LogMeIn Announces $50M Share Buyback Program

"This increased share repurchase program reflects the confidence of our Management Team and Board of Directors in LogMeIn's long-term growth strategy and leverages our strong balance sheet and cash flow generation," said Michael Simon, CEO of LogMeIn (LOGM).

The new program replaces a $25M program, originally announced February 14, 2013, under which LOGM has repurchased shares totaling ~$16M to date.

LOGM expects to fund the program using the company's cash on hand and cash generated from operations.

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