Inso Corp. (Nasdaq: INSO) rose 3/8 to 5 5/8 Tuesday after the Providence, Rhode Island-based e-commerce software maker said it will buy back up to 10 percent of its stock.
Inso said directors authorized the repurchase of 1.7 million common shares from time to time in the open market.
On Monday, Inso said it sold its information division to IntraNet Solutions, Inc. for $55 million in cash. According to Inso President and Chief Executive Officer James Ringrose, the sale “significantly strengthened” the company’s financial position.
“The company’s cash now exceeds $70 million, and working capital has doubled from the end of the last fiscal year,” Ringrose said.