WESTLAKE, Texas, Nov. 14, 2011 /PRNewswire/ -- Solera Holdings, Inc. (NYSE: SLH) (the "Company" or "Solera"), the leading global provider of software and services to the automobile insurance claims processing industry, today announced that its Board of Directors has approved a share repurchase program effective immediately for up to a total of $180 million of the Company's common stock through November 10, 2013. Share repurchases may be made by the Company from time to time in open market transactions at prevailing market prices or in privately negotiated transactions.
Tony Aquila, founder, Chairman and Chief Executive Officer, said "We are excited to add an additional leg to our long-term strategy of growing stockholder value. We believe that repurchasing our stock at attractive levels is another efficient way to increase stockholder returns and is supported by the scale and profitability of our business. In addition to our disciplined M&A efforts and our dividend distributions, this share repurchase program represents another way for our stockholders to benefit from our continued growth and profitability."
All share repurchases will be made pursuant to the share repurchase program adopted under Rule 10b-18 under the Securities Exchange Act of 1934, as amended. Repurchases also may be made under 10b5-1 plans, which would permit common stock to be purchased when the Company would otherwise be prohibited from doing so under insider trading laws. This program does not require the Company to purchase any specific number or amount of shares, and the timing and amount of such purchases will be determined by management based upon market conditions and other factors. In addition, this share repurchase program may be amended or terminated at the discretion of the Board of Directors.
As of November 1, 2011, the Company had approximately 70.9 million shares of common stock outstanding.About Solera: