Jana Activism Sparks Alkami Sale Push
Jana Partners Takes Over 10% Stake in Alkami, Pushing for Company Sale and Board Changes
Anonymous
Key Points
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There were four insider buying transactions in Alkami over the past three months, totaling 8,083,086 shares.
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Alkami Technology has a market capitalization of about $1.82 billion with trailing revenue around $471.94 million.
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The company trades with a price-to-sales ratio of 3.74, and its negative earnings mean the price-to-earnings ratio is not applicable.
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Jana is pushing for a leadership change on Alkami's board and urging the company to engage with multiple interested buyers, including strategic and financial buyers.
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GF Score provides a framework that ranks stocks from 0 to 100 across five factors—Financial Strength, Profitability, Growth, Valuation, and Momentum—and higher GF Scores have been associated with higher long-term returns.
Activist investor Jana Partners crossed the 10% ownership threshold in Alkami Technology on June 29, 2026, filing an updated Schedule 13D and formally calling for a sale of the company. Jana holds 6,747,707 direct shares — a 6.3% stake acquired for roughly $138 million — plus cash-settled swaps covering another 3.9%, according to Investing.com.
Alkami, a cloud-based digital banking software provider, carries a market cap of about $1.82 billion. Its stock jumped roughly 4% to 4.5% on the news, according to GuruFocus. Jana is also pushing for changes to Alkami's board leadership, setting up a potential boardroom clash.
Jana's Seven-Month Campaign Finally Hits 10%
Jana Managing Partner Scott Ostfeld first flagged Alkami publicly on December 9, 2025, at the Bloomberg Activism Forum in New York. He called the stock "significantly undervalued" and urged a sale to private equity or a strategic rival. At the time, Alkami shares had fallen roughly 65% over the prior 18 months, according to Seeking Alpha.
Jana disclosed an initial 5.1% stake in April 2026, then trimmed to 4.99% in May to allow private talks with the board, according to TradingView. By late May, Jana was already "renewing pressure" for a formal sales process. The June 29 disclosure — crossing 10% — is the firm's most aggressive move yet.
Why Jana Sees a Bargain the Market Is Missing
Alkami posted trailing revenue of roughly $471.94 million and has guided for $527 million to $531 million in 2026 revenue. Yet its GAAP earnings are negative, meaning there is no price-to-earnings ratio. Its price-to-sales ratio sits at just 3.74, according to GuruFocus. Jana's Ostfeld argues the stock is "wrongfully punished" by investor fears that AI will disrupt traditional software subscription models.
Analysts at J.P. Morgan call Alkami a "high-conviction takeout candidate," arguing AI concerns are overstated. Alkami and rival Q2 dominate a consolidated digital banking market, with average client contracts running 70 months and net dollar retention at 115%. That "stickiness" makes it attractive to private equity, according to GuruFocus.
Insiders and Alkami's Board Brace for a Fight
Insider buying has been heavy. Four transactions over the past three months totaled 8,083,086 shares, including a $32.9 million purchase by General Atlantic L.P. on May 14, 2026, according to GuruFocus. In March, Alkami's board had already added two new directors — Jeff Fox and Jud Linville — in what could be seen as a preemptive defensive move.
Jana is calling for "board leadership change," which puts Chairman Brian R. Smith in the crosshairs. Alkami's management has pushed back implicitly — pointing to its $400 million acquisition of onboarding platform MANTL in February and a $100 million stock buyback as proof it has a strong standalone plan, according to Investing.com.
Who Might Buy Alkami — and What Comes Next
Jana is urging Alkami to engage "multiple interested parties," including strategic buyers like Fiserv and Fidelity National, as well as private equity firms that specialize in SaaS companies, according to Investing.com. Jana has forced sales before — most notably Whole Foods to Amazon in 2017 and PetSmart to BC Partners in 2014.
If Alkami's board resists, Jana could launch a proxy fight. A successful sale could also ripple through the broader fintech sector, triggering consolidation among other undervalued software providers facing similar AI-driven skepticism, according to Benzinga.
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