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ValueAct builds 8.7% stake in software provider Trend Micro, shares surge

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TOKYO — Activist investor ValueAct Capital Partners said on Tuesday it has built an 8.7% stake in cybersecurity software provider Trend Micro Inc, driving shares of the Tokyo-listed firm more than 9% higher.

The investment comes as Trend Micro, which has a market value of over $8 billion and revenue of $1.9 billion, shifts into a cloud-based cybersecurity platform.

“We believe the growth acceleration from the SaaS (software as a service) products they have launched in recent years is just the beginning, and that Trend Micro can join the ranks of other great enterprise software company transformations,” ValueAct Partner Alex Baum said in a statement.

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“We have enjoyed getting to know Trend Micro’s management team and look forward to collaborating with them,” he added.

San Francisco-based ValueAct is among a small number of U.S. firms that have invested heavily in Japanese companies and have tried to work with management and the boards to make some changes.

Its holding in Trend Micro follows investments in Olympus Corp, Nintendo Co, chip-related materials maker JSR Corp and 7-Eleven’s owner Seven & i Holdings .

With Seven & i, however, it took an unusual step of going public with its concerns about the Japanese retail giant’s business strategy after private discussions with management had floundered. ($1 = 134.8400 yen) (Reporting by Makiko Yamazaki; Editing by Christopher Cushing, Himani Sarkar and Uttaresh.V)



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