A New York hedge fund has taken a 10% stake in Epicor Software Corp. with an eye toward the Irvine business software maker “exploring strategic alternatives.”
Elliot Associates LP disclosed in a Securities and Exchange Commission filing that it had a 10% stake in Epicor, which had a recent market value of about $480 million.
The hedge fund operatior said it has asked Epicor’s board to consider ways to boost shareholder value, according to the filing.
It also said it reserves the right to hold talks with management, shareholders, the board and other third parties to make proposals.
Elliott Associates counts about $10 billion in assets.
Epicor has been struggling of late,the company has weathered a handful of one-time events that made for a tough couple of quarters and is getting used to new Chief Executive Thomas Kelley.
It was hammered by investors last month after it gave second-quarter results that missed expectations and lowered its outlook for the rest of the year.
Epicor said it saw a slowing down in sales of cash register software to big clothing retailers and fewer licensing deals.
The company also is set to spend more than it originally anticipated ahead of the release of its newest software product suite, dubbed Epicor 9.
Shares are off some 40% in the past year.
