Starboard acquires 6.5% stake in GoDaddy

Activist investor Starboard Value LP purchased a 6.5% stake in web services firm GoDaddy Inc worth about $800 million, according to a regulatory filing with the U.S. Securities and Exchange Commission.

Starboard said that GoDaddy’s shares were undervalued and represented an attractive investment opportunity, according to the filing.

Starboard Value is an American hedge fund that was founded in 2002 by Jeffrey Smith and Mark Mitchell with Smith serving as CEO.