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Data AI firm Tredence announces ESOP buyback worth Rs 240 cr, 270 workers to benefit

IANS | February 09, 2023 03:00 PM

NEW DELHI: Data science and AI solutions company Tredence on Thursday announced its largest ESOP (employee stock ownership plan) buyback programme worth $30 million (about Rs 240 crore) on the heels of a Series B funding of $175 million from Advent International.

The buyback will include over 270 employees globally and eligible employees will participate in the repurchase and liquidate 40 per cent of their vested ESOP units.

The company said that at 5x the book price of each unit, this programme provides liquidity options and will be a wealth-creation opportunity for the organization's leading employees.

"The buyback programme will recognise and reward employees who strive every day to make Tredence the most indispensable analytics company on the planet, " said Shub Bhowmick, CEO and Co-founder, 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 and nearly 700 of 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 centre in Latin America.

"This investment is a testament to our commitment to creating value for our employees and providing them with meaningful wealth-creation opportunities, " said Pratap Daruka, Chief Financial Officer, Tredence.

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.

Headquartered in San Jose, California, the company embraces a vertical-first approach and an outcome-driven mindset to help clients win and accelerate value realization from their analytics investments.

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