, a leader in Digital Adoption Solutions ("DAS"), today announced it has implemented an employee stock ownership plan (ESOP) buyback of $4.3 million (Rs. 32 crores) for its employees.
Valuing the hard work put in by employees through the company's growth journey, Whatfix is granting them the option to liquidate up to 35% of their vested ESOPs. This is the first buyback by the company where over 80% of the eligible 175 employees have chosen not to liquidate their vested shares, thereby, reinforcing their trust in the future of the company.
Both current and former employees will be able to avail the value of shares at the series D, non-discounted valuation of the company.
Commenting on the development, Khadim Batti, Whatfix CEO and Co-founder said, "Today, Whatfix is a leading Digital Adoption Platform (DAP) and this success is a result of the amazing work done by our employees. Even as the world experienced unprecedented challenges, our employees managed to turn this period into one of the strongest times for us. It is important that as we continue to grow, our employees grow along with us. Through this ESOP buyback, we are thanking and rewarding our employees for their continued faith in our success."
Whatfix recently announced the close of its series D fund, raising $90 million in a funding round led by SoftBank Vision Fund 2*, with participation from Eight Roads Ventures, Sequoia Capital India, Dragoneer Investment Group, F-Prime Capital and Cisco Investments. The company has experienced hyper-growth over the last two years, with revenue and headcount tripling and opening three new offices in the United Kingdom, Germany and Australia. Whatfix currently has 500 employees across six global offices.
Whatfix is a Digital Adoption Solution that disrupts Application Training, Learning, and Support content by providing Contextual, Interactive, Real-Time, and Autonomous user guidance - driving additional adoption and productivity gains. Whatfix has a proven record of increasing employee productivity by 35%, reducing training time and costs by 60%, reducing employee case tickets by 50% and increasing application data accuracy by 20%. Whatfix is based in San Jose, San Francisco, London, Melbourne, Sydney and Bangalore.
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*As of the date of this press release, SoftBank Group Corp. has made capital contributions to allow investments by SoftBank Vision Fund 2 ("SVF 2") in certain portfolio companies. The information included herein is made for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy limited partnership interests in any fund, including SVF 2. SVF 2 has yet to have an external close, and any potential third-party investors shall receive additional information related to any SVF 2 investments prior to closing.
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( With inputs from ANI )
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