Bill Holdings appears to be considering a sale, four months after the business payments software company had reached an agreement with activist investors pushing for major changes and better profits.
In October, Bill agreed to shuffle its board to add four new directors, including two proposed by activist hedge fund Starboard Value, which disclosed an 8.5% stake in Bill. At the same time, a second prominent activist, Elliott Investment Management, acquired a stake of at least 5% last year to seek changes at Bill.
A third activist investor, Barington Capital Group, wrote Bill directors in December urging them to slash costs and find a buyer.
To that point, private equity firm Hellman & Friedman has held talks about acquiring Bill, Bloomberg News reported Friday, citing people familiar with the matter. Bill and H&F did not respond to email messages this week seeking comment.