S1 Corp. plans to repurchase about 15% of its shares.
The plan, announced Monday, is the Atlanta banking software vendor's second in six months.
S1 said it would conduct a Dutch auction-style buyback worth about $55 million. S1 listed a price range it would pay for the shares — $5.25 to $5.75 — and shareholders can list a price within that range for which they are willing to sell.
In December, S1 acquired 10.5 million shares, or 14.7% of its outstanding stock at the time, for $55 million through a Dutch auction. It announced the tender offer in October, with a price range of $4.75 to $5.25 a share, and ultimately paid $5.25. That offer was oversubscribed, with 14 million shares offered for sale.
Last year S1 came under pressure from an activist shareholder to sell itself. The December buyback, which S1 called the result of a strategic review of its alternatives was planned, in part, to appease that shareholder: the New York investment management firm Ramius Capital Group LLC. At the time Ramius owned about 10% of S1's shares.
