Kinaxis is a Best-In-Class Software Asset
in a Strategically Important Category, but has been Plagued by
Years of Poor Execution and Mismanagement Under the Current Board's
Supervision
Numerous Financial Sponsors and Strategic
Buyers Could have Strong Interest in Acquiring Kinaxis Given its
Market-Leading Position in Supply Chain Planning
Recent Abrupt Departures of Kinaxis's Chief
Executive Officer and Chief Sales Officer Necessitate an Immediate
Sale Process to Maximize Shareholder Returns While Minimizing
Significant Execution Risks
NEW
YORK, Sept. 9, 2024 /PRNewswire/
-- Daventry Group, LP ("Daventry"), which together with its
affiliates beneficially owns or controls approximately 1.4% of the
outstanding stock of Kinaxis Inc. (TSE:KXS) ("Kinaxis" or the
"Company"), today sent a letter to the Company's Board of Directors
(the "Board") highlighting the urgent need for the Board to explore
a sale of the Company to maximize shareholder returns and minimize
execution risk following the abrupt departures of its Chief
Executive Officer John Sicard and
Chief Sales Officer Claire
Rychlewski. The letter outlines the years of self-inflicted
execution problems and mismanagement that have plagued the Company
under the stewardship of the current Board of Directors which has
led to material underperformance relative to peers despite
Kinaxis's strong competitive position and healthy end market.
The full letter can be accessed here.
About Daventry Group LP
Daventry Group manages a
concentrated small-and-mid cap public equity investment strategy
that seeks to drive value through its collaborative engagements
with management teams.
Contacts:
Media:
Jonathan Gasthalter / Iain Hughes
Gasthalter & Co.
(212) 257-4170
Disclaimer
Except as otherwise set forth herein, the
views expressed herein reflect the opinions of Daventry and are
based on publicly available information with respect to the
Company. Daventry recognizes that there may be information in the
possession of the Company that could lead it or others to disagree
with Daventry's conclusions. Daventry reserves the right to change
any of its opinions expressed herein at any time as it deems
appropriate and disclaims any obligation to notify the market or
any other party of any such change, except as required by law. For
the avoidance of doubt, this press release is not affiliated with
or endorsed by the Company.
This press release and the discussions and opinions herein are
for general information only, and are not intended to be, nor
should they be construed as, an offer to sell or a solicitation of
an offer to buy any security, a recommendation to purchase or sell
any security, or legal, financial, tax, investment, or other
advice. Funds managed by Daventry currently beneficially own shares
of the Company. These funds are in the business of trading (i.e.,
buying and selling) securities and intend to continue trading in
the securities of the Company. You should assume such funds may
from time to time sell all or a portion of their holdings of the
Company in open market transactions or otherwise, buy additional
shares (in open market or privately negotiated transactions or
otherwise), or trade in options, puts, calls, swaps or other
derivative instruments relating to such shares, subject to
applicable law. Consequently, Daventry's beneficial ownership of
shares of, and/or economic interest in, the Company may vary over
time depending on various factors, with or without regard to
Daventry's views of the Company's business, prospects, or valuation
(including the market price of the Company's shares).
This press release may contain forward-looking statements.
Forward-looking statements are statements that are not historical
facts and may include projections and estimates and their
underlying assumptions, statements regarding plans, objectives,
intentions and expectations with respect to future financial
results, events, operations, services, product development and
potential, and statements regarding future performance. These
forward-looking statements may include, without limitation,
statements regarding Daventry's engagement with the Company.
Although Daventry believes that the expectations reflected in such
forward-looking statements are reasonable, investors are cautioned
that forward-looking information and statements are subject to
various risks and uncertainties—many of which are difficult to
predict and are generally beyond the control of Daventry—that could
cause actual results and developments to differ materially from
those expressed in, or implied or projected by, the forward-looking
information and statements. The forward-looking statements speak
only as of the date hereof and, other than as required by
applicable law, Daventry does not undertake any obligation to
update or revise any forward-looking information or statements.
Certain information included in this material is based on data
obtained from sources considered to be reliable. Any analyses or
assumptions provided to assist the recipient of this material in
evaluating the matters described herein may be based on subjective
assessments and assumptions and may use one among alternative
methodologies that produce different results. Accordingly, any
analyses or assumptions should also not be viewed as factual and
also should not be relied upon as an accurate prediction of future
results. All figures are unaudited estimates and, unless required
by law, are subject to revision without notice.
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SOURCE Daventry Group, LP