Top 10 Cap Table Software in Australia for 2026

Q: Carta vs Cake Equity for an Aussie startup?

Carta is the default at Aussie VC-backed startups Series A and beyond because Aussie VCs (Blackbird, Square Peg, AirTree, OneVentures) are familiar with it and US-investor expectations push toward Carta. Cake Equity is the Aussie-built challenger with strong Aussie ESS reporting and AUD-native handling, common at pre-Series A and seed-stage Aussie startups not yet locked into Carta. Practical rule of thumb: pre-Series A or AU-only investors, Cake Equity often makes sense; Series A+ or US/global VC involvement, Carta is the path of least resistance. Migration from Cake Equity to Carta is straightforward; reverse migration is rare.

Q: How does cap-table software interact with ASIC notifications?

The Corporations Act 2001 s254X requires notification to ASIC of share issuances within 28 days using ASIC Form 484. Cap-table software (Carta, Cake Equity, Pulley) generates draft ASIC Form 484 from share-issuance events but typically does not file directly with ASIC; the company secretary or accountant files. ASIC also requires updated members register maintenance under Corporations Act s169. Foreign-investor share issuances may require Foreign Investment Review Board (FIRB) approval under the Foreign Acquisitions and Takeovers Act 1975 (typically above A$320M threshold for non-government investors, lower for sensitive sectors). ASX-listed entities have additional ASX Listing Rule 7 share-issuance restrictions.

Q: What was the Carta scandal?

In January 2024, Carta was publicly accused of using customer cap table data to broker secondary share sales without explicit disclosure to customers. Founders surfaced the practice through Twitter/X and LinkedIn (notably Karri Saarinen of Linear and others), and the issue went viral in the venture-backed founder community within 48 hours. CEO Henry Ward issued a public apology, and Carta announced it would exit the secondary trading business. Material customer migration to Pulley followed through 2024-2025. The product is still the most complete cap table platform, but the trust gap is real: for the first time in a decade, buyers should explicitly evaluate vendor data-handling policies (who at the vendor can see your cap table, under what circumstances, with what audit trail, and with what contractual restrictions on internal use) before contracting. This evaluation is no longer optional.

Q: Carta vs Pulley, which one in 2026?

Carta if you want the most complete cap table platform with the deepest feature set, largest installed base, mature 409A valuation services, and full IPO/post-IPO transfer agent integration, and you are comfortable doing the explicit data-handling policy evaluation post-2024. Pulley if you weight vendor trust heavily after the 2024 Carta scandal and want a modern Carta alternative with explicit data-handling policies, modern UX, founder-led culture (CEO Yin Wu), and strong feature parity for venture-backed startups through Series C. Most modern venture-backed evaluations in 2026 explicitly compare both. The decision often comes down to: stage (Pulley strongest pre-IPO; Carta deeper at IPO and beyond), feature requirements (Carta deeper on ESPP and 409A; Pulley closer to parity than any other independent vendor), and trust posture (buyers who weight vendor trust heavily increasingly choose Pulley).

Q: Cap table vs ESPP platform, what is the difference?

Cap table software handles share ownership records (who owns what, what class of shares, what vesting). Equity grant administration handles ISO/NSO/RSU issuance, vesting tracking, and exercise. ESPP (Employee Stock Purchase Plan) is a specific equity program for public companies allowing employees to purchase company stock at a discount through payroll deduction, it requires specialized administration including offering periods, lookback provisions, ASC 718 accounting, and post-IPO transfer agent integration. Most modern cap table platforms (Carta, Shareworks, Astrella) include ESPP modules. Pure ESPP-only platforms exist for public companies who already have transfer agent and cap table elsewhere. For pre-IPO companies, ESPP is typically not a near-term need; for public companies, ESPP is mandatory for any equity program offered to employees.

Q: How much should I budget for cap table software?

