'Undervalued' GoDaddy asked to improve financials or explore sale by investor
By MYBRANDBOOK
Investor Starboard Value said that GoDaddy was "deeply" undervalued and that the web services firm should consider a potential sale if it cannot improve its financial performance. The web domain registration player has been grappling with a revenue slowdown after the pandemic as sticky inflation and rising interest rates hit tech spending.
Starboard bought into GoDaddy in 2021 and is its third-largest shareholder with a 7.8% stake. The investor said the firm was set to miss almost every target set for the next two years at its 2022 investor day, including those for revenue and adjusted core profit growth. It urged GoDaddy "to be objective in assessing the prospects for significant revenue growth," while suggesting that it should improve margins by cutting down expenses.
Starboard also highlighted the company's technology and development costs, which have outpaced revenue growth over the last five years and totaled nearly $800 million last year.
"Since late 2021, the GoDaddy management team and several directors have engaged in regular and constructive discussions with Starboard Value LP. We value their perspective and look forward to continuing the dialogue," the company said in a statement.
Starboard also disclosed that the company has denied its requests for a board seat over the past 18 months.
BREAKING NEWS
TECHNO TRENDS
Nazara and ONDC set to transform in-game monetization with ‘
Nazara Technologies has teamed up with the Open Network for Digital Comme...
Jio Platforms and NICSI to offer cloud services to government
In a collaborative initiative, the National Informatics Centre Services In...
BSNL awards ₹5,000 Cr Project to RVNL-Led Consortium
A syndicate led by Rail Vikas Nigam Limited (abbreviated as RVNL), along wi...
Pinterest tracks users without consent, alleges complaint
A recent complaint alleges that Pinterest, the popular image-sharing platf...
E-Magazine
TECHNOTAINMENT
Netflix adds 'Moments' feature for saving, sharing scenes from
Netflix has introduced a new “Moments” feature on its mobile app, whic
Jacqueline Fernandez come together with YouTuber Mr. Beast for
Jacqueline Fernandez has partnered with American YouTuber Mr. Beast to b
MOVERS & SHAKERS
Visa elevates Rishi Chhabra as new Country Manager for India
Rishi holds a Master’s in Industrial Engineering from The Ohio State Univ
Genesys welcomes Albert Nel as Senior VP and Regional Sales Le
Genesys continues to deepen its investment in the APAC region. Earlier this
OPEN YOUR EYES
INTERVIEWS
Alcatel-Lucent Enterprise Carrying a 100 year legacy ahead
A good amount of R&D works and global support services are operated out of
Acer addresses evolving customer needs by consistently pushing
Acer offers a comprehensive range of products under one roof, including des
HOT PICK
SonicWall Launches TZ80: A Powerful Solution for Remote Office
SonicWall announced today the launch of the TZ80, a groundbreaking securit
Gigabyte X3D Turbo: A Gaming Revolution
GIGABYTE X3D Turbo Mode is a cutting-edge feature that unifies cores distr
MAKE IN INDIA BRANDS
SAFE SECURITY SERVICES PVT. LTD.
DRUVA SOFTWARE PVT. LTD.
LAVA INTERNATIONAL LTD.
TECHROUTES NETWORK PRIVATE LIMITED
EMINENT CIO'S OF INDIA
ICONS OF INDIA
ICONS OF INDIA : SANJAY GUPTA
Sanjay Gupta is the Country Head and Vice President of Google India an...
Icons Of India : Harsh Jain
Harsh Jain, the co-founder of Dream 11, the largest fantasy sports web...
ICONS OF INDIA : SRIDHAR VEMBU
Sridhar Vembu is the chief executive officer (CEO) of Zoho Corporation...
PARTNER SPEAKERS
PSU
DRDO - Defence Research and Development Organisation
DRDO responsible for the development of technology for use by the mili...
PFC - Power Finance Corporation Ltd
PFC is a leading financial institution in India specializing in power ...
ECIL - Electronics Corporation of India Limited
ECIL is distinguished by its diverse technological capabilities and it...
VIDEOS
Top 25 Brands
Global Indian industry
Indian Tech Talent Excelling The Tech World - Thomas Kurian, CEO- Google Cloud
Thomas Kurian, the CEO of Google Cloud, has been instrumental in expan...
Indian Tech Talent Excelling The Tech World - Anirudh Devgan , President, Cadence Design
Anirudh Devgan, the Global President and CEO of Cadence Design Systems...
Indian Tech Talent Excelling The Tech World - Sanjay Mehrotra, CEO- Micron Technology
Sanjay Mehrotra, the President and CEO of Micron Technology, is at the...
STARNITE AWARDS 2024
ITFORUM 2024
CMO of the Year
WOMEN LEADERSHIP
IMAGE GALLERY
TRENDS IN TECHNOLOGY
MORE VIDEOS
ADVERTISEMENTS
TECHNOLOGY DISRUPTION
UNICORNS REVOLUTIONISING
