Shares scheme gives full Opencast team a stake in future business success

Independent technology consultancy Opencast has launched a radical new share options scheme to give its entire team a stake in the future success of the business.

The move will see Opencast’s founders Charlie Hoult and Mike O’Brien – both 50% shareholders until this point – effectively give away a third of their shares to colleagues.

Unlike other company share options schemes, Opencast’s new enterprise management incentive (EMI) scheme intends to give all of its people – not just its senior managers – a stake in the business. It aims to reward loyalty, career progression and the growth of the business – as well as preserve the independence of Opencast as it grows.

Newcastle-headquartered Opencast is issuing share options to all its staff – in exchange for a nominal payment of a fraction of a penny per share – in the coming month.

Opencast is on an ambitious growth trajectory that has already seen it increase its revenues 55% in the past year, reaching 200 staff this year. To meet growing and increasingly complex client needs, Opencast aims to have a team of 500 by 2025, with revenues of £50m.

Big statement for whole team

At present rates of growth, by 2025 the share options will be worth around a year's take home pay to each and everyone working at Opencast today – assuming those people stay in the scheme and take up their share options.

Opencast co-founder Charlie Hoult said: “We are delighted to have received the official HMRC approval that our scheme needed. This isn’t the slim slice many companies fanfare as empowering colleagues – we hope we are making a big statement for the whole team to share in the growth of Opencast. It’s central to our ‘good team work’ culture.

Co-founder Mike O’Brien said: “Charlie and I started the Opencast business 10 years ago with a mission to challenge the traditional consulting model, by putting our people at the heart of all our thinking. From our start-up through to today, we have lived and breathed that mission. Rather than giving venture capitalists a stake, we’re giving our own team priority so that we can stay staunchly independent.”

Unveiling the scheme this week, Opencast chief executive Tom Lawson said: “We value the hard work of our people – and we want them to stay with us for the long term. By offering our people the chance of a future stake in our business - we hope they feel incentivised to contribute fully.”

Tom added: “Opencast’s EMI scheme is entirely in line with our vision and mission for the business: potential made powerful. Share options are the cherry on the icing on the cake – because we’re supporting our team with great career development, top-end salaries and fascinating tech work, like our recent support for HMRC in helping build its online pandemic services.”