Synaptic, an alternative data insights company that provides actionable insights to global investment firms, has announced an ESOP buyback worth $1 million for its employees. Over the next one year, Synaptic has plans to expand its footprints across more markets and geographies and focus on doubling its current headcount in the next year and a half.
Through this initiative, Synaptic is attempting to reward employees for their hard work and contribution to the organisation’s success, and also for their continued confidence in Synaptic’s future.
This will be the Company’s first such buyback initiative ever since it was conceived and established by Anurag Abbott and Rohit Razdan, in 2016.
Anurag Abbott, co-founder, Synaptic, revealed that, “We have designed our ESOP programme to be best-in-class, with employee-friendly features such as an extremely long exercise period and monthly vesting to reflect this intent. We strongly believe that the best is yet to come for Synaptic and our fellow Synapticans.”
The employees are excited too, especially those who have been with Synaptic for some time now.
The Synaptic platform is used by global venture capital and private equity firms, hedge funds, and asset managers across markets in the US and the UK.
The firm has recently managed to obtain funds worth $20 million in a Series B funding round led by Valor Equity Partners.
Previously, the startup had raised $6 million in seed and Series A funding from Ribbit Capital, Felicis Ventures, and Vy Capital Management.