SAN FRANCISCO – July 26, 2006 – Advent Software, Inc. (NASDAQ: ADVS) today announced that its Board of Directors has authorized the repurchase of up to an additional 1,500,000 shares of the Company's common stock. The share repurchase program of 2,300,000 shares announced in April 2006 has been completed for a total cash outlay of approximately $75 million. As of July 25, 2006, Advent had approximately 28 million shares outstanding.
Stock repurchases under this program may be made through open market and privately negotiated transactions at times and in such amounts as management deems appropriate. The timing and actual number of shares repurchased will depend on a variety of factors, including price, corporate and regulatory requirements, alternative investment opportunities and other market conditions. The stock repurchase program does not have an expiration date and may be limited or terminated at any time without prior notice. Repurchased shares would be returned to the status of authorized but un-issued shares of common stock.
Stephanie DiMarco, chief executive officer, commented, "The stock repurchase program is designed to enhance shareholder value and to reduce dilution from share issuances under the Company's employee equity compensation plans. The Board's action also reflects our confidence in the direction of Advent’s business. We believe that the prices at which the Company’s common stock have recently traded do not reflect the true long-term value of the Company.”
Advent Software, Inc. (www.advent.com), a multi-national firm, has been providing trusted solutions to the world’s leading financial professionals since 1983. Firms in over 60 countries using Advent technology manage investments totaling more than US $12 trillion. Advent’s quality software, data, services and tools enable financial professionals to improve service and communication to their clients, allowing them to grow their business while controlling costs.
Katherine Calvert, Advent Software, Inc.