Bottomline Technologies (NASDAQ: EPAY), a leading provider of cloud-based payment, invoice and banking solutions, today announced that it will begin repurchasing shares, effective immediately, under the company’s existing $20 million stock repurchase program. Bottomline currently has $16.6 million remaining available under the program.
“Repurchasing shares reflects our confidence in Bottomline’s strategy and growth prospects,” said Kevin Donovan, Chief Financial Officer of Bottomline. “We believe our investments in innovative, cloud-based solutions will accelerate our growth rates and enhance stockholder value. We see the current stock price as an opportunity to repurchase shares, reinforcing our commitment to the strategy and growth outlook of the business.”.
The timing and amount of any shares repurchased will be determined by Bottomline’s management based on its evaluation of market conditions and other factors. The repurchase program may be suspended or discontinued at any time. Any repurchased shares will be available for use in connection with its stock plans and for other corporate purposes.