Tredence Announces Second ESOP Buyback Worth $30 Million According to an official statement by the company, the buyback will include over 270 employees globally
By Teena Jose
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Tredence, the Data Science and AI Solutions company, has announced its largest ESOP buyback programme worth $30 million on the heels of a Series B funding of $175 million from Advent International.
According to an official statement by the company, the buyback will include over 270 employees globally. Eligible employees will participate in the repurchase and liquidate 40% of their vested ESOP units. At 5 times the book price of each unit, this program provides liquidity options and will be a wealth-creation opportunity for the organization's leading employees.
"Tredence embraces a transformative leadership framework we call ACE: advisor to the customer, coach-captain to the team and entrepreneur to the business. The framework aims to institutionalize a 'Founder's Mindset' among employees that provides an exploratory environment for bold innovation. The buyback program will recognize and reward employees who strive every day to make Tredence the most indispensable analytics company on the planet," said Shub Bhowmick, chief executive officer and co-founder, Tredence.
Tredence currently employs 2,000 people, with 80% of the workforce in India. By the end of 2023, the company plans to expand its workforce to 3,000. Nearly 700 of new employees will be hired in India. Additionally, the expansion will create jobs in North America, Canada and the UK, and has also plans to open a near-shore delivery center in Latin America, claimed by the company in the statement.
"As we continue to grow and evolve, we remain dedicated to creating a culture of innovation and collaboration. This employee stock buyback program is just one way we demonstrate our commitment to our employees and our shared vision for the future," said Pratap Daruka, chief financial officer, Tredence.
