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UPDATE: Praesidium Issues Letter to TIBCO Board, Looking to Actively Engage Board, Seeking Exploration of Value


Dear Members of the Board of Directors:

On May 20, 2014, we delivered to you an extensive, detailed letter that provided our analysis and steps we believe the Board should take to maximize shareholder value. We are writing to make you aware that we plan to provide this analysis and our views to other TIBCO shareholders, potential acquirers, and other related parties. We intend to continue to actively engage the Board and assist it in exploring value enhancing ideas for the benefit of all the Company's owners.

Praesidium has significant experience investing in the enterprise software space with software companies typically comprising 30-40% of our portfolio. We perform deep, grass roots research on every investment we make and have done an extensive analysis of every major TIBCO business line. Based on our research, we believe that TIBCO has a unique collection of valuable assets and industry leading technology, with products in some of the fastest-growing areas of software, such as data discovery, analytics, and complex event processing. However, we also see a company that is currently falling far short of its significant potential, resulting in what we see as a material disconnect between the high strategic value of TIBCO's technology and the price of TIBCO's stock in the public market.

We believe there is a substantial opportunity to unlock value at TIBCO and we look forward to a constructive dialogue with the Board on ways to achieve this. The Board should trust that as fiduciaries of our clients' capital we will do what is necessary to ensure that shareholder value is maximized at TIBCO.

Best Regards,

Praesidium Investment Management Company, LLC

/s/ Kevin Oram

/s/ Peter Uddo

Kevin Oram

Peter Uddo

Managing Director

Managing Director

Posted-In: News Hedge Funds Management General


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