TCS Capital has gone active on Angie's List, with a 6.5% stake. TCS owned 1.8% (or 1.04 million shares) at the end of 1Q15. Their cost basis is roughly $6.75 a share.
Pretty straight forward investment thesis - TCS thinks it's an attractive investment opportunity, with multiple options to increase its market value. They'll be in touch with management on operations and strategic direction, consideration of a potential sale of the Issuer, strategic business partnerships and combinations and the pending selection of the next Angie's List CEO.
TCS is a smallish, usually non-activist, fund with $150 million in AUM. This is their first activist position in close to eight years and only their third since it was founded in 2001.