News Update

AI solutions startup Tredence announces its largest ESOP buyback programme worth $30 million

• ByStartupStory     |    February 13, 2023

Data science and AI solutions startup Tredence has announced its largest ESOP buyback programme worth $30 million (Rs 240 crore) on the heels of its Series B round.

Tredence is a global data science solutions provider focused on solving the last mile problem in AI. The ‘last mile’ is the gap between insight creation and value realisation.  The company embraces a vertical-first approach and an outcome-driven mindset to help clients win and accelerate value realisation from their analytics investments.

The buyback will include over 270 employees globally. Eligible employees will participate in the repurchase and liquidate 40% of their vested ESOP units, Tredence said in a press release. The company announced its first stock buyback in March last year.

“Tredence embraces a transformative leadership framework we call ACE: Advisor to the Customer, Coach-Captain to the Team and Entrepreneur to the Business. The framework aims to institutionalise a ‘Founder’s Mindset’ among employees that provides an exploratory environment for bold innovation. The buyback program will recognize and reward employees who strive every day to make Tredence the most indispensable analytics company on the planet,” said Shub Bhowmick, Chief Executive Officer & Co-founder, Tredence.

Tredence currently employs 2,000 people, with 80% of the workforce in India. By the end of 2023, the company plans to expand its workforce to 3,000. Nearly 700 new employees will be hired in India. Additionally, the expansion will create jobs in North America, Canada and the UK. The company also plans to open a near-shore delivery centre in Latin America.

In 2022, Tredence doubled its revenue while raising $175 million in Series B funding from Advent International to strengthen vertical capabilities and reach a broader customer base.

 

 

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