Carbonite: $20 Million Share Repurchase Program

Carbonite, Inc. announced its board of directors has authorized a share repurchase program for up to an aggregate of $20 million of the company’s outstanding common stock.

Pursuant to the stock repurchase program, which is designed to return value to Carbonite’s shareholders, the company will repurchase shares from time to time on the open market or in privately negotiated transactions beginning on May 15, 2015 and continuing through May 15, 2018.

“This share repurchase program, in addition to the investments we are making in the business, reflects our confidence in Carbonite’s long-term growth strategy,” said Mohamad Ali, president and CEO. “Driven by the strength of our balance sheet and our demonstrated ability to generate strong cash flows, this broader capital allocation strategy expands our ability to provide increased value to shareholders.”

The company expects to fund the program using the company’s cash on hand and cash generated from operations. The program may be extended, suspended or discontinued at any time without prior notice.