Open Text (OTEX) said Tuesday it has expanded its stock buyback plan to $500 million, up from the prior $300 million authorized limit.

The maximum number of shares that may be repurchased remains unchanged at about 24.9 million shares, the company said.

OpenText also said it has repurchased about $190 million worth of shares as of Jan. 31 and that the buyback plan runs terminates Aug. 11.

The company's shares were up 3.5% in recent Tuesday trading.

Price: 26.37, Change: +1.02, Percent Change: +4.02