look news india
Indian-origin businessman Jyoti Bansal achieved great financial success for his employees by adopting a unique strategy. Nearly 400 employees of Bansal's startup AppDynamics have become millionaires today. It all happened in 2017 when Bansal got an interesting offer. Cisco offered to buy his company for $3.7 billion. This offer has come at a time when AppDynamics' IPO was about to be launched in just four days.
money received by employees
Taking advantage of this opportunity, Bansal decided to sell his company and decided that this would bring huge financial benefits to the employees. After his move, about 400 employees will get at least $ 1 million from their shares.
Reason behind selling the company
46 year old Bansal gave many reasons behind selling his company. The primary reason was that AppDynamics' products fit well with Cisco's portfolio. In addition, he also looked at the financial and cultural impact of the deal on the company's 1,200 employees. Bansal also assessed that if AppDynamics were to go public, it would need three to four years of strong performance to achieve a market capitalization of $3.7 billion. Considering the risks involved, he decided that by selling the company to Cisco, he would be able to ensure the financial stability of his employees.
Life changing step for employees
When the company was sold to Cisco, there was a wave of happiness among the employees. Zscaler founder and CEO Jai Chaudhary, who previously worked at AppDynamics, said people at the company were extremely excited. He had never imagined such a huge amount. Many people bought new houses and new cars. I remember one guy who took six months off, rented an RV and traveled across the country. Bansal has now moved on from AppDynamics and has co-founded two new software companies, Harness and Traceable, which were valued at $3.7 billion in 2022, indicating his continued success.