Global data analytics and engineering firm, TheMathCompany recently announced its ESOP buy-back programme for its employees. The buy-back is worth Rs. 93.2 crores, and 20 per cent of the Company’s existing workforce holds ESOPs at the moment.
As a part of the programme, there are no restrictions in employees offering up to 100 per cent of their vested options with the value having increased significantly in the past two years. The co-founders will continue to hold the majority stake in the company at this point, moving forward.
Earlier this year, the firm had secured a funding of $50 million from Brighton Park Capital, a private equity firm that specialises in collaborating with growth-stage software, healthcare, and tech-enabled services businesses. With the funding, they are aiming to double the current employee count by hiring over 1000 employees across various functions in this fiscal year.
Speaking on the announcement, Sayandeb Banerjee, co-founder and CEO, TheMathCompany says, “Our employees will continue to play a pivotal role in MathCo.’s growth journey, as we strive to become the world’s largest problem-solver. ESOPs form a critical part of the employee value proposition, where more than 20 per cent of our workforce currently holds them. We are delighted to offer our employees an avenue for wealth creation through the buy-back programme. We will continue to offer ESOPs to employees with high potential across the organisation, irrespective of seniority and role.”
The firm currently employs over 1000 data scientists, data engineers and visualisation experts.