Tredence announces employee stock buyback worth USD 3.5 million
Mar 23, 2021
Bengaluru (Karnataka) [India], March 23 (ANI/BusinessWire India): Tredence, a leading AI engineering and analytics services company, today announced their first employee stock buyback program, at the back of a Series A funding of 30 million USD from Chicago Pacific Founders.
Tredence offers to buy back employee stock worth 3.5 million USD. This is a global program, open to their 750 employees worldwide. Eligible employees can liquidate up to 50 per cent of their vested ESOP units. At 6x the book price of each unit, this program provides liquidity options and will be a wealth creation opportunity for the organization's early and high-performing employees.
"The employee stock buyback program is a testament to our growth and our vision towards fostering a rewarding work culture for our people. 25 per cent of our cap table has always been reserved for employee stock options. As we grow, we want to provide wealth creation opportunities to our employees and enable them to grow along with us," said Pratap Daruka, Chief Financial Officer, Tredence.
In the last seven years, Tredence has registered a CAGR of more than 50 per cent. This buyback program is representative of the organization's past growth and faith in its future prospects. "We have a strong sense of ownership at Tredence. Employees are our strongest asset; they turned an uncertain year into one of the brightest years for Tredence. With this buyback program, we wish to show our employees that their participation and efforts do pay off," said Shub Bhowmick, Chief Executive Officer, Tredence.
As part of its growth strategy, Tredence is expanding its geographic footprint in Canada, Europe and China. The company is planning to hire 700 employees in 2021 across markets.
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