Pre-Series A (1-25 employees): $0-$2.4K/year (free tiers from Carta, Pulley, Eqvista, Ledgy, AngelList Stack; or paid Eqvista, Gust at low end). Series A-B (25-200 employees): $2.4K-$24K/year (Carta Build, Pulley Pro, Ledgy Growth). Series C-D (200-1,000 employees): $24K-$96K/year (Carta Scale, Pulley Enterprise, Ledgy Scale, Qapita Scale). Pre-IPO (500-5,000 employees): $80K-$400K/year (Carta Enterprise, Shareworks Standard/Pro, Astrella Standard/Pro). Public companies (5,000+ employees): $300K-$2M+/year (Shareworks Enterprise, Astrella Enterprise, Carta Enterprise). 409A valuation service fees are typically separate at $1.5K-$8K per valuation depending on stage.

Q: Should I do data-handling policy evaluation post-Carta scandal?

Yes. This is no longer optional in 2026. Specifically: (1) Ask in writing who at the vendor can see your cap table, under what circumstances, with what audit trail. (2) Ask for explicit contractual restrictions on internal use of your cap table data, particularly restrictions on use for secondary transaction brokering, fund product cross-sell, or competitive benchmarking. (3) Ask for SOC 2 Type 2 audit reports specifically reviewing internal access controls. (4) Negotiate a data-handling addendum to the contract specifying what the vendor can and cannot do with your cap table data internally. Pulley, Ledgy, and Qapita have all publicly addressed this; Carta has new policies post-scandal that should be reviewed against your specific use case. Shareworks and Astrella are bank/transfer-agent-anchored and their data-handling policies are governed by financial regulator frameworks (different threat model than venture-backed startup cap table software).

Q: How long does cap table software implementation take?

Pulley, Eqvista, Gust, AngelList Stack: 1-2 weeks for early-stage; 2-4 weeks for Series A-B with cap table migration. Carta: 2-6 weeks for early-stage; 1-3 months for late-stage with full ESPP and transfer agent. Ledgy: 2-6 weeks; 1-2 months for European multi-jurisdiction setups. Qapita: 2-6 weeks; 1-2 months for APAC multi-jurisdiction setups. Shareworks: 3-9 months for public companies (full ESPP + transfer agent + brokerage integration). Astrella: 3-9 months for public companies (transfer agent integration). Capdesk: 2-6 weeks for European startups. Plan implementation as a finance + legal + people-ops project, not just software setup, particularly for ESPP and post-IPO transfer agent which involve regulatory filings.

Q: How does this compare to your spend management and procurement rankings?

Cap table software is in the equity / corporate finance domain, distinct from spend management (procure-to-pay, expense management for operational spend, see [Top 10 Spend Management Software](/top-10-spend-management-software)) and contract management (CLM, see [Top 10 Contract Management Software](/top-10-contract-management-software)). Cap table integrates downstream with payroll (Rippling, Gusto, ADP, Workday) for equity grant tax and W-2 reporting, and with accounting (QuickBooks, NetSuite) for ASC 718 stock-based compensation accounting. Most modern startups run cap table (Carta or Pulley) + payroll (Gusto or Rippling) + accounting (QuickBooks or NetSuite) as the core financial stack. CLM and spend management are separate domains with different vendor lineups.

Australia verdict (TL;DR)

Verified 2026-05-24

Australian cap table software is dominated by Carta at Aussie VC-backed startups (Canva, Linktree, Immutable, SafetyCulture pre-IPO, Culture Amp, Employment Hero, Octopus Deploy, Go1, Airwallex, Athena Home Loans, Up Bank). Cake Equity is the Aussie-built challenger with strong AUD-native ESOP handling and ATO ESS reporting. Pulley grew quickly at Aussie pre-Series A startups since 2023. Ledgy serves Aussie SaaS expanding into Europe. Shareworks (Morgan Stanley) holds Aussie ASX-pre-IPO and listed company employee share schemes. Qapita is the Asia-focused pick at Aussie firms with Singapore or India operations. Eqvista, Astrella, Gust, AngelList Stack and Capdesk have smaller Aussie footprints.

