PUNE, India and SANTA CLARA, Calif., Oct. 8, 2023 /PRNewswire/ — Persistent Systems (BSE: PERSISTENT) (NSE: PERSISTENT), a global leader in Digital Engineering services, today announced the extension of its Employee Stock Option Plan (ESOP) to a large section of its global employee base. Persistent’s employees have been foundational to the Company’s success, and the ESOP will reward them for the resilience they have shown during the last two years. Approximately 80% of employees are expected to be covered under this plan.
Considering the positive outcome expected out of the broader participation and sense of ownership by employees, we believe that the expense from the ESOP, which will be in the range of 70-80 bps, would be largely offset over time. The plan is in accordance with the approvals received from shareholders in July 2023.
Sandeep Kalra, Chief Executive Officer and Executive Director, Persistent Systems
“We acknowledge our employees’ hard work and dedication that has been the bedrock of our industry-leading growth and shareholder returns over the past several quarters. We are pleased to offer our global employees the opportunity to participate in this ESOP, thereby providing them the opportunity to participate in the value created for our shareholders as co-owners in the Company. We are confident this gesture will further our employee commitment to the organization’s success and be value accretive in the long term for our various stakeholders.”
Anand Deshpande, Founder, Chairman, and Managing Director, Persistent Systems
“In our 30+ year history, Persistent’s culture has been committed to supporting the career growth and aspirations of our team. This announcement reiterates our commitment to inclusivity and shared access to long-term financial benefits for our global Persistent team.”
About Persistent
With over 14,500 employees located in 18 countries, Persistent Systems (BSE: PERSISTENT) (NSE: PERSISTENT) is a global services and solutions company delivering Digital Engineering and Enterprise Modernization. Persistent was named to the Forbes Asia Best Under A Billion 2023 list, representing consistent top- and bottom-line performance as well as growth.
www.persistent.com
Forward-looking and Cautionary Statements
For risks and uncertainties relating to forward-looking statements, please visit persistent.com/flcs/
Media Contacts
Emma Handler
Persistent Systems (Global)
+1 617 633 1635
[email protected]
Manohar Dhanakshirur
Archetype
+91 750 644 5361
[email protected]
SOURCE Persistent Systems
