Starboard Value

Qorvo, Inc. is a technology company that specializes in developing and commercializing advanced solutions for wireless and wired connectivity globally. Founded in 1957 and headquartered in Greensboro, North Carolina, Qorvo operates through two primary segments: Mobile Products and Infrastructure and Defense Products. The company offers a diverse range of integrated modules, including switches, power amplifiers, filters, duplexers, and antenna tuners, as well as advanced solutions such as UWB system technologies and power management systems. Qorvo serves various markets, including mobile devices, wireless base stations, and defense applications, providing products that enable secure communication and efficient power usage. The company markets its offerings directly to original equipment manufacturers and original design manufacturers, supplemented by a network of sales representatives and distributors. Qorvo emerged from the merger of RF Micro Devices and TriQuint Semiconductor in 2015, establishing itself as a leader in radio frequency solutions.

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 is the world's largest auctioneer of used construction and farm equipment. The company specializes in the appraisal, sale, inspection, refurbishment, shipping, and financing of heavy machinery and trucks. Ritchie Bros conducts hundreds of unreserved public auctions annually, attracting both on-site and online bidders. With over 40 auction sites globally, it facilitates a wide reach for buyers and sellers in the equipment market.

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 the Papa John's brand. Established in 1984 and headquartered in Louisville, Kentucky, the company has expanded its footprint to more than 5,900 locations across nearly 50 countries. It functions through four key segments: Domestic Company-Owned Restaurants, North America Commissaries, North America Franchising, and International Operations. Approximately 89% of its restaurants are franchised, while the company retains ownership of a small percentage. Papa John's generates revenue through franchise royalties, sales from its company-owned stores, and its commissary supply chain. The company emphasizes a commitment to quality and innovation in its product offerings, maintaining a significant presence in markets such as the United Kingdom, China, South Korea, and Chile.

Dollar Tree, Inc. operates discount variety retail stores in the United States and Canada through two main segments: Dollar Tree and Family Dollar. The Dollar Tree segment offers a wide range of merchandise, primarily priced at $1.25, including consumables such as food, health and beauty products, and household items, alongside variety items like toys and seasonal goods. Dollar Tree operates over 7,500 stores and several distribution centers, serving well-populated suburban markets. In contrast, the Family Dollar segment focuses on consumable merchandise, which constitutes around 80% of its sales, and offers a wider price range below $10. Family Dollar features general merchandise that includes food, household supplies, apparel, and seasonal items across nearly 7,800 stores. Founded in 1986 and headquartered in Chesapeake, Virginia, Dollar Tree emphasizes value and accessibility for customers seeking affordable everyday items.

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 manufacturer and supplier of semiconductor-based connectivity solutions that enhance data center performance. Founded in 1999 and headquartered in Sunnyvale, California, and Yokneam, Israel, the company specializes in developing and providing end-to-end Ethernet and InfiniBand interconnect solutions for servers, storage, and hyper-converged infrastructure. Mellanox products are designed to deliver high bandwidth, scalability, and power efficiency while consolidating multiple legacy network technologies into a unified, future-proof solution. Its offerings are favored by Fortune 500 data centers and are integral to some of the world's most powerful supercomputers, enabling faster data transmission and unlocking system performance.

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.