WINDSOR, CT - May 22, 2003 - SS&C Technologies, Inc. (Nasdaq: SSNC) today announced that its board of directors has authorized the continued repurchase of shares of the Company's common stock, up to an additional expenditure of $30 million, over the next year as market and business conditions warrant, in open market, negotiated, and block transactions. The repurchased shares will be used for general corporate purposes. The Company initiated the repurchase program on May 23, 2000 and has continued the program each subsequent year. To date, the Company has purchased 5.1 million shares for a total expenditure of $45 million.
SS&C had approximately 13 million diluted shares of common stock outstanding as of May 21, 2003. At the current market price, SS&C's market capitalization is approximately $200 million.
William C. Stone, SS&C President, Chief Executive Officer and Chairman of the Board, said, "SS&C continues to generate cash from operations and maintains a solid balance sheet. The Board's continuance of the stock repurchase program illustrates our confidence in the strength of the company's business fundamentals and the long-term prospects of SS&C. We believe our stock represents an attractive investment opportunity, and our repurchase program reflects our ongoing commitment to enhance shareholder value."