HADLEY — After more than two years of strategic planning, in a deal valued at approximately $1.6 million, Paragus IT announced that its employee stock-ownership plan (ESOP), which distributes ownership of 40% of the company to its 40-plus employees, is officially a go.
“There has been a lot of celebration around here,” said Paragus CEO Delcie Bean. “While this is an announcement we have all been anticipating for over two years, the time seems to have only contributed to the excitement.”
While there have been a few recent high-profile ESOPs, including Harpoon Brewery and Chobani Yogurt, they are still fairly uncommon. What makes the Paragus ESOP especially unique are the reasons behind it. ESOPs are traditionally formed after the company has fully matured and when a major shareholder is looking to exit. For Paragus, it’s about fueling future growth by giving everyone a direct stake and a personal investment in the future of the company.
“I knew this was the right decision for myself and for Paragus because Paragus is a company that owes 100% of its success to the hard work of its incredible employees, or partners, as I like to call them,” Bean said. “As the only shareholder, I knew that anything I could do to further that spirit and attract new talent would be a sound investment. That’s why it made sense to give everybody some skin in the game. Now they aren’t just growing a company, they’re growing their company. Which means Paragus is here to stay, and we’re only getting bigger.”
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