CLEVELAND--(BUSINESS WIRE)--Ancora Holdings Group, LLC (together with its affiliates, “Ancora” or “we”), a significant shareholder of Everbridge, Inc. (NASDAQ: EVBG) (“Everbridge” or the “Company”), today issued the below statement as a follow-up to its March 17th letter that urged the Board of Directors (the “Board”) to explore strategic alternatives.
Fredrick D. DiSanto, Chairman and Chief Executive Officer of Ancora, and James Chadwick, President of Ancora Alternatives LLC, commented:
“We believe multiple financial sponsors have interest in pursuing an acquisition of Everbridge. In fact, one financial sponsor told us after seeing our March 17th letter that it informed the Company of its interest before ultimately receiving a tepid response. If this is true, we find the Board’s conduct unacceptable. We urge the Board to immediately initiate a strategic process to evaluate sale opportunities and engage with a broad set of potential buyers. We continue to believe Everbridge is dramatically undervalued at current share price levels, and a sale to a well-capitalized acquirer could deliver more than $70 per share for shareholders based on recent valuation multiples for both public and private company peers as well as recent software transactions.1 We intend to do everything in our power to hold the incumbents accountable if they do not pursue a value-maximizing sale.”
Founded in 2003, Ancora Holdings Group, LLC offers integrated investment advisory, wealth management and retirement plan services to individuals and institutions across the United States. The firm's comprehensive service offering is complemented by a dedicated team that has the breadth of expertise and operational structure of a global institution, with the responsiveness and flexibility of a boutique firm. For more information about Ancora, please visit https://ancora.net.
1 Ancora estimate of more than $70 per share reflects approximately 7.5x EV/Sales.