Peerless Systems Corp., a digital document technology company in El Segundo, announced Friday a tender offer for $45 million of its stock.

The company, which makes its money licensing its technology and through investments, said it would buy back as many as 14 million shares at a price of $3.25 per share.

“We are pleased to be able to offer the opportunity for liquidity to stockholders who desire to sell some or all of their shares,” said Chairman Timothy Brog in a statement. “For those stockholders that decide to retain some or all of their shares, we intend to continue to focus on delivering value by seeking acquisitions and maximizing the value of our historical licensing business.”

Two years ago, Peerless sold its imaging technology to copy machine manufacturer Kyocera Mita Corp., but it retained the right to license the technology for digital uses. At the time, the company announced it would use cash from the sale and licenses to “to explore investment opportunities that it believes will enhance stockholder value.”

Since then, the board has managed its cash by moving to smaller offices, reducing the payroll from 27 people to four and generating more than $10 million in pre-tax profits from an investment in a finance company.

Shares of Peerless closed at $2.84 on Thursday and were up 33 cents, or 13 percent, to $3.17 in late morning trading on the Nasdaq after the announcement.