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FarEye announces $1.22 million ESOP buyback programme

FarEye plans to execute the buyback of vested ESOPs using its cash reserves.

January 31, 2022 / 06:58 PM IST
Representative image

Representative image

Software-as-a-service firm FarEye on Monday announced a buyback programme worth $1.22 million for employee stock ownership plan (ESOP) holders.

This liquidation comes on the back of a $739,000 ESOP liquidation that the company offered in December 2020 to reward its employees.

"Our people are our greatest asset and their hard work and dedication have 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,” FarEye CEO Kushal Nahata said in a statement.

FarEye plans to execute the buyback of vested ESOPs using its cash reserves.

"Under this liquidation, eligible employees have the opportunity to liquidate a fixed proportion of their vested ESOPs for a combined value of $1.22 million."

"There has been no distinction made between present and past employees, as the company looks to acknowledge the contribution of all members of the FarEye family in their journey,” the statement said.

The company has over 700 employees across the globe and has plans to increase its employee strength to over 1,000 this year.

"In the last year, the number of ESOP holders jumped more than 400 per cent to over 200 employees, a number that is expected to grow rapidly,” the statement said.

Last year, FarEye raised $100 million in Series-E funding.

The company has five global offices from where it handles over 150 customers across more than 30 countries.

first published: Jan 31, 2022 06:58 pm