Picks for Australia

Aussie VC-backed scale-up Series A to pre-IPO: carta Carta is the default at Aussie venture-backed startups (Canva, Linktree, Immutable, Culture Amp, Employment Hero, Octopus Deploy, Go1, Airwallex, Up). Strong investor familiarity, Aussie subsidiary ESS handling.
Aussie pre-Series A startup wanting cleaner cap table: pulley Pulley grew faster than expected at Aussie pre-Series A and seed-stage startups since 2023. AUD billing direct, faster onboarding than Carta for sub-A$10M cap tables.
Aussie ASX-listed or pre-IPO employee share scheme: shareworks Shareworks (Morgan Stanley at Work) holds Aussie ASX-pre-IPO and listed-company employee share scheme administration. Default for Aussie tier-1 employee share plans.
Aussie startup with Singapore, India or APAC entities: qapita Qapita is the Asia-focused pick with strong Aussie adoption at firms with Singapore or India operations. AUD billing, multi-jurisdiction cap-table handling.
Aussie SaaS expanding into Europe: ledgy Ledgy fits Aussie SaaS scale-ups expanding into EU and UK markets. Strong European tax treatment plus Aussie ESS reporting capability.
Aussie SMB or family-owned business cap table: eqvista Eqvista handles smaller Aussie cap-table workloads where Carta or Pulley would be over-priced. AUD billing transparent.

Market context

How the cap table / equity management market looks in Australia

Australia's cap-table software market is shaped by the Aussie venture-capital ecosystem (Square Peg Capital, Blackbird Ventures, AirTree Ventures, OneVentures, Five V Capital, Tidal Ventures, Tank Stream Ventures, Skip Capital, the Aussie Government Future Fund) plus the ASX-listed startup pipeline. Carta is the dominant tool at Aussie VC-backed startups from Series A through pre-IPO, with most-named customers including Canva (pre-IPO), Linktree, Immutable, SafetyCulture (pre-IPO), Culture Amp, Employment Hero, Octopus Deploy, Go1, Airwallex, Athena Home Loans, Up Bank, Pet Circle and most Aussie unicorns of the 2018-2024 vintage. Carta's familiarity with Aussie VC firms and the standard term-sheet conventions makes investor onboarding frictionless.

The Aussie-built challenger is Cake Equity (Sydney), which has strong AUD-native handling, Aussie Employee Share Scheme (ESS) reporting to the ATO under the ESS Statement requirements, and explicit Aussie tax treatment (start-up concession, deferral schemes). Cake Equity has captured a meaningful share of Aussie pre-Series A and seed-stage startups, particularly those founder-led without significant US VC involvement. Pulley grew at Aussie pre-Series A startups since 2023 because of faster onboarding and lower price than Carta. Qapita is the Asia-focused pick at Aussie firms with Singapore or India operations (common at Aussie SaaS expanding into APAC).

Aussie ASX-listed company employee share scheme administration is a separate market. Shareworks (Morgan Stanley at Work) holds the dominant ASX-listed share-plan administration position. Computershare Australia is the traditional Aussie share-registry plus employee-share-plan administrator at most ASX 200 companies. Boardroom, Link Market Services (now MUFG Pension and Market Services) handle the registry layer with separate employee-share administration. This market is structurally different from VC-backed cap-table software because ASX-listed plans operate under ASX Listing Rule 7 and Corporations Act share-issuance restrictions plus ATO ESS Tax Concessions for genuine startups (where applicable). The 1 July 2022 ESS reforms expanded concessional treatment to unlisted Aussie startups, making Aussie ESS more competitive with US-style ESOP.

