Netcore Solutions Private Limited announced the completion of an Employee Stock Ownership Plan (ESOP) buyback for its past and existing employees.
Employees were given the opportunity to encash a major portion of their stock options. This buyback exercise has been a welcome wealth creation opportunity for Netcore employees, boosting personal liquidity and employee
The buyback saw a return of up to 250 times for employees, depending on the price at which they were given the options. In a parallel exercise, Netcore’s holding company also completed a buyback scheme of shares held by current and ex-employees.
This extremely rare buyback scheme, particularly in the SaaS space, has delivered one of the largest returns ever seen in the history of private companies in India.
It also reinforces Netcore’s stance on employees being equal stakeholders in Netcore’s evolving growth story.
Kalpit Jain, Group CEO of Netcore Solutions, stated, “Netcore has built a unique growth model centered around 3 elements: profitable growth, long-term focus, and extreme employee-centricity.
These three aspects have enabled us to create a high-growth, high-performance organization that has consistently delivered exceptional value to all our stakeholders, including our employees. “
Added Kalpit, “Being profitable for the past 10 years, Netcore is 25% owned by its employees. While every company has to be customer-centric to thrive, there are few that are employee-centric at this scale – both in terms of ownership in the company and delivering wealth creation.
We aim to continue to grow our email and marketing automation business globally by 30-40% in the years to come, thus continuing to deliver high returns to our employees.”
He concluded by saying “Netcore is driven by long-term objectives and exhibits an ‘infinite mindset’, a concept underscored by management guru, Simon Sinek.”