Data science company Tredence announces ESOP buyback worth $30 mn

Firm that employs 2,000 has 80% of its workforce in India, got $175 mn in funding last year

Tredence, a data science and AI solutions company that has most of its workforce in India, on Thursday announced its largest ESOP buyback programme worth $30 million (Rs 240 crore) after getting $175 million in funding last year.

The buyback will include over 270 employees worldwide. Eligible employees will participate in the repurchase and liquidate 40 per cent of their vested units for ESOP (employee stock ownership). At five-fold the book price of each unit, the programme provides liquidity options and will be a wealth-creation opportunity for employees.

“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.

"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 & 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.

Tredence 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 of the 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.

Tredence doubled its revenue in 2022, while raising $175 million in Series B funding from Advent International to strengthen capability and customer base.