By Svea Herbst-Bayliss

(Reuters] – Sachem Head Capital Management, a hedge fund manager has acquired a share in Anaplan Two sources close to the situation told Reuters that Inc may press for changes at the software company’s business planning program.

Sources said that the position was made up of cash settled swaps and common shares, which would put Sachem Head’s exposure to Anaplan at around 9%.

Sachem Head’s representative did not respond promptly to my request for comment.

San Francisco-headquartered Anaplan is valued at roughly $6 billion and counts a number of prominent hedge funds as well as big mutual funds among its investors.

Anaplan’s current board of directors includes Frank Calderoni (Chairman), and nine others. The company could not confirm whether Sachem Head was in private talks with Scott Ferguson.

Anaplan stock has fallen 33% in the past two years, while technology-oriented stocks have risen 43% between Feb 2020 and now.

Sachem Head has invested approximately $5 billion, and in the last year saw 24% growth, which is more than any other activist investor firm.

New York-based Ferguson is known for pushing for reforms. Current members of the Olin Corporation (NYSE:) Corp board and of Olin Pharmaceutical Company Board are currently Ferguson Elanco Animal Health (NYSE:) Inc. Sachem Head invests traditionally in approximately two dozen businesses.

Sachem Head currently tries to control US Foods Holding Corp (NYSE:) Corp’s 10-member board. He has also nominated seven candidates for director, including Ferguson.

News of Citrix Systems’ (NASDAQ:) agreement to take private software company Citrix for $16.5 Billion, including debt. This deal was made by affiliated hedge funds Elliott Management and Vista Equity Partners. There has been speculation about similar transactions in the future.