Data analytics firm Tredence announces second Esop buyback worth $30 million

The buyback will include over 270 employees globally, the statement said, adding that eligible employees will participate in the repurchase and liquidate 40% of their vested ESOP units.

“At 5x the book price of each unit, this program provides liquidity options and will be a wealth-creation opportunity for the organization’s leading employees,” it added.

Late December, Tredence had announced a $175 million investment from Boston-based private equity firm Advent International. The deal valued the San Jose based company at about $500 million, founder and chief executive Shub Bhowmick had told ET at the time.

“We are excited about Tredence’s next stage of growth. Our employees are the force behind our success, and we are delighted to recognize their outstanding efforts… This is just one way we demonstrate our commitment to our employees and our shared vision for the future,” Pratap Daruka, chief financial officer, Tredence said.

Tredence had last announced a $3.5 million ESOP buyback in March 2021, at the back of a Series A funding of $30 million from Chicago Pacific Founders. It currently employs 2,000 people, with 80% of the workforce in India. By the end of 2023, it said it plans to expand its workforce to 3,000.

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Nearly 700 of the new employees will be hired in India. Additionally, the expansion will create jobs in North America, Canada and the UK with a near-shore delivery centre in Latin America in the works.Over 80% of Tredence’s revenues come from North America. It was founded in 2013 by Shubh Bhowmick, Sumit Mehra and Shashank Dubey to provide actionable insights to clients, with data visualisation, data management, advanced analytics, Big Data and machine learning capabilities.