Netcore Solutions Private Limited, a pioneer in SaaS-based Multi-Channel Marketing Automation and Personalisation, today announced the completion of an Employee Stock Ownership Plan (ESOP) buyback for its past and existing employees.
Employees were given the opportunity to encash a major portion of their stock options. This buyback exercise has been a welcome wealth creation opportunity for Netcore employees, boosting personal liquidity and employee morale. The buyback saw a return of upto 250 times for employees, depending on the price at which they were given the options. In a parallel exercise, Netcore’s holding company also completed a buyback scheme of shares held by current and ex-employees.
This extremely rare buyback scheme, particularly in the SaaS space, has delivered one of the largest returns ever seen in the history of private companies in India. It also reinforces Netcore’s stance on employees being equal stakeholders in Netcore’s evolving growth story.
Kalpit Jain, Group CEO of Netcore Solutions, stated, “Netcore has built a unique growth model centred around 3 elements: profitable growth, long-term focus, and extreme employee-centricity. These three aspects have enabled us to create a high-growth, high-performance organisation which has consistently delivered exceptional value to all our stakeholders, including our employees.”
Added Kalpit, “Being profitable for the past 10 years, Netcore is 25% owned by its employees. While every company has to be customer-centric to thrive, there are few that are employee-centric at this scale – both in terms of ownership in the company and delivering wealth creation. We aim to continue to grow our email and marketing automation business globally by 30-40% in the years to come, thus continuing to deliver high returns to our employees.”
He concluded by saying “Netcore is driven by long-term objectives and exhibits an ‘infinite mindset’, a concept underscored by management guru, Simon Sinek.”
About Netcore Solutions
Netcore Solutions is a global Marketing Technology company that offers solutions to help brands and enterprises in customer acquisition, engagement, and retention. The first and leading Marketing Automation, Analytics and AI/ML solutions provider in India, Netcore was established in 1998 by Rajesh Jain, an Internet pioneer. Netcore’s product suite includes Smartech and Pepipost. Smartech is an AI-powered growth marketing platform. Pepipost is an API based Email delivery platform.
Netcore serves a strong base of 5000+ enterprises across industry verticals, like Thomas Cook, GoAir, Cleartrip, HDFC, Kotak, Axis Bank, ICICI Bank, MakeMyTrip, Lenskart, Swiggy, Myntra, Dream11, Reliance, Vodafone, ITC, OLA, Pfizer along with International brands PizzaHut Malaysia, Malindo Air, Philippine Airlines, Seek Asia, Tokopedia, Standard Chartered, FCMB, GT Bank and many more. Netcore with its innovative marketing technology, delivers 8+ Billion emails & 3+ Billion SMS’s a month, creating 11+ Billion Customer Connects monthly and handles 50+ Billion Events a month. Netcore is headquartered in Mumbai, India with offices in SEA, USA, MEA and an employee base of 550+.