ValueAct Capital Management

Meta is a social technology company that facilitates connections among individuals, communities, and businesses. Originally founded as Facebook in 2004 by Mark Zuckerberg in Menlo Park, California, the company rebranded to Meta on October 28, 2021, to reflect its broader focus beyond social networking. Meta operates various applications and services, positioning itself as a leader in the social media landscape, with over 1.32 billion monthly active users. The company has continuously evolved, integrating features that enhance user engagement and community building. Meta's strategic initiatives also include partnerships aimed at advancing marketing and commercial efforts in the digital and mobile sectors. As it explores new technologies, including virtual and augmented realities, Meta aims to redefine how people interact and share experiences online.

Spotify Limited is a leading digital music-streaming service that offers users on-demand access to a vast library of songs across various devices, including computers, mobile phones, and home entertainment systems. Founded in 2006 and headquartered in Stockholm, Sweden, Spotify allows users to search for and discover music from friends, artists, and celebrities, while also enabling them to create, share, and edit playlists collaboratively. The platform includes features like personalized recommendations and radio playlists based on users' listening habits. Spotify operates on a freemium model, with revenue generated primarily from its premium subscription service and a secondary ad-supported service. As of 2023, the company boasts 602 million monthly active users, with a significant portion of its revenue derived from subscriptions. Additionally, Spotify provides tools for artists to promote their music through advertising and social media integration.

The New York Times is a prominent American media company founded in 1851 and headquartered in New York. It is best known for its flagship publication, The New York Times, which has received a record 98 Pulitzer Prizes, making it a leading source of news and information. The company also publishes the International New York Times and operates various digital platforms, including its website and smartphone applications. The New York Times Group and The Athletic are the company's primary segments, with a significant portion of revenue generated from subscriptions and advertising. The New York Times continues to play a crucial role in journalism, striving to provide accurate information and insights to help the public understand the world.

Altus Power is a clean electrification company focused on developing, owning, and operating large-scale solar photovoltaic and energy storage systems throughout the United States. It serves a variety of clients, including commercial, industrial, public sector, and community solar customers. Altus Power's approach involves deploying capital to construct clean energy systems on commercial buildings, properties, schools, and municipal facilities. The electricity generated from these systems is sold to the host entities or utilities at a reduced rate compared to grid prices, allowing hosts to benefit from discounted energy without any upfront investment. Additionally, Altus Power offers long-term agreements that can include leases and revenue contracts for solar power generation, as well as electric vehicle charging and energy storage solutions, contributing to its mission of advancing the clean energy transition.

AppHarvest, Inc. is a food production company based in Lexington, Kentucky, established in 2017. It focuses on building and operating controlled-environment greenhouse farms that utilize advanced technology to grow non-GMO, chemical-free vegetables. By combining traditional agricultural practices with modern innovations, AppHarvest aims to create a sustainable and climate-resilient food system. The company's greenhouses are designed to optimize water usage, distributing more while significantly reducing overall consumption. Through its efforts, AppHarvest seeks to address the challenges of food production in a changing climate, contributing to a more sustainable agricultural landscape.

Noodle is a U.S.-based organization focused on enhancing the educational experience through innovative online and hybrid programs while also improving traditional classroom models. Founded in 2010 by John Katzman, the company connects students with universities, programs, and resources by providing unbiased data and real-world insights. Noodle collaborates with higher education institutions to develop and implement certificate and degree programs, offering services in marketing, student recruitment, curriculum design, and engagement, as well as support and placement for graduates. By fostering a network of universities, education leaders, and students, Noodle aims to enhance student-faculty engagement and lower educational costs, making higher education more accessible and effective.

Noodle is a U.S.-based organization focused on enhancing the educational experience through innovative online and hybrid programs while also improving traditional classroom models. Founded in 2010 by John Katzman, the company connects students with universities, programs, and resources by providing unbiased data and real-world insights. Noodle collaborates with higher education institutions to develop and implement certificate and degree programs, offering services in marketing, student recruitment, curriculum design, and engagement, as well as support and placement for graduates. By fostering a network of universities, education leaders, and students, Noodle aims to enhance student-faculty engagement and lower educational costs, making higher education more accessible and effective.

