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Ellie Mae® (NYSE:ELLI), a leading provider of innovative on-demand software solutions and services for the residential mortgage industry, announced today that its board of directors has authorized a program to repurchase up to $75.0 million of common stock. Under the program, purchases may be made from time to time on the open market over the next 36 months, and will be funded from available working capital. The number of shares to be purchased and the timing of purchases will be based on the price of the Company’s common stock, general business and market conditions and other investment considerations.
The program does not obligate the Company to repurchase any specific number of shares and may be suspended or discontinued at any time without prior notice. The Company currently has 29 million diluted shares outstanding.