An ESOP in an IT company? Since 2010, this small company located in Kitchener-Waterloo, has been providing full-service IT solutions and management consultation for its clients. Partners, Kevin Puloski and Cedric Puddy had kicked around shared ownership from the company’s conception, but the timing never seemed right. The pandemic brought this into focus. With today’s announcement, Pund-IT is one of very few IT companies in the region offering their employees a shot at ownership.
“What do you do when you have a mature company, with young blood and a solid future? You share it. As leaders we want to keep our employees invested, recognize their hard work and be ready for new adventures. This plan is the right move,” said CEO, Kevin Puloski.
“As a service organization, Pund-IT’s business is people, and the relationships our employees build with our clients. These folks have done a lot to build the company and they should be our succession plan,” added Cedric Puddy.
The current ESOP offers ownership to three critical employees, Rosita Deodat-Kong, Piotr Klusek and Wayne LeDrew. When asked what they each hoped for Pund-IT in the next five years, it was a resounding “Growth. Growth. Growth.”
Wayne first met Kevin and Cedric over 4 years ago when they looked at entering a team into a drone racing competition. While Pund-IT never ended up competing, Wayne saw how fun the company was and jumped on the next job posting. He’s never looked back.
Fortunately for Pund-IT the pandemic presented a big opportunity to deepen client relationships and grow the company. “So many organizations weren’t ready for a remote workforce. We’ve been busier than ever supporting our clients with the shift.” shares Wayne.
Both Piotr and Rosita joined the company after their respective internship placements. When asked about the opportunity, Piotr shared “I feel like I’ve been accepted into the Pund-IT family at a higher level. I’m excited to sit at the ownership table.”
After 10 years with the company Rosita knows the long road it took to get here. “Kevin and Cedric are amazing mentors for their staff. The ESOP is a big deal. It’s been a goal since they started the company and it’s a big win for all of us.”
Not many businesses would consider sharing their profits during such an unstable time, but sometimes the precariousness of life serves as reminder to what’s important. People are looking inward and focusing on taking care of their families. It appears Pund-IT is doing the same.