Irenic Capital Management has built a roughly 2% stake in Workiva (WK) and is pressing the financial reporting software company to improve operating efficiency, refresh its board, and consider a potential sale, Reuters reported Monday, citing documents and people familiar with the matter.

The hedge fund is urging Workiva to collapse its dual-class share structure, hold annual board elections, and add two new directors, including Irenic executive Krishna Korupolu, according to the report. It has also pushed the company to review strategic alternatives amid strong private equity interest in the sector, Reuters said.

Irenic has not ruled out nominating directors if no agreement is reached.

Workiva and Irenic did not immediately respond to MT Newswires' request for comment on the matter.

Shares of Workiva have fallen nearly 19% since Julie Iskow became chief executive officer in April 2023.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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