|
Listen to this story
|
The pure-play AI and analytics company, Tredence recently announced its largest ESOP buyback programme worth $30 million (INR 240 crore). This comes after it raised $175 million in Series B funding from Advent International last year.
The buyback includes over 270 employees globally. In a press statement, the company said that the eligible employees could participate in the repurchase and liquidate 40 percent of their vested ESOP units. This programme is expected to provide liquidity options alongside acting as an instrument for wealth creation for its leading employees at 5x the book price of each unit.
Tredence CEO Shub Bhowmick said the framework aims to institutionalise a founder’s mindset among employees, providing an exploratory environment for bold innovation. He further said that the buyback programme would recognise and reward employees who strive to make Tredence the most indispensable AI and analytics company.
AIM Daily XO
Join our editors every weekday evening as they steer you through the most significant news of the day, introduce you to fresh perspectives, and provide unexpected moments of joy
Your newsletter subscriptions are subject to AIM Privacy Policy and Terms and Conditions.
Pratap Daruka, the chief financial officer at Tredence, said that this investment is a testament to their commitment to creating value for their employees and providing them with meaningful wealth-creation opportunities. He believes that the employee stock buyback programme is just one way to demonstrate their commitment to their employees on their shared vision for the future.
Tredence currently employs over 2,000 people, with 80 percent of the workforce in India. The company aims to expand its workforce to 3,000 by the end of 2023. Out of which, nearly 700 new employees will be hired in India. In addition, the company believes that the expansion will create jobs in the US, Canada and the UK. It also plans to open a near-shore delivery centre in Latin America.
Download our Mobile App
Last month, Tredence launched an AI-driven platform, Atom.AI, for retailers. In 2022, Tredence doubled its revenue while raising Series B funding of $175 million from Advent International to strengthen vertical capabilities and reach a broader customer base.