Compliance & local rules

Cap table software in Australia interacts with multiple regulatory frameworks. The Corporations Act 2001 governs share issuance, with ASIC overseeing public-company disclosure and share registry obligations. Section 254X requires notification to ASIC of share issuances within 28 days. Section 717 governs share-buybacks. ASX Listing Rules apply to ASX-listed companies. The Income Tax Assessment Act 1997 (Division 83A) governs Employee Share Scheme (ESS) tax treatment, with the 1 July 2022 reforms expanding concessional treatment to unlisted Aussie startups meeting eligibility criteria. The ATO requires annual ESS Statement reporting for relevant share issuances. The Foreign Investment Review Board (FIRB) approval requirements may apply to foreign-investor share issuances. The Privacy Act 1988 (APP 11 security) applies to shareholder PII. ASIC mandates share-registry record retention. Modern Slavery Act 2018 statements apply at >A$100M revenue. Foreign Account Tax Compliance Act (FATCA) and Common Reporting Standard (CRS) obligations apply where shareholders are foreign tax residents. ASIC Market Integrity Rules apply to listed share-trading. Anti-Money Laundering and Counter-Terrorism Financing Act 2006 obligations may apply to share-registry providers in some contexts. Federal procurement requires IRAP at OFFICIAL for vendor hosting of government-held share data. APRA CPS 234 applies where cap-table software is used by APRA-regulated entities.

At a glance

Quick comparison, ranked for Australia

Product	Best for	Starts at	10-emp/mo*	G2	Geo
1 Carta	Venture-backed startups through pre-IPO and public	$0	$0	4.4	Global; strongest in US; EU presence via Capdesk acquisition
2 Pulley	Venture-backed startups through Series C	$0	$0	4.7	Global; strongest in US
3 Shareworks by Morgan Stanley	Public companies and pre-IPO at scale	Quote	-	4.2	Global; strongest in US, Canada, UK
8 Qapita	APAC startups through scale-up	$0	$0	4.6	Strongest in India, Singapore, Indonesia, Vietnam, Southeast Asia
5 Ledgy	European startups through pre-IPO	$0	$0	4.7	Strongest in EU; UK; Switzerland; growing US presence
4 Eqvista	Pre-Series A startups and bootstrapped	$0	$0	4.5	Global; strongest in US
6 Astrella by Computershare	Pre-IPO and public companies	Quote	-	4.2	Global; strongest in US, UK, Australia, EU
9 AngelList Stack	AngelList-funded early-stage startups	$0	$0	4.4	Strongest in US; AngelList-funded startup community
7 Gust Equity Management	First-time founders and pre-Series A	$25	$25	4.4	Strongest in US; growing internationally
10 Capdesk (Carta-owned)	European startups through scale-up (Carta-owned)	$0	$0	4.3	Strongest in UK, EU, Nordics; under Carta global umbrella

*10-employee monthly cost = base fee + (per-employee × 10) using the lowest published tier. For opaque-pricing vendors, no value is shown.

Verified local pricing

What buyers in Australia actually pay

Median annual deal size by employee band, in AUD. Crowdsourced from anonymized buyer disclosures.

Product	Employee band	Median annual (AUD)	Sample	Notes
Carta	Aussie Series A to Series C startup	A$14,000	38	Carta Essentials/Growth AUD, Aussie venture-backed startup
Pulley	Aussie pre-Series A startup	A$4,800	26	Pulley Starter/Growth AUD, Aussie pre-Series A
Shareworks by Morgan Stanley	Aussie ASX-pre-IPO or listed	A$95,000	14	Shareworks employee-share-plan administration AUD, Aussie ASX-pre-IPO
Qapita	Aussie startup with APAC ops	A$6,800	18	Qapita Growth AUD, Aussie multi-jurisdiction startup
Ledgy	Aussie SaaS expanding into Europe	A$8,400	14	Ledgy Growth AUD
Eqvista	Aussie SMB or family business	A$2,400	22	Eqvista Standard AUD

Local challengers

Australia-built or Australia-strong vendors worth knowing

Not yet ranked in our global top 10, but credible options for Australia buyers and worth a shortlist.

Cake Equity

Visit ↗

Sydney-built. Aussie-headquartered cap-table software with strong AUD-native handling, Aussie ESS reporting and Aussie tax treatment (start-up concession, deferral schemes).

