Black Creek’s Stake Reduction and the Larger Transition Unfolding Inside NICE’s Cloud and AI Platform

Black Creek Investment Management Inc. trimmed its holding in NICE (NASDAQ:NICE) by $113,878,784, according to a November 12, 2025, SEC filing.

• Sold 552,015 shares, reducing position value by $113,878,784
• Transaction equates to a 3.9% shift in reportable assets under management
• Post-sale, Black Creek holds 855,281 shares valued at $123,827,583
• Stake now represents 5.8% of 13F assets, placing it outside the fund's top five holdings

What happened

According to a filing with the Securities and Exchange Commission dated November 12, 2025, Black Creek Investment Management Inc. reduced its position in NICE (NASDAQ:NICE) by 552,015 shares. The estimated value change of the position, including price movement, was $113.88 million. At the end of the quarter, Black Creek reported holding 855,281 shares, valued at $123.83 million.

What else to know

Following the sale, NICE represents 5.8% of Black Creek’s reportable U.S. equity assets.

Top five holdings after the filing:

• NASDAQ:HOLX: $252.64 million (11.9% of AUM)
• NYSE:ELAN: $251.40 million (11.9% of AUM)
• NYSE:BAH: $208.74 million (9.8% of AUM)
• NASDAQ:PSMT: $206.72 million (9.7% of AUM)
• NASDAQ:PYPL: $184.63 million (8.7% of AUM)

As of November 11, 2025, shares were priced at $125.76, down 34.5% over the past year, underperforming the S&P 500 by 48.0 percentage points.

Company overview

Company snapshot

NICE is a global provider of AI-powered cloud platforms that enable organizations to optimize customer experience and automate business processes at scale. With a focus on subscription-based recurring revenue, the company leverages advanced analytics and automation to address the evolving needs of enterprises and regulated industries. Its broad product suite and deep expertise in compliance and digital transformation provide NICE with a defensible competitive position in the enterprise software market.

The company's main customers include global enterprises, contact centers, public safety agencies, and financial institutions seeking advanced automation, analytics, and compliance tools.

NICE operates on a subscription-based recurring revenue model, focusing on enterprise software and digital transformation for regulated industries.

Foolish take

A sale worth more than one hundred million dollars from a concentrated and fundamentals-driven manager is the kind of move that invites a closer look. Black Creek Investment Management reduced its position in NICE by more than half a million shares, yet still left over $120 million invested. That move suggests a shift in sizing rather than a departure from a business they have followed closely for years.

NICE today is a mature but still evolving software company built around two engines. Its customer experience platform includes CXone, Enlighten, and Cognigy, which support large contact centers and digital service teams. Its financial crime and compliance business anchors the company in banking and brokerage operations through Actimize and X Sight. Recent results show steady revenue growth, with cloud sales rising in the low teens and now accounting for most of the total revenue. Operating cash flow reached record levels, and the company has become net cash after paying down its remaining debt. NICE is also embedding more AI into its platforms, which strengthens customer retention and makes the technology more central to how enterprises manage service quality and regulatory requirements.

For investors, the central question is whether NICE’s underlying momentum can translate into a clearer earnings profile than the stock currently reflects. The company continues to expand its enterprise customer base, deepen AI adoption, and invest from its balance sheet, which together create the conditions for more stable recurring revenue and long-term cash generation. At the same time, NICE must navigate heavier competition in cloud contact centers, integrate Cognigy effectively, and demonstrate that its AI investments translate into measurable business outcomes. For investors who follow the long arc of enterprise software, the coming chapters will reveal how much of NICE’s potential can translate into measurable business performance and whether or not the company’s current trajectory will mark the beginning of a more strategically positioned business.

Glossary

Assets under management (AUM): The total market value of investments managed on behalf of clients by a fund or firm.

13F assets: U.S. equity securities that institutional investment managers must report quarterly to the Securities and Exchange Commission (SEC) on Form 13F.

Reportable assets: Investments that must be disclosed in regulatory filings, such as those required by the SEC.

Stake: The ownership interest or proportion of a company held by an investor or fund.

Cloud-based: Software or services delivered over the internet rather than installed locally on computers.

AI-driven: Powered or enhanced by artificial intelligence technologies to automate or improve processes.

Customer experience (CX): The overall perception and interaction a customer has with a company or brand.

Compliance tools: Software or systems that help organizations follow laws, regulations, or industry standards.

Digital transformation: The adoption of digital technology to improve business processes and deliver value to customers.

Defensible competitive position: A strong market standing that is difficult for competitors to challenge or erode.

TTM: The 12-month period ending with the most recent quarterly report.

Contact centers: Centralized offices or platforms where customer communications are managed, often for support or sales.

Eric Trie has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Booz Allen Hamilton, Nice, and PayPal. The Motley Fool recommends the following options: long January 2027 $42.50 calls on PayPal and short December 2025 $75 calls on PayPal. The Motley Fool has a disclosure policy.