Solera Holdings Inc., which makes software to process auto insurance claims, said Monday that its board approved the repurchase of up to $180 million of the company's common stock.
The program will run through Nov. 10, 2013. Solera said it will buy back the shares from time to time in open market transactions or in privately negotiated deals.
Westlake, Texas-based Solera said the buyback will help boost its shareholder value. As of Nov. 1, the company had about 70.9 million shares of common stock outstanding.
In afternoon trading, Solera shares fell 49 cents to $49. They are up from their 52-week low of $47.33 in early October but are 21 percent below their high for the past year of $62.35 reached in early July.