Computershare Australia

Visit ↗

Aussie share-registry incumbent at most ASX 200 companies. Combines registry plus employee-share-plan administration at listed-company scale.

Boardroom Australia

Visit ↗

Aussie share-registry provider with employee-share-plan administration. Used at ASX-listed mid-cap and government-business enterprises.

MUFG Pension and Market Services (former Link Market Services)

Visit ↗

Major Aussie share-registry plus employee-share administration provider, acquired by MUFG in 2024.

Excluded for Australia

Global picks that don't fit here

Gust Equity Management

Gust has limited Aussie depth. Cake Equity is the better Aussie-built alternative for pre-Series A.
AngelList Stack

AngelList Stack is US-VC oriented. Carta has the standard Aussie VC familiarity.
Capdesk (Carta-owned)

Capdesk (Ledgy-merged) is now part of Ledgy. Use Ledgy for the same capability in Aussie deployments.

The Australia ranking

All 10, ranked for Australia

Same intelligence as the global ranking, vendor trust, review patterns, verified pricing, compliance, reordered for the Australia market.

Carta

Most complete cap table platform, with a real trust gap to address.

Founded 2012 · San Francisco, CA · private · 10–10,000+ employees

G2 4.4 (1,480)

Capterra 4.5

From $0 /mo

◐ Partial disclosure

Visit Carta

Carta is the cap table category leader, founded 2012 as eShares. Last primary valuation $7.4B (2021 Series G); 2024 secondary tender implied a meaningful markdown. The product covers cap table + equity grants + 409A valuations + ESPP + secondary transactions + post-IPO transfer agent. The defining event of the category in this period: the January 2024 customer-data scandal, in which Carta was publicly accused of using customer cap table data to broker secondary share sales without explicit disclosure. CEO Henry Ward apologized publicly, Carta announced exit from secondary trading, and material customer migration to Pulley and other competitors was reported through 2024-2025. The product is still the most complete cap table platform, largest installed base, deepest feature set, full lifecycle from formation to IPO. But the trust gap is real. Strengths: deepest cap table feature set in category, largest venture-backed installed base, mature 409A valuation services, full IPO/post-IPO transfer agent integration. Trade-offs: the 2024 scandal materially impacts vendor trust scores, pricing has crept up over 2024-2025, Support response times vary as company scaled, and buyers must explicitly evaluate data-handling policies and audit trail. Buyers must do this evaluation; it is no longer optional.

Best for

Venture-backed startups and scale-ups (10-5,000+ employees) wanting the most complete cap table platform with full lifecycle from formation to IPO, provided buyers explicitly evaluate vendor data-handling policies and audit trail before contracting.

Worst for

Buyers who weight vendor data-handling policies heavily (Pulley clearer post-scandal positioning), European startups needing GDPR-native architecture (Ledgy better fit), APAC startups (Qapita better fit), or budget-conscious early-stage founders (Eqvista cheaper).

Strengths

Deepest cap table feature set in category
Largest venture-backed installed base
Mature 409A valuation services
Full IPO/post-IPO transfer agent integration
Comprehensive ESPP administration
Comprehensive RSU/ISO/NSO accounting
Mature secondary transaction infrastructure (now operated as separate entity post-2024)

Weaknesses

January 2024 customer-data scandal, central trust event in category
Pricing crept up over 2024-2025
Support is hit-or-miss
Material customer churn to Pulley reported 2024-2025
Data-handling policies require explicit buyer evaluation
Founder community sentiment materially worse post-scandal

Pricing tiers

partial

Carta Launch

Free for early-stage; up to 25 stakeholders

$0 /mo
Carta Build

~$3K/year base + per-stakeholder pricing for growth-stage

$250 /mo
Carta Scale

$15K-$80K/year typical for venture-backed Series B+

Quote
Carta Enterprise

$80K-$400K+/year for late-stage and pre-IPO with full ESPP + 409A

Quote

Watch for

· Per-stakeholder scaling above tier limits
· 409A valuation service fees ($2K-$8K per valuation)
· ESPP administration fees
· Annual price increases of 8-12%
· Implementation services for late-stage

