Irenic Capital Management

Forward Air Corporation, founded in 1993, specializes in time-definite surface transportation and logistics services tailored to the North American air freight and expedited less-than-truckload (LTL) market. The company operates with an asset-light model and primarily generates revenue from its Expedited Freight segment, which features a comprehensive national network for expedited regional, inter-regional, and national LTL services. In addition to these core offerings, Forward Air provides local pick-up and delivery, final mile services, truckload solutions, shipment consolidation and deconsolidation, warehousing, and customs brokerage. Over the past decade, the company has expanded its services to include intermodal drayage, pool distribution, and specialized temperature-controlled logistics. This growth has led to a significant increase in revenue and operating income, showcasing its successful adaptation in a competitive market and its capacity to meet diverse customer logistics needs across the United States, Canada, and Mexico.

FD Technologies is a prominent provider of data-driven products and consulting services, catering primarily to major financial, technology, and energy institutions. The company is best known for developing kdb+, a leading database technology that addresses complex data management and analytics challenges. Established in 1996, FD Technologies specializes in delivering mission-critical data and trading systems that support front, middle, and back-office operations, particularly for financial institutions engaged in high-volume trading across various asset classes such as equities, fixed income, and foreign exchange. In addition to its core focus on capital markets, the company extends its expertise to other sectors, including telecoms, digital marketing, pharmaceuticals, and utilities. With a strong presence in the Americas and additional operations in the UK, EMEA, and Asia Pacific, FD Technologies combines deep domain knowledge with technical proficiency in leading financial services systems to help clients navigate the complexities of an increasingly regulated market.

Couchbase, Inc. is a provider of NoSQL databases tailored for enterprises, particularly for web and mobile applications. The company offers a comprehensive Couchbase platform that includes Couchbase Server, a high-performance distributed database, Couchbase Lite, an embedded database for mobile devices, and Couchbase Sync Gateway, which synchronizes data between mobile devices and the cloud. Additionally, Couchbase provides a cloud-native autonomous database management platform through its Kubernetes Operator and a fully-managed Database-as-a-Service (DBaaS) known as Couchbase Cloud. The platform is designed to handle massive data volumes in real time, making it suitable for industries such as social networking, online gaming, advertising, and e-commerce. Headquartered in Santa Clara, California, with an office in Manchester, United Kingdom, Couchbase was founded in 2008 and rebranded from Membase, Inc. in 2011. The company focuses on empowering developers to create innovative and personalized customer experiences through its agile and scalable database solutions.