Tredence, a data science and AI solutions provider with the majority of its employees in India, announced on Thursday the launch of its largest ESOP buyback programme, valued at $30 million (Rs 240 crore), following the receipt of $175 million in investment the previous year.
Over 270 workers worldwide will be part of the repurchase. For the ESOP, eligible employees will take part in the repurchase and liquidation of 40% of their vested units (employee stock ownership). The program offers liquidity choices and will be a chance for employees to build wealth because it is five times the book value of each unit.
Shub Bhowmick, chief executive officer and co-founder of Tredence, said that the repurchase program would reward and acknowledge staff members who work hard to make Tredence the world’s most indispensable analytics organization.
“The fact that we made this investment shows how serious we are about giving our staff members opportunities to build real wealth. As we expand and change, we will never waver in our commitment to fostering an innovative and collaborative culture. We show our commitment to our employees and our shared future vision in a number of ways, including through this employee stock buyback programme “CFO of Tredence Pratap Daruka made the statement.
Tredence has 2,000 employees, with 80% of them based in India. The company intends to increase its staff to 3,000 people by the end of 2023. The hiring of around 700 new personnel will take place in India. Additionally, the growth will lead to the creation of jobs in the UK, Canada, and North America. Additionally, the business intends to establish a near-shore delivery hub in Latin America.
Tredence increased its revenue by twofold in 2022 while securing $175 million in Series B capital from Advent International to expand its customer base and develop its capabilities.
Read More –Tredence, a data science business, has raised $175 million in investment led by Advent International