Riverbed Technology Increases Share Repurchase By $200 Mln

(RTTNews) - Riverbed Technology (RVBD), the application performance company, announced that its board 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.

The company stated that approximately $225 million remains of the newly increased program.

"We believe the current share price understates the strength of Riverbed's long-term growth prospects. 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," said Jerry Kennelly, Riverbed's chief executive officer.