jana partners is putting pressure on vonage holdings telling the cloudbased telecom company that it should consider a full or partial sale the activist hedge fund began buying vonage stock ticker vg in the first quarter of the year according to quarterly regulatory filings and now holds roughly 4 of the shares vonage rallied for much of the year then fell in midaugust after a morgan stanley analyst cut his rating jana recently urged the company to hire an financial adviser to consider a sales process according to a person familiar with the matter in jana’s view vonage trades at too steep a discount to its peers because it operates three separate businesses a declining voiceoverinternetprotocol or ip business application programming interface software or apis and communications as a service trimming that portfolio or selling the company outright so a buyer could undertake the portfolio review could help vonage reach its fair value according to the person essentially making the case for addition by subtraction news of jana’s involvement which was first reported by bloomberg this past tuesday sent vonage shares up more than 7 on the week vonage did not respond to requests for comment jana is no stranger to pushing for breakups and sales it recently urged a sale of treehouse foods ths and sought a breakup of laboratory corporation of america lh earlier this year it launched three campaigns in the first half of 2021 making it one of the more active of activist funds