Key features

+Cap table management with full audit trail
+Equity grant administration (ISO/NSO/RSU)
+409A valuation services (in-house)
+ESPP administration
+Secondary transaction infrastructure (post-2024 operated separately)
+Post-IPO transfer agent integration
+Investor portal
+Fund administration (Carta LLC)
+100+ integrations

100+ integrations

QuickBooksNetSuiteWorkdayBambooHRRipplingGustoSequoia Capital portala16z portal

Geography

Global; strongest in US; EU presence via Capdesk acquisition

View full Carta intelligence profile → Compare Carta →

Pulley

Modern Carta alternative; won material business after the 2024 scandal.

Founded 2019 · San Francisco, CA · private · 10–1,000 employees

G2 4.7 (380)

Capterra 4.6

From $0 /mo

● Transparent pricing

Visit Pulley

Pulley is the modern Carta alternative, founded 2019 (Y Combinator W20). The product covers cap table + equity grants + 409A valuations + ESPP at meaningfully closer feature parity to Carta than any other independent vendor. The defining moment for Pulley: the January 2024 Carta customer-data scandal materially accelerated Pulley adoption. Pulley publicly reported customer wins from former Carta customers throughout 2024-2025, and founder community sentiment shifted from "Carta is the default" to "Pulley is the credible alternative." Strengths: modern UX, strong feature parity with Carta for venture-backed startups, founder-led culture (CEO Yin Wu, ex-Microsoft, ex-Stanford), explicit data-handling policies (publicly addressed post-Carta scandal), aggressive product velocity. Best fit for venture-backed startups wanting Carta feature parity without the 2024 scandal baggage. Trade-offs: Lighter market share than Carta, 409A valuation services not as mature, post-IPO transfer agent depth below Shareworks, and brand recognition still building outside venture-backed startup community.

Best for

Venture-backed startups (10-1,000 employees) wanting Carta feature parity with explicit data-handling policies and modern UX, particularly buyers who weight vendor trust heavily after the 2024 Carta scandal.

Worst for

Late-stage / pre-IPO companies needing deepest 409A and transfer agent integration (Carta or Shareworks better), European startups (Ledgy better fit), APAC startups (Qapita better fit), or buyers prioritizing largest installed base.

Strengths

Modern UX
Strong feature parity with Carta for venture-backed startups
Founder-led culture (Yin Wu, YC W20)
Explicit data-handling policies (post-scandal positioning)
Aggressive product velocity
Material customer wins from Carta in 2024-2025
Affordable pricing at early-stage

Weaknesses

Narrower customer base than Carta
409A valuation services less mature
Post-IPO transfer agent depth below Shareworks
Brand recognition still building outside venture-backed community
Smaller integration ecosystem (~50)

Pricing tiers

public

Pulley Free

Up to 25 stakeholders; basic cap table

$0 /mo
Pulley Build

~$1.2K/year; up to 100 stakeholders

$100 /mo
Pulley Pro

~$5K-$18K/year typical for Series A-B

$400 /mo
Pulley Enterprise

$18K-$80K/year for Series C and beyond

Quote

Watch for

· Per-stakeholder scaling above tier limits
· 409A valuation service fees ($1.5K-$5K per valuation)
· Annual price increases of 6-10%

Key features

+Cap table management with audit trail
+Equity grant administration (ISO/NSO/RSU)
+409A valuation services
+ESPP administration
+Investor portal
+Modern UX
+Explicit data-handling policies
+50+ integrations

50+ integrations

QuickBooksNetSuiteRipplingGustoBambooHRAngelList

Geography

Global; strongest in US

View full Pulley intelligence profile → Compare Pulley →

Shareworks by Morgan Stanley

Public-company-anchored equity management with bank relationship.

