By Svea Herbst-Bayliss

NEW YORK (Reuters) -Irenic Capital Management built a sizable stake in Workiva, arguing the financial reporting software maker needs to improve its operating efficiency, refresh its board and consider a potential sale.

Irenic owns roughly 2% of Workiva and has met with management numerous times to discuss possible changes to help the $4.7 billion company perform better, according to documents seen by Reuters and two people familiar with the matter.

Specifically, the New York-based hedge fund is urging the Ames, Iowa-headquartered company to collapse its dual-class share structure, make all board members stand for election every year and add two newcomers, including Irenic executive Krishna Korupolu, to the board, the sources said.

Irenic is pushing for Workiva to

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