Data science and analytics firm Tredence Inc on Thursday announced its second bout of buying back shares worth $30 million, under its Esop (employee stock option plan), in less than two months after its Series B round.
The Advent-backed startup will buy back shares from its employees at a premium of nearly five times the book price, the company said in a statement.
“The buyback programme will recognize and reward employees who strive every day,” said Shub Bhowmick, chief executive officer and co-founder, Tredence.
About 270 of Bengaluru and San-Jose based firm’s employees will be eligible to participate in the event, with the option to liquidate about 40% of their vested Esop units. The company currently employs about 2000 people, with about 80% employees based in Bengaluru.
Previously, in March 2021, the company had announced its first Esop buyback plan worth $3.5 million
In December, Tredence had raised $175 million (about Rs 1449 crore) in its Series B fundraise round led by Advent International, which bought a minority stake. It also counts Chicago Pacific Founders (CPF) as its investors.
Tredence, founded in 2013 by Shashank Dubey, Sumit Mehra and Bhowmick, through its platform provides prediction and optimization solutions to sectors such as telecommunications, pharmaceuticals, and retail based on data science-led solutions.
“Our employees are the force behind our success, and we are delighted to recognize their outstanding efforts,” said Pratap Daruka, chief financial officer, Tredence. “This employee stock buyback program is just one way we demonstrate our commitment to our employees and our shared vision for the future.
The company also has offices in Foster City, Chicago, London, Toronto. In an interview with VCCircle last month, co-founder Dubey said the company plans to expand North America, Canada and the UK and plans to open a near-shore delivery centre in Latin America.
It further expects to increase its workforce to about 3,000 people as a part of the expansion, hiring people across these geographies. However, about 700 of the new employees will be hired in India.
Tredence crossed $100 million in revenue in calendar year 2022, which it aims to grow to $170 million by the end of 2023. The company aims to hit half a billion dollars in revenue by 2026.
It is also eyeing inorganic opportunities as it aims to enter new markets, build new capabilities and skill sets.