Key Developments For Quest Software, Inc.
Quest Software, Inc. (QSFT.O) (Nasdaq)
Quest Software, Inc. Approval of $100 Million Stock Buyback Plan
Quest Software, Inc. announced that the Board of Directors has authorized a plan to repurchase up to $100 million of its common stock. Any stock repurchases may be made through open market and privately negotiated transactions, at times and in such amounts as management deems appropriate, including pursuant to one or more Rule 10b5-1 trading plans. Rule 10b5-1 permits Quest to establish, while not in possession of material nonpublic information, prearranged plans to buy stock at a specific price in the future, regardless of any subsequent possession of material nonpublic information. The timing and actual number of shares repurchased will depend on a variety of factors including market conditions, corporate and regulatory requirements, and capital availability. The stock repurchase program does not have an expiration date and may be limited or terminated at any time without prior notice.
Quest Software, Inc. Enters Storage Resource Management Market With Release Of New Storage Horizon Solution
Quest Software, Inc. announced that it rolled out its storage capacity management solution, Storage Horizon, which measures actual storage usage, assists with provisioning and purchasing decisions, and automates storage analysis and reporting.
Quest Software, Inc. Announces Intent To Commence Modified Dutch Auction to Repurchase 10,715,000 Shares of Its Common Stock
Quest Software, Inc. announced its intent to commence a modified Dutch Auction tender offer for up to 10,715,000 common shares or approximately 11.3% of its common shares outstanding. The purchase price will not be greater than $14.00 or less than $12.50 per share for a maximum aggregate purchase price of approximately $150 million. The tender offer is expected to commence on or about June 2, 2009, and will remain open for at least 20 business days. Quest intends to fund this share repurchase using its available cash resources and available borrowings under its $100 million revolving credit facility. The repurchase will be made through a modified Dutch Auction tender offer in which stockholders will be given the opportunity to sell a portion or all of their shares to Quest and do so without incurring any brokerage fees or commissions. Under the modified Dutch Auction format, Quest will select the lowest price within the stated range that will allow it to buy 10,715,000 shares of its common stock, assuming that a sufficient number of shares is tendered. If the number of shares tendered is greater than the number sought, purchases will be made on a pro rata basis from stockholders tendering at or below the purchase price. The actual purchase price will be determined through an auction mechanism and will be the single lowest price within the offer range at which Quest can purchase up to 10,715,000 shares of common stock.
Quest Software, Inc. Forms New Distribution Relationship With Ingram Micro Inc.
Quest Software, Inc. announced a new distribution relationship with Ingram Micro Inc. that will make it easier for partners to purchase Quest Software solutions and increase Quest`s presence in the reseller channel. Under terms of the agreement, Quest has granted Ingram Micro and its affiliates the non-exclusive right to distribute, market and resell the complete line of Quest Software products to channel partners throughout North and Latin America.
Quest Software, Inc. Launches Platform For In house e-Discovery
Quest Software, Inc. announced its plans to launch Quest e-Discovery Manager in the third quarter of 2009. Quest e-Discovery Manager is designed to help IT, HR, records managers and legal investigators scope, collect, review and export electronically stored information (ESI) in house, without having to outsource to costly third party legal consultants. With its sophisticated tagging, filtering, search and advanced project management capabilities, Quest e-Discovery Manager allows organizations to efficiently address legal, regulatory and internal investigations while reducing the cost and complexity of searching for, collecting and processing data.
