Board of directors of ShoreTel (NASDAQ: SHOR) has authorized a share repurchase program for up to USD20 million of the company´s common stock, the company said.
ShoreTel CEO Don Joos indicated that as the company executes its transformation to become a cloud-based company, it has expanded its financial flexibility allowing for investment in organic growth catalysts and technology innovation.
The company expects the share purchase will occur over the next 12 months, although the exact timing of repurchases and number of shares of common stock to be purchased will depend upon market conditions and other factors. The company expects to fund the program using a combination of the company´s cash on hand and cash generated from operations.
ShoreTel, Inc. is a provider of simple unified communications (UC) products, cloud services and IP phone systems. ShoreTel is headquartered in Sunnyvale, Calif., and has regional offices and partners worldwide.