REDWOOD SHORES, Calif. — March 25, 2010 — Saba (NASDAQ: SABA), the premier provider of people management software and services, today announced that its Board of Directors has authorized the use of up to $5.0 million in the aggregate for the repurchase of shares of the company’s common stock. Depending on market conditions, shares may be repurchased from time to time at prevailing market prices through open market or privately negotiated transactions. No date was established for the completion of the share repurchase program.
"Consistent with our repurchase of approximately five percent of our outstanding shares in August 2009, this share repurchase program reflects continued confidence in Saba`s strategy and growth prospects as well as an ongoing commitment to increase stockholder value," said Bobby Yazdani, Chairman and CEO of Saba. "We believe that the current market value of our shares does not accurately reflect the underlying value of the company and the repurchase program represents an attractive opportunity to deploy capital in a way that will benefit stockholders."
The company is not obligated to purchase any shares. Subject to applicable corporate securities laws, repurchases may be made at such times and in such amounts as the company’s management deems appropriate. Purchases under the program can be discontinued at any time management feels additional purchases are not warranted. The company will finance the repurchase with funds from operations.
About Saba
Saba (NASDAQ: SABA) is the premier provider of people management software and services that enable the people-driven enterprise. Saba’s solutions help global enterprises and public sector organizations to quickly respond and adapt to today’s complex, changing environments through a people platform that aligns and harnesses the knowledge, skills, and ideas of an increasingly distributed and mobile workforce. Working with Saba, organizations are able to align, engage, develop, mobilize, and foster collaboration across employees, customers, and partners in support of increased adaptability, rapid innovation, enhanced productivity, and speed to market.
Saba’s solutions are used by more than 1,300 organizations and over 17 million end users worldwide. Our solutions are available both on-premise and OnDemand, and are underpinned by global services capabilities and partnerships that provide strategic consulting, comprehensive implementation services, and ongoing worldwide support.
As the acknowledged standard in people management, Saba’s premier customer base includes the major brand name global industry leaders in financial services, life sciences and healthcare, high tech, automotive and manufacturing, retail, packaged goods, and public sector organizations.
Headquartered in Redwood Shores, California, Saba has offices on five continents. For more information, please visit www.saba.com or call +1-877-SABA-101 or +1-650-779-2791.
Contact
William Slater
Chief Financial Officer
Saba Software, Inc.
+1.650.581.2500
bslater@saba.com
SABA, the Saba logo, Saba Centra and the marks relating to Saba products and services referenced herein are either trademarks or registered trademarks of Saba Software, Inc. or its affiliates. All other trademarks are the property of their respective owners
Source: Saba
