Simplilearn, the online bootcamp for digital economy skills training, announced its first-ever employee stock options plan (ESOP) buyback worth Rs 48.74 crore. It had launched its ESOPs plan back in 2012, and therefore, this seemed to be the right time to offer liquidity and help employees create wealth.
Active employees were allowed to liquidate up to 25 per cent of their vested ESOPs, and about 65 per cent of the active employees with ESOPs have opted to liquidate their options as part of this buyback process.
These employees were also rewarded with additional new ESOPs for their continued contribution to the Company’s growth.
The buyback was undertaken as part of the investment by Blackstone earlier this year.
With more than 60 per cent of business from international markets, Simplilearn is growing aggressively and is trying to strengthe its global team. It is hiring leaders across all levels in the India and the US markets.
Krishna Kumar, co-founder and chief executive officer, Simplilearn, revealed that “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”.
Kumar looks forward to “to expanding our offerings and the corresponding employee base significantly over the next couple of months.”
Simplilearn’s programmes — co-created with leading universities such as MIT and Caltech and industry partners such as IBM, Microsoft Azure and Facebook — span all essential digital skills such as AI, data, full-stack, cloud, and digital marketing and across 30+ critical digital economy roles in an enterprise, with comprehensive learning paths.