Tech  Data Corporation Thursday said its board has granted its nod to buy back up to $100 million in common stock , Market Watch reported. The  buyback represents about 4.7% of the computer equipment and software distributor’s current market value.

Robert M Dutkowsky, chief executive of  Tech Data Corporation said, “ The decision demonstrates our  confidence in Tech Data’s financial perfomance and future growth opportunities.” 

A lot of companies have been starting and amplifying their share repurchase programs lately, the reports said. Tech Data has a market capitalization of about $2.14 billion based on its closing share price and its number of shares outstanding on Aug 22.

The computer equipment and software distributor  recently announced its quarterly results.  The company’s fiscal third-quarter income surged 6.1%  and stated that it continued to see currency changes benefit its top line, while it also posted  strong sales growth in Europe.

Tech Data is also said it is restructuring part of its business in Europe, which will result in  a $15 million charge in its fourth quarter.  The company is a wholesale distributor of technology products. It has generated $24.4 billion in net sales for the fiscal year ended January 31 and ranked 109th on the Fortune 500.