Servicesource International Inc. (SREV): Altai Capital Slashes Stake, Loses Board Seat

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A newly-amended 13D filing with the Securities and Exchange Commission revealed that Rishi Bajaj, Toby Symonds, and Steve Tesoriere’s Altai Capital has decreased its stake in Servicesource International Inc. (NASDAQ:SREV) by 5.56 million shares, leaving it with 6.17 million shares, which account for 7.2% of the company’s outstanding stock. In addition, as per a Settlement Agreement between the company and Altai Capital, in which the latter agreed that Mr. Bajaj would resign from the company’s board if the aggregate beneficial ownership held by Altai Capital dropped below 10%, Mr. Bajaj did indeed announce his resignation from Servicesource International’s board.
Rishi Bajaj - Altai Capital
ServiceSource International (NASDAQ:SREV) is a company that provides revenue lifecycle solutions which boost enterprise revenue relationships, and it runs two sectors – Cloud and Business Intelligence, and Managed Services. Year-to-date, the company’s stock is down by 14.1%. For the first quarter of 2016, ServiceSource International (NASDAQ:SREV) reported a loss per share of $0.01 and revenue of $59.75 million, compared to the same loss per share of $0.01, and revenue of almost $66.2 million in the same quarter of the previous year.

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Among the funds in our database, the number of investors with long positions in this stock decreased by one in the first quarter, with Servicesource International (NASDAQ:SREV) being in 11 hedge funds’ portfolios at the end of March. Among those investors, the biggest position in the company was held by Altai Capital, worth around $50 million, with the second-biggest position being disclosed by Robert G. Moses’ RGM Capital, valued at $28 million. Some other investors long the stock were Joseph A. Jolson’s Harvest Capital Strategies, Phil Frohlich’s Prescott Group Capital Management, and J. Carlo Cannell’s Cannell Capital. Among investors who said goodbye to their positions in Servicesource International (NASDAQ:SREV) during the quarter were Tom Henwood’s OMT Capital Management, which dropped $1.1 million in stock, and John Overdeck and David Siegel’s Two Sigma Advisors, which cut about $0.1 million worth of shares.
You can access the original SEC filing by clicking here.

Ownership Summary Table

Name Sole Voting Power Shared Voting Power Sole Dispositive Power Shared Dispositive Power Aggregate Amount Owned Power Percent of Class
Altai Capital Management 0 6,167,359 0 6,167,359 6,167,359 7.2%
Altai Capital Management 0 6,167,359 0 6,167,359 6,167,359 7.2%
Rishi Bajaj 0 6,167,359 0 6,167,359 6,167,359 7.2%

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Page 1 of 10 – SEC Filing

Washington, D.C. 20549
(Rule 13d-101)
(Amendment No. 3)*
ServiceSource International, Inc.
(Name of Issuer)
Common Stock, par value $0.0001 per share
(Title of Class of Securities)
(CUSIP Number)
Rishi Bajaj
Managing Principal
Altai Capital Management, L.P.
230 West 56th Street, Apt. 53C
New York, New York 10019
With a copy to:
Steven J. Williams
Paul, Weiss, Rifkind, Wharton & Garrison LLP
1285 Avenue of the Americas
New York, New York  10019
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
          May 31, 2016
(Date of Event Which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to report the acquisition which is the subject of this Schedule 13D, and is filing this schedule because of Rule 13d-1(e), 13d-1(f) or 13d-1(g), check the following box [o].
Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits.  See Rule 13d-7 for other parties to whom copies are to be sent.
*The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

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