SaaS platform provider in the logistics space, FarEye has announced liquidation for Employee Stock Ownership Plan (ESOP) holders. The ESOPs buyback is worth $1.22 million. This is the Company’s second buyback and largest to date. It will use its cash reserves for this buyback exercise.
FarEye launched the revised ESOP in 2021, with an aim to become more employee friendly and democratise ESOP grants for a significant section of its 700+ employees, globally. The Company claims that the number of stock holders jumped more than 400 per cent last year, as more than 200 of its employees now hold a stake in the company.
Eligible employees will have the opportunity to liquidate a fixed portion of their vested ESOPs for the aforementioned combined value of $1.22 million. No distinction has been made between present and past employees in this liquidation.
Commenting on the programme, Kushal Nahata, CEO, FarEye, said, “Our people are our greatest asset and their hard work and dedication has enabled us to grow rapidly over the past year. This ESOP is our way of showing our gratitude and in turn, making our employees become partners in our success. We are dedicated to cultivating the same healthy, supportive environment as we plan to expand our team further in 2022.”