Edtech platform Simplilearn has announced its first-ever Employee Stock Option Plan (ESOP) buyback worth Rs 48.74 crore.
The buyback was undertaken as part of the investments by Blackstone earlier this year, while its early investors Kalaari Capital and Mayfield exited.
The company offered its current employees to liquidate up to 25 percent of their vested ESOPs as part of this buyback. The Bengaluru-based company said that 65 percent of the active employees with ESOPs liquidated their options as part of this buyback process and also rewarded all these employees with additional ESOPs.
Simplilearn has strengthened its team after recently onboarding Deborah Quazzo to the company’s board of directors and the appointment of Saurabh Arya as the Vice President – Simplilearn Enterprise and many others joining over the next few months.
“Having launched our ESOPs plan in 2012, this was an ideal time to offer liquidity on the same. For many of our employees, this was their first opportunity in their professional lives to own or liquidate ESOPs,” Krishna Kumar, Co-founder and Chief Executive Officer, Simplilearn, said.
“We look forward to expand our offerings and the corresponding employee base significantly over the next couple of months. With enterprise and university partnerships in the pipeline, both in India and globally, we foresee a significant boost in Simplilearn’s business,” he said.
The edtech start-up, which was founded in 2010, includes programs of digital skills such as artificial intelligence, data, full-stack, cloud and digital marketing and across over 30 critical digital economy roles in an enterprise, with comprehensive learning paths.
These programs are co-created with leading universities like MIT and Caltech and industry partners like IBM, Microsoft Azure and Facebook, ensuring the best learning outcomes. Simplilearn’s platform has learners from 400 of the Fortune 500 companies, said the company.