ACI Worldwide Increases Share Repurchase Program to $113 Million
ACI Worldwide (Nasdaq: ACIW), a leading international provider of payments systems, announced today that the Company's Board of Directors has authorized an increase to its Share Repurchase Program to 2.5 million shares of the Company's common stock. This represents $113 million of repurchase capacity, based on the $45.21 closing trading price per ACI share on September 13, 2012. Under the pre-existing Share Repurchase Program, year-to-date as of September 13, 2012, ACI has repurchased 1.43M shares.
ACI also announced that pursuant to the 2007 Master Alliance Agreement between ACI and IBM, IBM plans to start exercising its 2.8 million warrants to purchase ACI common stock. These warrants, which expire in December 2012, were issued by ACI as part of the two companies strategic alliance formed in 2007. ACI plans to use a portion of the proceeds to pay down its revolving debt facility.
"The IBM/ACI alliance has yielded benefits for both companies, as well as our customers, through joint technology innovation in electronic payments. We look forward to continued collaboration," said Craig Maki, Senior Vice President, corporate development officer, ACI Worldwide.
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