Netcore Cloud, a globally recognised Martech and CPaaS company, has granted $8 million to its employees as part of the ESOP Liquidation Program (ELP) in two years. The company has concluded a total of 2 ELPs so far, with the previous one being in 2019. The most recent one was during Diwali earlier this month, when 250+ employees were eligible. This second edition of ELP saw a 60 percent higher value per share than the first one.
Netcore Cloud introduced its ESOP program in 2006. Presently 48 percent of the Netcorians are part of this program which includes employees across all levels. With the reinfusion of the cash-settled ESOP, the company has ensured 25 percent of Netcore Cloud holding remains with employees for wealth creation, a number that has stayed constant over the years. The scheme has been instrumental in enabling the organisation to attract, encourage, retain, and motivate employees.
Commenting on the liquidity program, Bhavana Jain, Chief Human Resource Officer at Netcore Cloud, said, “We have witnessed phenomenal growth trajectory, especially in the last three years at 35-40 percent Y-O-Y. We are proud that our ESOP has resulted in 400X value appreciation for Netcorians. As we prepare for an IPO in the next 18 months, our employees will be able to reap $100 million as part of the ESOP program”.
Netcore Cloud recently announced its plans to hire over 800 professionals to its already growing team of 700+ in India and global markets by 2022. The company will be strengthening its team across various departments – Engineering, Product, Pre-sales & Sales, Marketing, R&D, Customer Success, and Geographic Expansion towards its aspirations to strengthen its presence and drive market share in India and overseas.