Mumbai-headquartered software testing platform BrowserStack has launched a $125 million employee stock ownership plan (ESOP) buyback programme, providing liquidity to its employees and early investors.
Under the latest buyback, nearly 500 current and former employees will be eligible to sell their shares back to the company. Around half of the total buyback amount has been earmarked for employees, while the remaining portion will be allocated to early backers, including Accel. With this round, BrowserStack’s total capital returned to shareholders across three buyback programmes will rise to approximately $275 million.
The company had previously executed ESOP buybacks worth $50 million in September 2021 and another programme in February 2021. BrowserStack became a unicorn in June 2021 after raising $200 million in a Series B round at a $4 billion valuation.
Founded in 2011, BrowserStack offers cloud-based testing tools that allow developers and QA teams to test websites and mobile applications across multiple browsers, devices, and operating systems. The company serves global customers and operates offices in Mumbai, San Francisco, New York and Dublin.
BrowserStack claims to run over two million tests daily across 17 global data centres and has expanded its capabilities through acquisitions, including Requestly and Berlin-based Bird Eats Bug.
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