Alkami launches sale process amid pressure from activist Jana

Digital banking software provider Alkami Technology has initiated a formal sale process after garnering interest from potential acquirers, according to a report by Reuters. The company is drawing closer to being a target as activist investor Jana Partners persists in advocating for a transaction, according to unnamed sources familiar with the situation.

Alkami's legal advisors began engaging private equity firms in recent days following uninvited interest from prospective buyers, according to the report. However, there is no assurance that the sale process will culminate in a final transaction, as the sources cautioned.

The decision to start the sale process comes in response to growing pressure from Jana, which has argued that Alkami has not been effectively exploring strategic alternatives. Jana revealed a 5.1% stake in Alkami in April, building its position over the course of 2025. The activist investor has contended that the digital banking technology firm is undervalued and warrants a sale to either a strategic buyer or a private equity entity.

Headquartered in Plano, Texas, Alkami offers cloud-based software to banks and credit unions, delivering services ranging from digital account opening to payments, fraud prevention, data analytics, and customer engagement. The company boasts a market capitalization of approximately $2 billion, although its shares have fallen around 15% over the past year, as investors have become increasingly apprehensive about sluggish growth and a more challenging spending environment in the financial technology sector.