Sybase may be forced to consider major changes as the software developer comes under renewed challenge from a rebel shareholder.

Sandell Asset Management recently said it would nominate three directors for the Sybase board. In October, the hedge fund published an open letter calling for Sybase to buy back stock, spin off and float its mobile software business units, or else consider a sale of all or part of the total organisation.

In response to Sandell’s latest moves, Sybase issued a statement saying it had “a proven record of solid overall financial execution”.

Sybase made its reputation in the late 1980s and early 1990s through database software that used the SQL language. The company licensed technology to Microsoft for SQL Server, but when its market share eroded, it moved into mobile access to data where it developed the iAnywhere and Sybase 365 businesses.

The whiff of a Sybase sale could alert Oracle or IBM, both serial acquirers in recent years.