Amagi expands its ESOP pool to $128 Mn

Media SaaS technology platform Amagi has expanded its employee stock option and stock appreciation rights by adding fresh options. The development comes soon after the announcement of the buyback of shares from founders and employees by the Bengaluru-based company.

The board of Amagi has passed a special resolution to stretch its ESOP options and SARs right by 1,47,528 and 15,000 respectively, a regulatory filing filed with the registrar of companies shows.

The Accel-backed company already has an ESOP and SAR pool of 5,46,168 options which has now been increased to 7,08,696 after adding new options.

As per Fintrackr’s estimates, the fresh options for Amagi are worth Rs 234 crore or $30 million, whereas the total value of the company’s ESOP and SAR pool is worth around Rs 1,020 crore or $128 million.

In April, Amagi bought back 76,533 equity shares worth 91.8 crore or $12 million from its founders and employees. The company also turned unicorn this year after a $95 million round from Accel, Norwest Venture Partners and Avataar Ventures at a valuation of more than $1 billion.

Amagi provides a complete suite of solutions for content creation, distribution, and monetization. Amagi clients include ABS-CBN, A+E Networks UK, beIN Sports, CuriosityStream, Discovery Networks and Fox Networks among others.

The company claims to support over 650 content brands, more than 800 playout chains and over 2,000 channel deliveries on its platform in over 40 countries. In terms of revenue, US is the largest market for the Baskar Subramanian-led company.

While Amagi did not disclose revenue numbers for FY22, the company’s revenue from operations grew 2.3X to Rs 219.3 crore during FY21 from Rs 96.1 crore in FY20. Coupled with positive margins and a surge in collections, it managed to post a net profit of Rs 20.7 crore during FY21 as compared to Rs 18.7 crore loss booked in the preceding fiscal year.