Riverbed expands stock repurchase program

SAN FRANCISCO, USA: Riverbed Technology (NASDAQ:RVBD), the application performance company, announced today that its board of directors approved a $200 million increase to the company's share repurchase program first announced August 19, 2011. The total authorized repurchase amount under the program is now $500 million.

"We believe the current share price understates the strength of Riverbed's long-term growth prospects," said Jerry M. Kennelly, Riverbed's chief executive officer. "This expansion of our stock repurchase program underscores the confidence we have in our business, and demonstrates our continued commitment to maximizing value for our shareholders."

The stock purchases may be made from time to time on the open market in compliance with applicable state and federal securities laws. The timing and amounts of any purchases will be based on market conditions and other factors including price, regulatory requirements and capital availability. The program does not require the purchase of any minimum number of shares and may be suspended, modified or discontinued at any time without prior notice. Approximately $225 million remains of the newly increased program.