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Simplilearn completes first-ever ESOP buyback worth Rs. 48.74 cr

12:39 PM Nov 30, 2021 | FPJ Web Desk

Simplilearn, Online Bootcamp for digital economy skills training, today announced its first-ever Employee Stock Option Plan (ESOP) buyback worth Rs. 48.74 crore. The buyback was undertaken as part of the recent investment by Blackstone earlier this year.

ESOP buyback

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The company had offered active employees to liquidate up to 25 percent of their vested ESOPs as part of this buyback. 65 percent of the active employees with ESOPs liquidated their options as part of this buyback process.

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The company said it rewarded all these employees with additional new ESOPs for their continued contribution to its growth.

Hiring plans

Deriving over 60 percent of business currently from international markets, Simplilearn is on an aggressive growth path and is further strengthening its global team. This hiring includes the recent addition of Deborah Quazzo to the company’s board of directors and the appointment of Saurabh Arya as the Vice President- Simplilearn Enterprise, with many others joining in the next few months.

Krishna Kumar, Co-Founder and Chief Executive Officer, Simplilearn, said, “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. We are happy to be able to remunerate our employees for their contribution with the buyback. This also provides a great chance to create wealth, given that we also issued new, additional ESOPs for the future.”

He added, “We look forward to expanding our offerings and the corresponding employee base significantly over the next couple of months. With enterprise and university partnerships in the pipeline, in both India and globally, we foresee a significant boost in Simplilearn’s business.”

Simplilearn’s programs 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.

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