Activist Investor Starboard Ramps Up Progress Software Stake

The firm, founded by Ramius vet Jeffrey Smith, backed off from a threatened proxy battle earlier this year. But having grown its investment in the software maker to 8.7 percent, Starboard may not be patient for much longer.

The folks at New York-based activist hedge fund Starboard Value LP have quietly upped their stake in Progress Software to 8.7 percent.

It’sthe latest of several campaigns waged by Starboard, led by Jeffrey Smith and founded in March 2011 through a spin-off transaction from Ramius LLC, which is part of the Cowen Group.

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