LogMeIn Announces New $50 Mln Stock Buyback Program

(RTTNews) - LogMeIn, Inc. (LOGM) said Tuesday that its Board of Directors has authorized a share repurchase program for up to $50 million of the company's outstanding common stock.

Repurchases under the program may be made from time to time on the open market or in privately negotiated transactions through the end of 2015.

"This increased share repurchase program reflects the confidence of our Management Team and Board of Directors in LogMeIn's long-term growth strategy and leverages our strong balance sheet and cash flow generation," said Michael Simon, CEO of LogMeIn.

The new share repurchase program replaces the company's ongoing $25 million repurchase program, originally announced February 14, 2013, and under which the company has repurchased shares totaling about $16 million to date.

The company expects to fund the program using the company's cash on hand and cash generated from operations.