Starboard's Smith calls ACI Worldwide 'attractive' takeover target

By Svea Herbst-Bayliss
BOSTON (Reuters) - Activist investor Starboard Value, which now owns 9% of ACI Worldwide Inc, views the payment systems company as an "attractive" takeover candidate, the hedge fund's chief Jeffrey Smith said at a conference on Thursday.
"ACI looks equally as attractive when you compare its current revenue multiple to recent transaction comps," Smith, Starboard's chief executive officer and chief investment officer, said.
Smith told the Capitalize for Kids Virtual Investors Conference that the company has underperformed peers including Blackbaud, Commvault Systems, and FireEye among others, despite its favorable business characteristics and unique collection of assets.
Over the past five years ACI has returned 37%, much less than the 151% gain of its peer group, Smith said, according to the firm's presentation which was obtained by Reuters.
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