ACI Worldwide, Inc. (NASDAQ: ACIW) disclosed that it has entered into an agreement with hedge fund Starboard Value LP to add two new independent directors to the payment’s software provider's board. Starboard has 7.7% holding in the ACI and requested the firm to add the advisers.
ACI stated on Thursday the new directors would be hired to in March, momentarily expanding the number of directors on its board to 12. In accordance with the provisions in the deal, Starboard has chosen Tom Cusack as Board Observer, with immediate effect. Starboard has consented to the usual halt, balloting, and other stipulations. The full contract between ACI and Starboard will be lodged on a Form 8-K with the SEC.
ACI Worldwide has welcomed the new members to its board. In the past three years, the firm has chosen three new directors. ACI is making considerable progress and implementing its three-pillar strategic plan. The firm is confident that ACI is ready to continue speeding up lucrative business growth in 2021.
Furthermore, the firm has reported a revenue of $1.294 billion, representing the 3% increase from the year 2019. The net income of the firm stood at $73 million, representing the 8% increase from the previous year. Its Adjusted EBITDA in 2020 stood at $359 million, rose 17% from $308 million in 2019. Net adjusted EBITDA margin increased to 37% from 33% in 2019.