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.