News - SolarWinds Authorizes Share Repurchase Program
AUSTIN, TX--(Marketwired - Jul 29, 2013) - SolarWinds® (NYSE: SWI), a leading provider of powerful and affordable IT management software, today announced that its Board of Directors has authorized a share repurchase program for up to $50 million of the company's common stock.
"This share repurchase reflects the confidence of our Management Team and Board of Directors in the long term growth strategy that we have laid out and are executing on for SolarWinds," said Kevin Thompson, President and CEO of SolarWinds.
Repurchases under the program may be made on the open market or pursuant to an accelerated share repurchase plan from time to time at management's discretion in accordance with applicable federal securities laws. The company expects the repurchases will occur over the next 12 months although the exact timing of repurchases and number of shares of common stock to be purchased will depend upon market conditions and other factors. The company expects to fund the program using the company's cash on hand and cash generated from operations. The program may be extended, suspended or discontinued at any time without prior notice.