ACACIA RESEARCH Business Summary

Acacia Research Corp (ACTG) operates as a value-oriented holding company that acquires and manages businesses across the industrial, energy, and technology sectors. The company generates revenue through a diversified mix of product sales, service fees, and intellectual property (IP) monetization, including licensing agreements and legal settlements. Its primary business segments include Energy Operations (via Benchmark Energy, focused on oil and gas production), Manufacturing Operations (via Deflecto, a global manufacturer of diversified commercial products), Industrial Operations (via Printroducts, specializing in industrial printing consumables), and Intellectual Property Operations, which manages the enforcement and licensing of patented technologies. Positioned as a permanent capital vehicle, Acacia competes with diversified holding companies and specialized consulting firms such as ICF International, Charles River Associates, and Mistras Group, distinguishing itself through its legacy expertise in IP-driven value creation and a disciplined, activist-led acquisition strategy. Founded in 1993 by Robert L. Harris and Edmund H. Medlock, the company is currently led by CEO Martin D. ("MJ") McNulty, Jr., a former Managing Director at Starboard Value who previously served as CEO of Starboard Value Acquisition Corp. The executive team includes CFO Michael Zambito, who joined in June 2025 following a 30-year career at Ernst & Young, and Chief Administrative Officer Robert Rasamny, formerly of Melvin Capital and Blue Harbour Group. The company’s strategic direction is heavily influenced by its partnership with activist investor Starboard Value LP, which injected significant capital in 2020. The Board of Directors is chaired by Gavin Molinelli, a Partner at Starboard Value, and includes Lead Independent Director Maureen O'Connell, a veteran executive with experience at Scholastic and Barnes & Noble. Notable institutional backing includes Starboard Value, Vanguard, and DFA Australia, reflecting a governance structure focused on long-term book value growth and operational turnarounds.