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Exclusive-Starboard built stake in website development platform Wix

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Post time 2022-9-17 16:23:47 | Show all posts |Read mode
Exclusive-Starboard built stake in website development platform Wix




Activist hedge fund Starboard Value LP has amassed an approximately 9 per cent stake in Wix.com Ltd and has spoken to the web development platform about how it can improve its operations, people familiar with the matter said on Friday.


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Wix has been struggling with losses since the fourth quarter of 2021 amid a slowdown in e-commerce driven by rampant inflation and people making fewer purchases online in the wake of the COVID-19 pandemic. It has adopted a three-year cost-cutting program in a bid to boost its ailing stock price.


Starboard supports Wix's bid to become profitable and believes the company has a significant opportunity to improve its margins and grow further, the sources said.


The fund has been discussing its ideas with Wix's management and is not seeking board seats at this time, the sources added. Details of Starboard's suggestions to Wix could not be learned.


The sources requested anonymity because the matter is confidential. Wix and Starboard did not immediately respond to requests for comment.


Wix, an Israel-based company whose stock is listed in the United States, has a market value of roughly $4.4 billion. Its shares have lost 54 per cent of their value this year on concerns about clients not paying enough for its products. The company posted a loss for the three months to the end of June of $111.2 million, compared to a $37.6 million profit in the corresponding period in 2021.

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