Artel Video Systems, a provider of video and media transport gear and software, said it became an employee-owned entity effective Oct. 1, 2014, via the creation of the Artel Video Systems Corporation Employee Ownership Trust.
The Trust was formed as an Employee Stock Ownership Plan (ESOP). Artel noted that there are currently more than 9,000 active ESOPs in the U.S.
"Since I became president of Artel, it has been clear that the company's strength is its unique combination of talented, experienced, and dedicated employees. Also, it is well documented that broad-based employee ownership enhances a company's financial performance while dramatically improving all of its customer satisfaction metrics," said Richard Dellacanonica, Artel’s president and CEO, said in a statement.