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Digital Adoption Platform Whatfix implements ESOP buyback of $4.3 million

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Whatfix, a B2B digital platform solution provider announced that it has implemented an employee stock ownership plan (ESOP) buyback of $4.3 million for its employees. Whatfix is a software-as-a-service platform that offers in-app guidance and performance support for web applications and software products.

Whatfix assists businesses in developing interactive walkthroughs that appear within web applications. According to the company, Whatfix is giving employees the option to liquidate up to 35 percent of their vested ESOPs. This is the company's first buyback, and more than 80% of the eligible 175 employees have chosen not to liquidate their vested shares. Current and former employees will be able to obtain the value of their shares at the company's series D, non-discounted valuation.

“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,” says, Khadim Batti, Whatfix CEO and Co-founder.

Whatfix recently announced the completion of its series D fund, which raised $90 million in a round led by SoftBank Vision Fund 2 and included participation from Eight Roads Ventures, Sequoia Capital India, Dragoneer Investment Group, F-Prime Capital, and Cisco Investments. Over the last two years, the company claims to have tripled its revenue and headcount while opening three new offices in the United Kingdom, Germany, and Australia.

Whatfix currently employs 500 people in six global offices. Furthermore, Whatfix claims to have a proven track 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%.

The headquarters of the company are in San Jose, San Francisco, London, Melbourne, Sydney, and Bengaluru.