“There is potential for a strategic sale down the road,” Robbins said during a presentation at 13D Monitor’s Active-Passive Investor Summit, adding that there has been significant consolidation in the software sector.

Open Text shares rose 4 percent to $35.95 on Tuesday.

Robbins said that a company sale is “always possible in the software space.”

“I think the return opportunity is significantly higher than this,” referring to where Open Text shares were trading.

Blue Harbour owns a 3.49 percent stake in Open Text, according to Thomson Reuters data.

An Open Text spokeswoman declined to comment.