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, headquartered in Stockholm, Sweden, is a global music streaming service provider. As of 2023, it has 602 million monthly active users. The company offers on-demand access to songs across various devices, enabling users to search, discover, and share music. It also provides artists with tools to share their work and promote their careers. Spotify generates revenue through a paid subscription model, known as Spotify Premium, and an ad-supported service. In 2023, these models contributed to 86% and 14% of its total revenue, respectively.

The New York Times, established in 1851, is a leading American media company renowned for its flagship daily newspaper, The New York Times. It operates 18 newspapers worldwide, including the International New York Times, and maintains over 50 websites. The company generates revenue primarily through subscriptions, advertising, and other sources, with its New York Times Group segment being the major contributor. It also offers digital newspaper websites, licenses archive databases, and distributes databases through its subsidiary, New York Times Digital. The New York Times has won 98 Pulitzer Prizes, reflecting its commitment to seeking the truth and helping people understand the world.

Altus Power, established in 2009 and headquartered in Connecticut, is a commercial-scale clean electrification company. It specializes in developing, owning, and operating large-scale photovoltaic and energy storage systems across the United States. Altus Power serves a diverse range of customers, including commercial, industrial, public sector, and community solar entities. Its business model involves building clean energy systems on commercial buildings, properties, schools, and municipal buildings, with the generated electricity sold at a discount to the host or other third parties. The host receives discounted energy and a roof/land lease stream, with no upfront investment required. Altus Power's mission is to drive the clean energy transition by providing solar generation and energy storage facilities, along with electric vehicle charging 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.

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 a prominent manufacturer of precision machinery and instruments, focusing on optical and digital technology. The company offers a diverse range of products and services, including medical systems, life science solutions, and industrial applications. Olympus is particularly known for its development of advanced medical solutions such as endoscopes for examination and treatment, as well as its biological microscope systems, which include laser scanning microscopes, disk confocal microscopes, and virtual slide microscopes. Additionally, Olympus provides a variety of imaging solutions, encompassing both hardware and software support across various fields.

Citi, a global financial services holding company, operates through two primary segments: Global Consumer Banking (GCB) and Institutional Clients Group (ICG). The GCB segment caters to retail customers, offering traditional banking services, Citi-branded cards, and retail services. The ICG segment serves corporate, institutional, and high-net-worth clients, providing a wide range of banking, financial, and investment services. Citi also manages approximately $4.3 billion in equity investments and committed capital through its global emerging markets private equity arm, CVCI. Additionally, Citi Ventures, the company's venture capital arm, invests in innovative ideas across sectors like fintech, data analytics, and digital assets, fostering growth and collaboration with Citi colleagues, clients, and the broader innovation ecosystem.

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.