The number of shares to be repurchased and the timing of purchases will be based on several factors, including the price of Advent Software’s stock, general market conditions and alternative investment opportunities. The purchases will be funded from available working capital.
Stephanie DiMarco, chief executive officer, stated that “the decision was made in view of the prices at which the Company’s common stock has recently traded, which we believe does not reflect the true long-term value of the Company. In addition, the repurchase program will also offset dilution from stock issued under our employee stock plans.”
Advent Software, Inc. (www.advent.com) has been providing trusted solutions to the world’s leading financial professionals since 1983. Firms in 55 countries using Advent technology manage investments totaling more than US $8 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.