BILL Holdings (BILL) Faces Starboard Value Push for Stronger Margins and Governance Changes Following Cooperation Agreement

Starboard Value’s October 2025 presentation at the Active-Passive Investor Summit focused on BILL Holdings, Inc. (NYSE: BILL), highlighting it as the firm’s next major software opportunity to improve its “Rule of 40” performance (growth plus profitability). Starboard compared BILL to past engagements such as Splunk, Wix, Salesforce, and GoDaddy—where similar operational improvements led to major share price gains. The presentation argued that BILL, despite its leadership in SMB financial automation and strong retention, suffers from slowing core revenue growth, weak margins, and overreliance on volatile float income. Starboard emphasized that BILL trades at a steep discount to peers and could unlock significant value by improving profitability and achieving the Rule of 40. The deck also noted a recent cooperation agreement adding four new independent directors, including Starboard’s Peter Feld, signaling active involvement to drive operational efficiency and shareholder returns.