TAC Infosec Gets Board Approval To Roll Out New ESOP Plan

SUMMARY

The startup did not disclose the amount of stock options that will be granted under the scheme

TAC Infosec said it will now conduct a postal ballot to seek shareholders’ nod for the implementation of ESOP 2024

Alongside this development, the startup also announced that it has added over 500 new clients from 50 countries in Q1 FY25

SaaS cybersecurity startup TAC Infosec has secured approval from its board for the formulation, adoption and implementation of a new employee stock option plan (TAC ESOP 2024).

However, the startup did not disclose the amount of stock options that will be granted under the scheme.

In an exchange filing on Wednesday (July 31), TAC Infosec said it will now conduct a postal ballot to seek shareholders’ nod for the implementation of ESOP 2024.

“At TAC Security, it’s best time to reward team members working for company’s vision for many years, our employees are our greatest asset .. we are confident that this initiative will drive innovation and excellence, ensuring TAC Security remains at the forefront of the cybersecurity industry,” said Trishneet Arora, founder, chairman and CEO of TAC Infosec.

Shares of TAC Infosec were trading at INR 522 at 1.15 PM on the NSE today, up 1.56% from the previous close.

Alongside this development, the startup also announced that it has added over 500 new clients from 50 countries in Q1 FY25.

Autodesk, Salesforce, Zoominfo, Dropbox, Blackberry, Xerox, Brady Corporation, FAO of United Nations, FUJIFILM, CASIO, Nissan Motors, Juspay, One Card, Zepto, and MPL Gaming were among the new clients that were added.

Besides this, the company also aims to increase its global headcount going ahead with acquiring 10,000 customers globally.

It is pertinent to note that TAC Infosec made its stock market debut on April 5, listing at INR 290 which is a premium of 173.6% on its issue price of INR 106 on NSE.

The IPO constituted a fresh issue component of 28.29 Lakh equity shares and its price band was set in the range of INR 100-106 per share.

Founded in 2016 by Trishneet Arora, the startup offers risk-based vulnerability management and assessment solutions, and other SaaS cybersecurity solutions to enterprises and small businesses.

On the financial front, TAC Infosec posted a net profit of INR 6.33 Cr in the financial year 2023-24 (FY24), a 23% jump from INR 5.12 Cr in FY23. For the same period, its operating revenue zoomed 17% to INR 11.84 Cr from INR 10.09 Cr in FY23.