Founded 1999 · New York, NY (Morgan Stanley); Calgary, Canada (Solium origin) · public · 500–100,000+ employees

G2 4.2 (880)

Capterra 4.3

Custom quote

○ Sales call required

Visit Shareworks by Morgan Stanley

Shareworks is the Morgan Stanley-anchored equity management platform, originally founded as Solium in 1999 in Calgary and acquired by Morgan Stanley in 2019 for $900M. The product covers cap table + equity grants + ESPP + post-IPO transfer agent + brokerage with deep public-company anchoring. Strengths: Morgan Stanley-anchored bank relationship (the differentiator at scale), strongest public-company and pre-IPO fit, mature ESPP administration at enterprise scale, comprehensive RSU/ISO/NSO accounting, full transfer agent integration. Best fit for public companies and pre-IPO at scale where the bank relationship matters more than modern UX. Trade-offs: UX dated relative to Carta and Pulley, post-Morgan Stanley acquisition created some product velocity issues 2019-2022, Support depends on tier, and Behind modern entrants on release cadence on AI features.

Best for

Public companies and pre-IPO companies (500-50,000+ employees) where the Morgan Stanley bank relationship matters and where ESPP + transfer agent integration are primary requirements.

Worst for

Venture-backed early-stage startups (Carta or Pulley better fit), modern UX seekers (Carta and Pulley cleaner), European startups (Ledgy better fit), or buyers prioritizing AI-first features.

Strengths

Morgan Stanley-anchored bank relationship
Strongest public-company and pre-IPO fit
Mature ESPP administration at enterprise scale
Comprehensive RSU/ISO/NSO accounting
Full transfer agent integration
Brokerage integration (Morgan Stanley)
Stability of public-company parent

Weaknesses

UX dated relative to Carta and Pulley
Post-Morgan Stanley acquisition product velocity issues 2019-2022
Support inconsistency reported
Lagging upstarts on velocity on AI features
Pricing meaningful at enterprise scale

Pricing tiers

opaque

Shareworks Standard

~$30K-$120K/year typical for pre-IPO / late-stage

Quote
Shareworks Pro

$120K-$500K/year for public companies

Quote
Shareworks Enterprise

$500K-$2M+/year for large public companies with full ESPP

Quote

Watch for

· ESPP per-participant fees
· Transfer agent fees (per shareholder transaction)
· Implementation services ($50K-$300K)
· Annual price increases of 5-8%
· Brokerage transaction fees

Key features

+Cap table management
+Equity grant administration (ISO/NSO/RSU)
+ESPP administration at scale
+Post-IPO transfer agent integration
+Morgan Stanley brokerage integration
+Comprehensive equity accounting (ASC 718)
+60+ integrations

60+ integrations

WorkdaySAP SuccessFactorsOracle HCMADPMorgan Stanley E*TRADE

Geography

Global; strongest in US, Canada, UK

View full Shareworks by Morgan Stanley intelligence profile → Compare Shareworks by Morgan Stanley →

Qapita

APAC equity management leader.

Founded 2019 · Singapore (HQ); Bengaluru, India (engineering) · private · 10–1,000 employees

G2 4.6 (180)

Capterra 4.5

From $0 /mo

◐ Partial disclosure

Visit Qapita

Qapita is the APAC equity management leader, founded 2019 in Singapore with engineering in Bengaluru, India. The product covers cap table + equity grants + ESPP + 409A-equivalent valuations with explicit support for APAC equity schemes (Indian ESOP regulations, Singapore ESS, Indonesian ESS, Vietnamese equity). Strengths: APAC equity management leader (default for Indian, Singaporean, and Southeast Asian startups), strong fit for APAC equity schemes and tax regulations, modern UX, founder-led culture, affordable pricing for the region. Best fit for APAC startups and scale-ups where Indian/Singaporean/SEA equity scheme support and regional tax compliance matter. Trade-offs: weaker US/EU presence than Carta, Pulley, or Ledgy, smaller installed base outside APAC, US 409A and EU GDPR depth below regional leaders, and brand recognition lower outside APAC venture-backed community.

