Edgewater Announces Extension of Stock Repurchase Program
September 23 2016 - 8:30AM
Edgewater Technology, Inc. (NASDAQ:EDGW), a leading consulting firm
that helps business leaders drive transformational change through
its unique selection of business and technology services and
specialized product-based solutions, announced that its Board of
Directors (the “Board”) has approved an extension of the company's
stock repurchase program (the "Repurchase Program") to September
22, 2017 (the "Extended Repurchase Program").
The Repurchase Program, which was originally
announced in December 2007 and subsequently amended, allows for the
repurchase of up to $23.1 million of the company's common stock.
The Repurchase Program was scheduled to expire on September 23,
2016. The Board did not make any changes to the $23.1 million
repurchase authorization. To date, Edgewater has repurchased
approximately $14.4 million of its shares, leaving a remaining
authorization of approximately $8.7 million.
Under the Extended Repurchase Program, the
company's common stock may be purchased from time-to-time on the
open market or through privately negotiated transactions. The
timing and amount of the purchases will be based upon market
conditions, securities law considerations, and other factors. The
Extended Repurchase Program does not obligate the company to
acquire a specific number of shares in any period and may be
modified, suspended, extended or discontinued at any time, without
prior notice.
Repurchased common shares become treasury
shares, a portion of which may be used to satisfy Edgewater's
current and near-term requirements under its equity incentive and
other benefit plans.
About Edgewater
Edgewater (NASDAQ:EDGW) helps business leaders drive
transformational change through its unique selection of business
and technology services and specialized product-based
solutions.
Classic consulting disciplines (such as business advisory,
process improvement, organizational change management, M&A due
diligence, and domain expertise) are blended with technical
services (such as digital transformation, technical roadmaps, data
and analytics services, custom development, and system integration)
to help organizations get the most out of their existing IT assets
while creating new digital business models.
Delivering both on premise and in the cloud, Edgewater partners
with Oracle and Microsoft to offer Business Analytics, BI, ERP, and
CRM solutions. Edgewater Ranzal, an Oracle Platinum Consulting
Partner, provides Business Analytics solutions leveraging Oracle
EPM, BI, and Big Data technologies. As an award-winning Microsoft
partner, Edgewater Fullscope delivers Dynamics AX ERP, Business
Intelligence, and CRM solutions, with a specialty in
manufacturing.
Company Contact:
Timothy R. Oakes
Chief Financial Officer
(781) 246-3343
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