SAN FRANCISCO, CA--October 30, 2008 -- Advent Software, Inc. (NasdaqGS:ADVS), a leading provider of software and services for the investment management industry, today announced that its Board of Directors has authorized the repurchase of up to 3.0 million shares of the Company's common stock.
Stock repurchases under this authorization 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, Advent's cash balances, general business and market conditions, the dilutive effects of share-based incentive plans, alternative investment opportunities and working capital needs. The stock repurchase authorization does not have an expiration date and may be limited or terminated at any time without prior notice. The purchases will be funded from available working capital or available liquidity under our credit facility, and repurchased shares will be returned to the status of authorized but un-issued shares of common stock.
As of October 30, 2008, Advent had approximately 26.9 million shares of common stock outstanding.
Advent Software, Inc. (www.advent.com), a global company, has provided trusted solutions to the world's leading financial professionals since 1983. Firms in 60 countries use Advent technology. 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. Advent is the only financial services software company to be awarded the Service Capability and Performance certification for being a world-class support organization. For more information, click here.
This release contains forward-looking statements regarding the Company's working capital and liquidity under our credit facility, and future repurchases of the Company's common stock. These forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from our expectations or that may cause us not to make share repurchases as currently anticipated, including alternative uses of cash, future competing investment opportunities, general economic, business and market conditions, and other risks and uncertainties that may adversely impact our business. Many of these risks and uncertainties are detailed in Advent's most recent filings with the Securities and Exchange Commission, including, but not limited to, its quarterly reports on Form 10-Q and its 2007 annual report on Form 10-K, copies of which may be obtained by visiting Advent's Investor Relations Web site at www.advent.com.
The Advent logo and Advent Software are registered trademarks of Advent Software, Inc. All other company names or marks mentioned herein are those of their respective owners.