The board of directors at Fiverr has authorized the company’s first share repurchase program, under which the Israel-based freelance marketplace could repurchase up to $100 million of its ordinary shares.

Following the Apr. 1 announcement, Israeli law gives the company’s creditors the right to object to the share repurchase program until May 4, in which case, it would be subject to a court approval.

If no objection is filed, the share repurchase program will then become effective.

“We are pleased to announce the authorization of our first-ever stock repurchase program. This program reflects our confidence in the long-term opportunity for Fiverr and our commitment to creating shareholder value,” said president and CFO Ofer Katz.

“We have built a healthy balance sheet enabling us to continue to invest in our strategic initiatives while also returning capital to shareholders. We believe that our current stock price represents an attractive opportunity for a repurchase.”

Fiverr was established in 2010 by CEO Micha Kaufman and Shai Wininger. Headquartered in Tel Aviv, the company also has offices in Berlin, London, Miami, New York City, Phoenix and San Francisco.

It posted a 10.1% increase in revenue in the fourth quarter of 2023, taking the total to $91.5 million.

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