PLM software provider Parametric Technologies Corp. (PTC) today announced an expansion of its share repurchase program and other investment initiatives, reflecting continued business confidence despite the widespread economic malaise dragging down sales at many enterprise software vendors.
PTC’s board of directors has increased the company’s share repurchase authorization from $50 million to $100 million, the company said.
“The decision to expand our share repurchase program reflects the confidence of both management and our board of directors in the long-term opportunity for PTC," said the company’s President and CEO Dick Harrison in a statement.
PTC also indicated that the company is in a position to make acquisitions in 2009. Harrison said the company will continue to repay the $89 million balance on its revolving credit facility, while investing in “certain strategic initiatives.”