Edtech startup Simplilearn completed its first Employee Stock Option Plan (ESOP) buyback worth $6.4 million. The buyback was undertaken as part of private equity firm Blackstone’s $250 million investment in Simplilearn.
Simplilearn is a digital upskilling platform that caters to everyone from college students and early career professionals to managers, executives, small businesses, and large corporations. As part of the buyback, the company offered active employees the opportunity to liquidate up to 25% of their vested ESOPs. As part of the buyback process, 66% of active employees with ESOPs liquidated their options. In addition, the company rewarded all of these employees with additional new ESOPs for their continued contributions to the company's growth and for their assistance in establishing Simplilearn as the World's No. 1 Online Bootcamp