Tredence, the data science and artificial intelligence (AI) solutions company, announced its employee stock ownership plan (ESOP) buyback programme worth $30 million (INR 240 crore) on the heels of a Series B funding of $175 million from Advent International.
The buyback will include over 270 employees globally. Eligible employees will participate in the repurchase and liquidate 40 per cenrt 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 organisation's leading employees, Tredence stated.
“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 institutionalise a ‘founder’s mindset’ among employees that provides an exploratory environment for bold innovation. The buyback program will recognise 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 of Tredence.
"Our employees are the force behind our success, and we are delighted to recognise their outstanding efforts. This investment is a testament to our commitment to creating value for our employees and providing them with meaningful wealth-creation opportunities. 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," added Pratap Daruka, chief financial officer (CFO), Tredence.
Tredence currently employs 2,000 people, with 80 per cent of the workforce in India. By the end of 2023, the company plans to expand its workforce to 3,000. Nearly 700 new employees will be hired in India. Additionally, the expansion will create jobs in North America, Canada and the UK. The company also plans to open a near-shore delivery center in Latin America.
In 2022, Tredence doubled its revenue while raising $175 million in Series B funding from Advent International to strengthen vertical capabilities and reach a broader customer base.