One of Greater Cincinnati’s largest IT firms is handing over full ownership of the company to its employees. Covington’s Tier1 Performance Solutions announced Sept. 13 that it completed a transaction to transition the company to a 100 percent employee-owned firm.

The transaction implements an Employee Stock Ownership Plan in which the founders of Tier1 will sell and transfer stock to a qualified retirement trust that will distribute stock annually to each eligible employee. The current management and operating structure will remain intact. “This transition allows everyone across Tier1 to participate in the benefits of ownership in a way that aligns with the culture we have created since the beginning,” co-founder and CEO Greg Harmeyer said in a news release.

Read more: One of Greater Cincinnati’s largest IT firms, Tier1, is now employee-owned – Cincinnati Business Courier