Datanility Solutions Inc, which operates marketing platform iZooto, announced a buyback plan for employee stock options plan (ESOPs) worth $1.35 million (around Rs 10 crore) for its current and former employees.
The buyback is valued at 40 times the issue price.
The company said that 40% of iZooto’s employees with vested options will be eligible to participate in this process. The qualifying ESOP holders will be allowed to liquidate up to 25% of their vested units based on a specified scheme, the company said in a statement.
iZooto said its ESOP plan had helped the firm retain employees, allowing it to stay profitable for four consecutive years, including in 2020.
“iZooto’s employees have been the bedrock of our success from the very start. Our profitable growth over the last four years has only been possible because of the dedication, diligence, and passion of our entire team,” Neel Kothari, CEO of iZooto said.
Founded in 2016 by Neel Kothari, Vivek Khandelwal, Shrikant Kale, and Sachin Grover, iZooto helps publishers own, engage, and retain their audience. The start-up claims to work with over 1100 publishers across the world to push approximately 200 billion notifications each month.
The platform’s clients have a presence in countries including India, Thailand, Malaysia, Indonesia, and the Philippines.
This year has witnessed many companies allowing their staff to liquidate their employee stock ownership plan (ESOP).
Last month, Fashnear Technologies, which operates social commerce platform Meesho, announced a $5.5 million (Rs 40 crore) ESOP program to buy back the vested stocks from eligible employees, both current and former.
In August, Bengaluru-based health and fitness platform HealthifyMe announced Rs 90 crore ($12 million) liquidity to almost 100 current and former team members.
Many other tech-focused companies like Locus, Moglix, Flipkart, upGrad, Whatfix, and Unacademy have also set up ESOP buyback events this year.