SAN FRANCISCO, CA--(Marketwired - May 8, 2014) - Advent Software, Inc. (NASDAQ: ADVS), a leading provider of software and services to the global investment management industry, today announced that its Board of Directors has authorized the repurchase of up to an additional 1.0 million shares of the Company's common stock. This authorization is in addition to the approximately 0.4 million shares that remain available as of today for repurchase by Advent under the share repurchase program announced in October 2011.
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. Repurchased shares will be returned to the status of authorized but un-issued shares of common stock.
As of May 7, 2014, Advent had approximately 51 million shares of common stock outstanding.
Over the last 30 years of industry change, our core mission to help our clients focus on their unique strategies and deliver exceptional investor service has never wavered. With unparalleled precision and ahead-of‐the-curve solutions, we've helped over 4,300 firms in more than 50 countries -- from established global institutions to small start-up practices -- to grow their business and thrive. Advent technology helps firms minimize risk, work together seamlessly, and discover new opportunities in a constantly evolving world. Together with our clients, we are shaping the future of investment management. For more information on Advent products visit http://www.advent.com.
The Advent and logo composite are registered marks of Advent Software, Inc. All other company names or marks mentioned herein are those of their respective owners.
This release contains forward-looking statements regarding the Company's working capital 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 2013 annual report on Form 10-K, copies of which may be obtained by contacting Advent Software at (415) 645-1787 or by visiting Advent's Investor Relations Web site at www.advent.com.