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, established in 1849, is a leading global pharmaceutical company headquartered in the United States. Its core business involves the discovery, development, manufacture, and sale of prescription medicines, vaccines, and health care products. Pfizer's extensive portfolio spans various therapeutic areas, focusing on wellness and prevention, as well as treatments and cures for numerous diseases. Notable products include the pneumococcal vaccine Prevnar 13, cancer drug Ibrance, and cardiovascular treatment Eliquis. With approximately 50% of its sales coming from international markets, including significant contributions from emerging markets, Pfizer's global presence is substantial. The company is committed to providing access to safe, effective, and affordable medicines, driven by its purpose to improve patient outcomes and enhance overall health. Pfizer Venture Investments, its corporate venture capital arm, invests in emerging companies developing transformative medicines and technologies to further strengthen its pipeline. Additionally, the Pfizer Foundation, an independent non-profit, supports global health strategies and community involvement through funding and resources.

Match Group is a leading global provider of online dating products, operating a portfolio of brands that spans Tinder, Match, Meetic, OkCupid, OurTime and others, serving users in more than 200 countries and dozens of languages via desktop and mobile platforms. The company generates revenue from subscriptions, transactional services and advertising, with offerings tailored to different communities and markets to foster connections across varied demographics and relationship preferences. Its brands cover a broad spectrum of dating experiences, and the group supports a sizable and active user base worldwide through continuous product development and international expansion.

Bloomin' Brands, Inc. is a prominent player in the casual dining sector, operating a diverse portfolio of restaurants in the United States and internationally. The company owns and operates four main restaurant concepts: Outback Steakhouse, a casual steakhouse; Carrabba’s Italian Grill, an Italian restaurant; Bonefish Grill, which offers upscale casual seafood dining; and Fleming’s Prime Steakhouse & Wine Bar, a contemporary steakhouse. As of late 2019, Bloomin' Brands managed approximately 1,045 restaurants in the U.S. and 128 internationally, with a significant presence in 21 countries, Puerto Rico, and Guam. The company's workforce consists of around 91,000 team members. Bloomin' Brands was incorporated in 2006 and is headquartered in Tampa, Florida.

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 provides customer relationship management (CRM) solutions and applications. Founded in 1999, it offers a range of enterprise software products focused on sales, marketing automation, customer service, e-commerce, analytics, and application development. Salesforce operates as a social enterprise, donating and discounting its technologies to nonprofits and educational institutions through Salesforce Foundation.

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 technology company that enables small businesses to establish and manage an online presence. It provides domain registration and management, website hosting and builders, SSL certificates, security tools, and a range of eCommerce and business productivity solutions. The company operates as an ICANN-accredited domain registrar and offers domain registry services alongside hosting and related products. It targets micro and small businesses, website design professionals, registrar peers, and domain investors. Since acquiring the payment platform Poynt in 2021, GoDaddy has expanded into omnichannel commerce, offering online payment gateways and offline point-of-sale devices. Its broad portfolio supports customers in registering, renewing, and managing domains, building and securing websites, and conducting commerce online.

Founded in 1828, Willis Towers Watson is a global advisory firm headquartered in London. It provides risk management solutions, including insurance broking, reinsurance, cyber risk management, mergers and acquisitions support, and employee benefits consulting.

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 Corporation is a diversified healthcare company that provides a range of services and plans in the United States. It operates through three primary segments: Pharmacy Services, Retail/LTC, and Health Care Benefits. The Pharmacy Services segment offers management solutions for prescription drug plans, including mail order and specialty pharmacy services, as well as clinical and disease management programs. This segment serves various clients such as employers, health plans, and individuals. The Retail/LTC segment sells prescription and over-the-counter drugs, personal care products, and provides healthcare services through MinuteClinic walk-in medical clinics. It also distributes drugs and provides related services to long-term care facilities. As of 2019, CVS Health operated approximately 9,900 retail locations and 1,100 MinuteClinic locations. The Health Care Benefits segment offers traditional, voluntary, and consumer-directed health insurance products and related services to employer groups, individuals, and other entities. CVS Health was founded in 1963 and is headquartered in Woonsocket, Rhode Island.

Founded in 1984, Papa John's is a global pizza delivery and carryout restaurant chain, operating predominantly through franchises. As of 2024, it has over 6,000 locations across nearly 50 countries. The company generates revenue from franchise royalties, sales at company-owned stores, and commissary supply chain.

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 comprehensive security software suite developed by Broadcom Inc., offering anti-malware, anti-intrusion, and firewall features for both server and desktop computers. It functions as a website certification service provider, assisting organizations, governments, and individuals in safeguarding sensitive data from advanced threats across endpoints, cloud environments, and infrastructure. Symantec's solutions are designed to meet the evolving cybersecurity challenges of a complex digital landscape. Following the sale of its enterprise security business to Broadcom in 2019, NortonLifeLock, a global leader in consumer Cyber Safety, continues to play a vital role in enhancing online security for approximately 50 million consumers by securing devices, identities, and online privacy.

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.