Shares of Workday popped 9% on Wednesday after activist investor Elliott Investment Management announced a $2 billion stake in the company.

Workday announced a multi-year plan to enhance its operating model and capital allocation framework on Tuesday, and Elliott said it believes the plan will drive “substantial long-term value creation.”

“We believe CEO Carl Eschenbach, CFO Zane Rowe and the entire Workday team have made substantial progress in recent years, positioning Workday as a unique software franchise with industry-leading growth potential, best-in-class customer retention and a proven management team,” Elliott said in a release on Tuesday.

Workday provides software for finance and human resources departments.

Last month, Workday said it would acquire Paradox, a company that offers conversational artificial intelligence software for recruiting. Workday did not disclose the terms of the deal.

Workday shares are down roughly 15% year to date.

The company did not immediately respond to a request for comment.