Nikola Motor Company is an electric vehicle manufacturer based in Salt Lake City, Utah, founded in 2014. The company specializes in developing hydrogen fuel cells, battery electric trucks, and associated energy solutions, with the goal of transforming the transportation industry on a global scale. Nikola gained significant attention for its ambition to revolutionize the trucking sector through innovative electric and hydrogen fuel cell technologies. Initially, the company focused on creating zero-emission hydrogen fuel cell trucks designed for long-haul commercial use, with a range of up to 1,200 miles. Additionally, Nikola planned to establish hydrogen refueling infrastructure to support its vehicles, further enhancing its commitment to sustainable transportation solutions.

AppHarvest, Inc. is a food production company based in Lexington, Kentucky, established in 2017. It focuses on building and operating controlled-environment greenhouse farms that utilize advanced technology to grow non-GMO, chemical-free vegetables. By combining traditional agricultural practices with modern innovations, AppHarvest aims to create a sustainable and climate-resilient food system. The company's greenhouses are designed to optimize water usage, distributing more while significantly reducing overall consumption. Through its efforts, AppHarvest seeks to address the challenges of food production in a changing climate, contributing to a more sustainable agricultural landscape.

Arcadia, Inc. is a technology company based in Washington, D.C., founded in 2014, that focuses on providing access to clean energy solutions. Through its platform, Arc, the company connects subscribers to renewable energy sources such as wind farms and community solar projects. By enabling users to manage their accounts, track energy usage, and participate in clean energy initiatives, Arcadia aims to democratize access to renewable energy and combat the fossil fuel monopoly. The platform aggregates energy data from over 125 utilities, representing more than 80% of U.S. electric utility accounts, thus facilitating a significant shift toward sustainable energy practices. Additionally, Arcadia's community solar program addresses energy injustice while promoting economic growth, contributing over five Terawatt-hours of energy demand from residential and commercial users.

AppHarvest, Inc. is a food production company based in Lexington, Kentucky, established in 2017. It focuses on building and operating controlled-environment greenhouse farms that utilize advanced technology to grow non-GMO, chemical-free vegetables. By combining traditional agricultural practices with modern innovations, AppHarvest aims to create a sustainable and climate-resilient food system. The company's greenhouses are designed to optimize water usage, distributing more while significantly reducing overall consumption. Through its efforts, AppHarvest seeks to address the challenges of food production in a changing climate, contributing to a more sustainable agricultural landscape.

Horizon Discovery Group plc is a UK-based life science company specializing in gene editing and gene modulation technologies that advance research and clinical applications in human health. Established in 2007 and headquartered in Cambridge, the company designs, manufactures, and applies a wide array of gene editing tools, including custom-made and off-the-shelf RNA interference (RNAi) reagents, CRISPR reagents, and various cell models. Horizon Discovery offers services such as pooled and arrayed CRISPR screens, drug screens, and immunology assays, catering to the needs of academic research labs, biopharmaceutical companies, and contract research organizations. Its extensive product catalog includes over 1,000,000 cell and reagent products that help scientists investigate genetic anomalies associated with diseases like cancer. The company has formed strategic partnerships with various institutions to enhance its offerings, including collaborations for developing innovative gene editing technologies. As of December 2020, Horizon operates as a subsidiary of PerkinElmer (UK) Holdings Ltd.

Arcadia, Inc. is a technology company based in Washington, D.C., founded in 2014, that focuses on providing access to clean energy solutions. Through its platform, Arc, the company connects subscribers to renewable energy sources such as wind farms and community solar projects. By enabling users to manage their accounts, track energy usage, and participate in clean energy initiatives, Arcadia aims to democratize access to renewable energy and combat the fossil fuel monopoly. The platform aggregates energy data from over 125 utilities, representing more than 80% of U.S. electric utility accounts, thus facilitating a significant shift toward sustainable energy practices. Additionally, Arcadia's community solar program addresses energy injustice while promoting economic growth, contributing over five Terawatt-hours of energy demand from residential and commercial users.

