Logistics management platform FarEye on January 7 informed that it has started the New Year 2021 with the announcement of an ESOP liquidation programme for its employees for the first time.
Under the scheme, eligible employees can liquidate up to 35 percent of their vested ESOP shares, the company said in a statement. FarEye has announced the distribution of $739,000 to liquidate eligible ESOP options under this programme.
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FarEye raised $37.5 million in Series D funding to expand its intelligent logistics management platform used by firms such as DHL, Walmart and Amway. FarEye made a total of $50 million in investment so far.
"2020 has been a tough year for all of us. The liquidation programme is a reciprocation for the hard work of our employees. It is a small way of saying Thank you to the team as they have been working day in and day out from their homes. We announced this liquidation to make employees partners in our success and to ensure they are able to create wealth for themselves and their families. The team has been able to generate significant liquidity for themselves, which gives us immense happiness & satisfaction," FarEye CEO Kushal Nahata said.
"With this programme, we will be able to reward our most important asset - our employees whose talent and perseverance helped us become a Great Place to Work for the second time in a row in 2020. We are looking forward to expanding our team with exceptional talent in 2021 and will continue to roll-out programs with similar benefits," he added.
The logistics orchestration platform enables brands to orchestrate, track, and optimise their logistics operations, while its machine-learning-based platform empowers global enterprises to shrink delivery time by up to 27 percent, increase courier productivity by up to 15 percent, eliminate risks by up to 57 percent, and achieve operational excellence.