Pactera Technology to Repurchase Up to $30M of Shares
Pactera Technology (NASDAQ: PACT) today announced that its Board of Directors has approved a share repurchase program. Under the program, Pactera has been authorized, but is not obligated, to repurchase up to $30 million worth of outstanding American Depositary Shares (the "ADSs") representing the common shares of Pactera from time to time over the next 12 months, depending on market conditions, share price and other factors, as well as subject to the relevant rules under US securities regulations.
The share repurchase program will be funded by the Company's existing working capital. As of November 9, 2012, the Company had 90,714,455 common shares issued and outstanding, including 4,323,506 ADSs outstanding and reserved for future ADS conversion of the employee stock options and restricted stock units.
Pactera Technology International Ltd. (NASDAQ: PACT), formed by a merger of equals between HiSoft Technology International Limited and VanceInfo Technologies Inc., is a global consulting and technology services provider strategically headquartered in China. Pactera provides world-class Business / IT consulting, solutions, and outsourcing services to a wide range of leading multinational firms