Olympus is an imaging solutions firm that specializes in the development, production, and support of both software and hardware. The company manufactures and sells precision machinery and instruments, focusing on medical systems, life science solutions, and industrial solutions. In the medical sector, Olympus is known for its advanced endoscopic technologies, including practical gastrocameras and examination methods. The life science division offers a range of biological microscope systems, such as laser scanning microscopes, disk confocal microscopes, and virtual slide microscopes. Additionally, Olympus produces optical and digital precision technology, including cameras and audio equipment, contributing to various industrial applications.

Citigroup is a comprehensive financial services holding company that offers a wide range of financial products and services through its two primary segments: Global Consumer Banking (GCB) and Institutional Clients Group (ICG). The GCB segment caters to retail customers by providing traditional banking services, commercial banking, and Citi-branded credit cards. In contrast, the ICG segment serves corporate, institutional, public sector, and high-net-worth clients with various banking and financial services, including investment banking, corporate lending, and asset management. Citigroup is also engaged in private equity investing through its Citi Ventures division, which focuses on fostering innovation and collaboration within the technology sector. Additionally, the company emphasizes sustainability and social responsibility, investing in initiatives that aim to promote economic development and progress. With a global presence, Citigroup operates in key financial markets worldwide, ensuring a robust and integrated approach to meet the diverse needs of its clients.

LumiGrow, Inc. specializes in horticultural LED lighting solutions, providing advanced products such as LED grow lights and a smartPAR wireless control system. This technology allows users to customize lighting schedules, manage multiple growing zones, and monitor energy consumption through devices like smartphones and tablets. LumiGrow's products are designed for various commercial applications, enhancing crop yield, quality, and consistency in sectors such as floriculture, propagation, breeding, and the cultivation of leafy greens, vine crops, and cannabis. Established in 2008 and located in Emeryville, California, the company has successfully replaced traditional HID lighting with its innovative LED solutions in numerous commercial horticulture and research settings, helping customers achieve significant improvements in crop quality and operational efficiency.

Seagate Technology is a prominent data storage and hardware company specializing in the design, development, and manufacturing of hard disk drives (HDDs) and solid-state drives (SSDs). The company provides a diverse range of storage solutions tailored for various applications, including enterprise servers, mainframes, desktop and notebook computers, and consumer devices such as digital video recorders and portable external storage systems. Seagate primarily sells its products to original equipment manufacturers, distributors, and retailers, establishing itself as a key player in both the enterprise and consumer markets. In addition to its hardware offerings, Seagate also delivers data storage services for small- to medium-sized businesses, encompassing online backup, data protection, and recovery solutions. The company is recognized for its competitive positioning in the market, operating alongside its main rival in a practical duopoly.

Twistbox Entertainment is a global producer and publisher of mobile content, specializing in a diverse array of services that cater to network operators and content providers. The company holds exclusive licenses with leading brands and maintains direct distribution relationships with over 100 operators across more than 40 countries. Twistbox offers an extensive portfolio that includes award-winning games, WAP sites, and mobile TV channels. Its comprehensive approach encompasses programming, marketing, game development, and portal management, positioning Twistbox as a complete solution in the mobile entertainment sector. Through its innovative offerings, the company helps partners effectively monetize their brands and services while maximizing traffic.

Good Technology is the leader in enterprise handheld computing software and service, using industry standards to provide the corporate applications enterprises need on the handhelds they choose over the networks they prefer. The company's GoodAccess and GoodLink products extend mission-critical enterprise applications—including Microsoft Exchange, Oracle, salesforce.com and Siebel—to mobile employees when an where they need them, using end-to-end AES encrypted, FIPS 140-2 certified security, and cradle-free, real-time synchronization. GoodLink and GoodAccess are combined enterprise software and service that run on a variety of devices and networks, freeing customers from vendor lock-in, and allowing maximum flexibility.

Solexa engages in developing and commercializing genetic analysis technologies primarily in the United States and the United Kingdom. The company is developing and preparing Solexa Genome Analysis System, which performs DNA sequencing based on its proprietary reversible terminator Sequencing-by-Synthesis, chemistry, and Clonal Single Molecule Array technology. Its platform is designed to support a range of analyses, including whole genome resequencing, gene expression analysis, and small RNA analysis.