Riverbed Technology Comments on Elliott Management’s 13D Filing
SAN FRANCISCO -- November 8, 2013
Riverbed Technology (NASDAQ: RVBD), the application performance company,
issued the following statement in response to Elliott Management’s 13D filing
with the SEC today:
“Riverbed is focused on creating value for all of our shareholders, and
maintains an open dialogue with our shareholders, including Elliott.
“Riverbed is pursuing a considered strategy for growth by establishing itself
as the leading multi-product platform delivering a complete solution for
application and network performance across platforms, locations and devices.
Last week we reported, on a non-GAAP basis, third quarter results reflecting
21% year-over-year revenue growth, a nearly 200 basis point sequential
improvement in operating margins, and an 18% sequential increase in net
income. These results demonstrate strong execution and solid expense
management in a mixed economic and weak federal spending environment. We have
a strong track record of returning capital to shareholders, including our
recent announcement of a $75 million accelerated share repurchase as a part of
our current $500 million share repurchase program. Over the last eight
quarters, Riverbed has returned approximately 70% of free cash flow to
investors in the form of share repurchases. We look forward to meeting with
investors and further discussing our strategy at our upcoming analyst day on
Riverbed delivers application performance for the globally connected
enterprise. With Riverbed, enterprises can successfully and intelligently
implement strategic initiatives such as virtualization, consolidation, cloud
computing, and disaster recovery without fear of compromising performance. By
giving enterprises the platform they need to understand, optimize and
consolidate their IT, Riverbed helps enterprises to build a fast, fluid and
dynamic IT architecture that aligns with the business needs of the
organization. Additional information about Riverbed (NASDAQ: RVBD) is
available at www.riverbed.com.
Riverbed and any Riverbed product or service name or logo used herein are
trademarks of Riverbed Technology, Inc. All other trademarks used herein
belong to their respective owners.
Sard Verbinnen & Co
John Christiansen, 415-618-8750
Michael Henson, 212-687-8080
Renee Lyall, 415-247-6353
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