Upskilling platform Simplilearn announced its first-ever Employee Stock Option Plan (ESOP) buyback worth Rs. 48.74 crore.
The company had offered active employees to liquidate up to 25% of their vested ESOPs as part of this buyback. 65% of the active employees with ESOPs liquidated their options as part of this buyback process. The company also rewarded all these employees with additional new ESOPs for their continued contribution to its growth and their help in establishing Simplilearn as the World’s No. 1 Online Bootcamp, the statement said.
Deriving over 60% of business currently from international markets, Simplilearn is on an aggressive growth path and is further strengthening its global team. With employee wealth creation as a key part of the people strategy, Simplilearn is hiring leaders across all levels in the Indian and U.S. markets, it added.
This hiring includes the recent addition of Deborah Quazzo to the company’s board of directors and the appointment of Saurabh Arya as the Vice President- Simplilearn Enterprise, with many others joining in the next few months.
Speaking on the development, Krishna Kumar, Co-Founder and Chief Executive Officer, Simplilearn, said, “Having launched our ESOPs plan in 2012, this was an ideal time to offer liquidity on the same. For many of our employees, this was their first opportunity in their professional lives to own or liquidate ESOPs. We are happy to be able to remunerate our employees for their contribution with the buyback. This also provides a great chance to create wealth, given that we also issued new, additional ESOPs for the future.”
He added, “Continuing on our growth path, with the Blackstone investment and renowned leaders joining us, we look forward to expanding our offerings and the corresponding employee base significantly over the next couple of months. With enterprise and university partnerships in the pipeline, in both India and globally, we foresee a significant boost in Simplilearn’s business.”
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