This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Onvia Repurchases 1.2 Million Shares From Symphony Technology Group

Stocks in this article: ONVI

SEATTLE, April 2, 2013 /PRNewswire/ -- Onvia, Inc. (Nasdaq: ONVI), a leading provider of comprehensive government-business market intelligence, announced today that it has entered into a definitive agreement to repurchase shares of its common stock from Symphony Technology Group, LLC and certain affiliates thereof. Under the terms of the agreement, Onvia has repurchased from Symphony and certain affiliates thereof, in a private, non-underwritten transaction, 1,242,781 shares of Onvia's common stock at a price of $3.50 per share for a total purchase price of approximately $4.3 million.


As a result of the repurchase, Onvia's shares outstanding will be reduced from approximately 8.5 million shares to approximately 7.3 million shares. Onvia funded the stock repurchase transaction out of currently available cash and investments. Following the repurchase of these shares, Onvia has over $8.1 million in cash and cash equivalents and short-term investments.

"With this stock repurchase, the Onvia Board of Directors has demonstrated its continuing commitment to taking swift and decisive action to deliver value to our stockholders without compromising our strong balance sheet, financial flexibility and strategic growth trajectory, or our ability to continue investing in our business," said D. Van Skilling, Chairman of the Board of Directors of Onvia.

"We are pleased to be able to deploy our excess cash to buy into our capital structure further indicating our confidence in our turnaround plan and in our future overall," said Henry G. Riner, Onvia's President and Chief Executive Officer.

Alston & Bird LLP advised Onvia in connection with its repurchase of shares from Symphony Technology Group, LLC and Shearman & Sterling LLP served as legal advisor to Symphony Technology Group, LLC. In addition, WestCap Management, LLC and Arcadia Securities, LLC acted as agent in coordinating this transaction.

1 of 2

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,804.80 +26.65 0.15%
S&P 500 2,070.65 +9.42 0.46%
NASDAQ 4,765.38 +16.9840 0.36%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs