate investment trust that specializes in owning, managing, and developing properties related to healthcare delivery across the United States. The company primarily focuses on outpatient facilities and medical offices, ensuring that its portfolio aligns with the operational needs of local health systems and physicians. By maintaining a conservative business-risk profile, Healthcare Realty Trust targets investments that are integral to hospital operations. The company actively pursues growth through strategic mergers and acquisitions, collaborating with developers who have established connections in the healthcare sector. All of its revenue is generated domestically, reflecting its commitment to enhancing healthcare infrastructure in the communities it serves.

Kenvue is a consumer health company that delivers personal health solutions. The company's brands have helped generations take care of themselves and their loved ones for more than 135 years.

Pfizer is a global biopharmaceutical company dedicated to advancing medical care and improving patient outcomes through the development and provision of safe, effective, and affordable medicines. The company offers a diverse portfolio of products that support wellness, prevention, and treatment across a wide range of therapeutic areas. Pfizer is notable for its industry-leading pipeline of innovative treatments aimed at addressing significant health challenges, including diseases such as Alzheimer's and cancer. The company's commitment to public health underpins its efforts to ensure that all individuals have access to necessary healthcare services and medications. Through its continuous focus on research and development, Pfizer seeks to enhance its offerings and contribute to the advancement of global health.

Match Group is a leading provider of online dating products, offering a diverse portfolio of nearly 50 brands, including Tinder, Match.com, OkCupid, and Meetic, among others. The company operates in over 200 countries and provides its services in nearly 40 languages, catering to various communities based on geography, demographics, and relationship preferences. With more than 7 million people signing up for its products each month, Match Group generates revenue primarily through subscription fees, supplemented by advertising. The company emphasizes connecting individuals from diverse backgrounds, fostering relationships across different ages, orientations, and cultures. Since its inception, Match Group has continuously innovated its offerings, enhancing user experiences through features like swiping and social discovery.

Bloomin' Brands, Inc. is a prominent casual dining restaurant company that operates a diverse portfolio of dining concepts, including Outback Steakhouse, Carrabba’s Italian Grill, Bonefish Grill, and Fleming’s Prime Steakhouse & Wine Bar. The company manages both company-owned and franchised restaurants, with a significant presence in the United States, where it operates over 1,500 locations across 48 states, as well as in Puerto Rico, Guam, and 21 other countries. The U.S. segment constitutes the majority of its revenue, while international operations include company-owned locations in Brazil and South Korea, along with various franchised establishments primarily in Asia. Founded in 2006 and headquartered in Tampa, Florida, Bloomin' Brands employs approximately 91,000 team members, making it one of the largest companies in the casual dining sector.

Ritchie Bros helps people appraise, sell, inspect, buy, refurbish, ship, and finance heavy equipment and trucks. Ritchie Bros conducts hundreds of unreserved public auctions around the world each year, selling more equipment to on-site and online bidders. Ritchie Bros. has more than 40 auction sites worldwide.

Vertiv Holdings Co is a global provider of mission-critical infrastructure technologies and lifecycle services, catering to data centers, communication networks, and commercial and industrial environments. Headquartered in Columbus, Ohio, the company offers a comprehensive range of products, including power management, thermal management, integrated rack systems, and modular solutions, which are essential for various digital services such as e-commerce, online banking, and wireless communications. Vertiv also delivers lifecycle management services, predictive analytics, and professional services to assist clients in deploying, maintaining, and optimizing their infrastructure. The company serves diverse industries, including social media, financial services, healthcare, transportation, retail, education, and government, ensuring that vital applications run continuously and efficiently from the cloud to the network edge.

Salesforce is a leading cloud-based software company that specializes in customer relationship management (CRM) solutions. It offers a suite of applications designed to help businesses manage their sales, customer service, marketing, e-commerce, and analytics. The company's flagship Customer 360 platform integrates customer data from various systems and devices, providing a unified view that enhances decision-making and operational efficiency. Salesforce's offerings include Service Cloud for customer support, Marketing Cloud for digital marketing, and Commerce Cloud for e-commerce solutions, among others. Additionally, Salesforce Ventures, the company's investment arm, supports emerging enterprise software companies, providing them with funding, resources, and access to a vast network in the cloud ecosystem. Through its innovative solutions and strategic investments, Salesforce enables organizations to connect with their customers more effectively and drive business growth.

Splunk is a cloud-first software company founded in 2004 and headquartered in San Francisco, California. It specializes in operational intelligence software that monitors, reports, and analyzes real-time machine data for various applications, particularly in security, IT, and business operations. Splunk's solutions include advanced threat detection, incident management, and cloud monitoring, catering to industries such as manufacturing, retail, and financial services. The company primarily serves enterprise clients, with over 90% of the Fortune 100 utilizing its offerings. Its revenue is generated through the sale of software licenses, cloud subscriptions, and maintenance and support services.

Wix is a cloud-based platform that enables users to create and manage websites without requiring extensive technical skills. Catering to millions of registered users globally, Wix offers a freemium model with three main web editors: the Wix Editor for users with basic skills, Wix ADI for novices, and Wix Code for more advanced users. The platform is built on HTML5 technology, providing tools for web design, layout, domain hosting, and various marketing applications. Wix's services allow individuals and businesses to easily build custom websites, promote their brands, and engage in e-commerce, making it accessible for users across different skill levels and industries. The company's geographic reach includes North America, Europe, Latin America, Asia, and other regions.

GoDaddy is a leading platform for small businesses, providing a comprehensive suite of services essential for establishing and managing an online presence. The company is recognized as the world's largest ICANN-accredited domain registrar, overseeing more than 55 million domain names and facilitating the registration, renewal, or transfer of domains at an impressive rate. In addition to domain registration, GoDaddy offers website hosting, security, design services, and business productivity tools, catering primarily to micro- and small businesses, as well as website design professionals and domain investors. The acquisition of payment processing platform Poynt in 2021 has enabled GoDaddy to expand its offerings to include omnicommerce solutions, which encompass online payment gateways and offline point-of-sale devices. With over 12 million customers and a diverse product portfolio exceeding 40 offerings, GoDaddy has established itself as a trusted partner for businesses seeking to thrive in the digital landscape.

Willis Towers Watson is a global advisory, broking, and solutions firm based in London, United Kingdom, with a history dating back to 1828. The company specializes in helping organizations manage risk and leverage it as an opportunity for growth. It offers a wide range of services, including solutions for mergers and acquisitions, cyber risk management, reinsurance, investments, and retirement planning. Additionally, Willis Towers Watson assists in optimizing benefits and developing compensation strategies. Its clientele spans various sectors, including aerospace, construction, financial services, healthcare, real estate, and technology, reflecting its comprehensive approach to addressing the diverse needs of institutions and individuals.

Merit Medical Systems is a manufacturer of medical devices specializing in diagnostic and interventional cardiology, radiology, and endoscopy procedures. The company develops and produces a range of products, including inflation devices for angioplasty and stent placement, as well as diagnostic and therapeutic catheters used in various medical procedures. Merit Medical operates primarily through two segments: Cardiovascular and Endoscopy, with the Cardiovascular segment generating the majority of its revenue. The company primarily serves the United States market, where it earns most of its sales.

CVS Health is a comprehensive healthcare company that integrates health insurance, pharmacy services, and various healthcare solutions. The company operates over 9,000 retail pharmacies across the United States, providing prescription drug coverage and a range of well-being services. Its significant subsidiaries include CVS Pharmacy, Aetna, and CVS Caremark, the latter being a prominent pharmacy benefit manager that processes approximately 2 billion claims annually. Through its health insurance segment, CVS Health serves around 26 million medical members, enhancing access to affordable healthcare. The recent acquisition of Oak Street adds primary care services, creating potential synergies with its existing operations and further solidifying CVS Health's position in the healthcare industry.

Papa John's International, Inc. is a prominent player in the global pizza market, operating and franchising pizza delivery and carryout restaurants under its trademark. Founded in 1984 and headquartered in Louisville, Kentucky, the company manages its operations through four segments: Domestic Company-Owned Restaurants, North America Commissaries, North America Franchising, and International Operations. As of 2023, Papa John's has over 5,900 restaurants in nearly 50 countries, with a majority being franchised, while the company owns approximately 11% of its locations. The firm generates revenue through franchise royalties, sales from its company-owned stores, and its commissary supply chain. It is recognized as the fourth-largest limited-service pizza chain in both the United States and globally, with a notable presence in markets such as the UK, China, South Korea, and Chile. The company is committed to quality and innovation in its products, aiming to provide a superior pizza experience to its customers.

Dollar Tree is a chain of discount stores that carries a variety of merchandise including housewares, glassware, dinnerware, cleaning supplies, candy, snacks, food, health and beauty, toys, gifts, gift bags and wrap, party supplies, stationery, craft supplies, teaching supplies, books, seasonal décor, and more for $1 or less.

Symantec is a security software suite developed by Broadcom Inc., offering anti-malware, anti-intrusion, and firewall features for server and desktop computers. It serves as a website certification service provider, enabling organizations, governments, and individuals to safeguard sensitive data from advanced threats across endpoints, cloud, and infrastructure. The enterprise security business of Symantec was sold to Broadcom by NortonLifeLock in 2019. Additionally, Symantec Ventures partners with startups at various growth stages, focusing on innovative solutions to address future cybersecurity challenges.

Mellanox Technologies is a supplier of connectivity solutions designed to enhance data center performance. Founded in 1999 and headquartered in Sunnyvale, California, and Yokneam, Israel, the company specializes in semiconductor-based products that facilitate faster data transmission to applications, thereby improving overall system performance. Mellanox offers end-to-end Ethernet and InfiniBand interconnect solutions tailored for servers, storage, and hyper-converged infrastructure. Its products are known for delivering high bandwidth, scalability, power efficiency, and cost-effectiveness, making them a preferred choice for Fortune 500 companies and some of the world's most powerful supercomputers. By converging multiple legacy network technologies into a unified solution, Mellanox positions itself as a future-proof provider in the evolving landscape of data connectivity.

Perrigo Company plc is a prominent global healthcare supplier that specializes in the development, manufacture, and distribution of over-the-counter (OTC) and prescription pharmaceuticals, nutritional products, and active pharmaceutical ingredients. As the largest manufacturer of OTC pharmaceutical products for the store brand market, Perrigo has established itself as a leader in consumer health. The company has shifted its focus to consumer self-care since divesting its animal health and generic pharmaceuticals businesses in 2018. A significant portion of its sales is generated in North America, where it provides private-label consumer health goods to major retailers such as Walmart, Amazon, Costco, and CVS. Additionally, Perrigo operates in Europe, Australia, and parts of Asia, marketing national brands like Compeed, Solpadeine, Coldrex, and ellaOne. With a diverse product portfolio and a commitment to innovation, Perrigo serves customers worldwide.