Agilysys, a developer and marketer of proprietary
enterprise software, services and solutions to the hospitality and retail
industries, announced that the sale of its Technology Solutions Group (TSG)
business unit has been completed.
In addition, Agilysys’ Board of Directors has authorized
a share repurchase program for up to 1.6 million common shares, or
approximately 7 percent of the Company’s outstanding shares.
Agilysys is sufficiently capitalized with ample cash and
no debt. Today’s adoption of the share repurchase program reflects the Board’s
commitment to prudently return capital to shareholders,” said James Dennedy,
interim president and chief executive officer, Agilysys.
Cash also will be used for both working capital purposes
and to make select investments in the business, while improving operating and
financial performance. We believe this approach offers the greatest opportunity
for increasing shareholder value,” Dennedy added.
On May 31, 2011, the company announced a definitive
agreement to sell its TSG business for $64 million in cash to OnX Enterprise
Solutions; the transaction was approved by Agilysys
shareholders on July 28, 2011.
OnX will assume management of the former TSG operations
including all North American and European operations. OnX is a privately
held company and majority owned by Marlin Equity Partners of Los Angeles.
By Telecomlead.com Team