04:24 AM EDT, 09/05/2025 (MT Newswires) -- Bill Holdings ( BILL ) faces a challenge from activist investor Starboard Value, which has built an 8.5% stake in the company and intends to mount a campaign to seek changes in its board, according to a regulatory filing submitted Thursday.

The investor plans to nominate director candidates and has engaged with Bill, with expectations to continue discussions with its management and the board, the filing showed.

Bill said its management has talked with Starboard's representatives since the firm recently contacted the company about its investment. "We intend to engage with Starboard to understand their views as we do with other shareholders," Bill said in a statement.