Best for

APAC startups and scale-ups (10-1,000 employees) where Indian/Singaporean/SEA equity scheme support, regional tax compliance, and APAC data residency matter.

Worst for

US-only venture-backed startups (Carta or Pulley better fit), European-only startups (Ledgy better fit), late-stage US pre-IPO (Carta or Shareworks better), or buyers prioritizing US 409A depth.

Strengths

APAC equity management leader
Works for APAC equity schemes (Indian ESOP, Singapore ESS)
Modern UX
Founder-led culture
Affordable pricing for the region
Multi-currency and multi-jurisdiction APAC support
Built for India/Singapore/SEA scale-ups

Weaknesses

Weaker US/EU presence than Carta, Pulley, Ledgy
Smaller installed base outside APAC
US 409A and EU GDPR depth below regional leaders
Brand recognition lower outside APAC
Smaller integration ecosystem (~30)

Pricing tiers

partial

Qapita Starter

Free for early-stage; up to 25 stakeholders

$0 /mo
Qapita Growth

~$1.2K/year; up to 100 stakeholders

$100 /mo
Qapita Scale

$6K-$24K/year for APAC scale-ups

Quote
Qapita Enterprise

$24K-$100K+/year for late-stage APAC companies

Quote

Watch for

· Per-stakeholder scaling
· Multi-jurisdiction APAC equity scheme add-ons
· Annual price increases of 5-8%

Key features

+Cap table management
+Equity grant administration (Indian ESOP, Singapore ESS, RSU/ISO/NSO)
+APAC ESPP administration
+Multi-currency and multi-jurisdiction APAC support
+Investor portal
+Modern UX
+30+ integrations

30+ integrations

RazorpaydarwinboxKekaQuickBooksXero

Geography

Strongest in India, Singapore, Indonesia, Vietnam, Southeast Asia

View full Qapita intelligence profile → Compare Qapita →

Ledgy

European cap table leader, GDPR-first architecture.

Founded 2017 · Zurich, Switzerland · private · 10–2,000 employees

G2 4.7 (280)

Capterra 4.6

From $0 /mo

◐ Partial disclosure

Visit Ledgy

Ledgy is the European cap table leader, founded 2017 in Zurich, Switzerland. The product covers cap table + equity grants + ESPP + 409A-equivalent valuations with GDPR-first architecture and explicit support for European equity schemes (BSPCE in France, Mitarbeiterbeteiligung in Germany, EMI in the UK). Strengths: European cap table leader (default for European startups and scale-ups), GDPR-first architecture, EU data residency, strong fit for European equity schemes (EMI, BSPCE, Mitarbeiterbeteiligung), modern UX, founder-led culture. Best fit for European startups and scale-ups where GDPR-native architecture and EU equity scheme support matter. Trade-offs: weaker US presence than Carta or Pulley, smaller installed base outside Europe, US 409A valuation depth below Carta, and brand recognition lower in NA venture-backed community.

Best for

European startups and scale-ups (10-2,000 employees) where GDPR-native architecture, EU data residency, and EU equity scheme support (EMI, BSPCE, Mitarbeiterbeteiligung) matter.

Worst for

US-only venture-backed startups (Carta or Pulley better fit), late-stage US pre-IPO (Carta or Shareworks better), APAC startups (Qapita better fit), or buyers prioritizing US 409A depth.

Strengths

European cap table leader
GDPR-first architecture (EU data residency)
Works for European equity schemes (EMI, BSPCE)
Modern UX
Founder-led culture
Multi-currency and multi-jurisdiction support
Built for European scale-ups

Weaknesses

Weaker US presence than Carta or Pulley
Smaller installed base outside Europe
US 409A valuation depth below Carta
Brand recognition lower in NA venture-backed
Smaller integration ecosystem (~40)

Pricing tiers

partial

Ledgy Starter

Free for early-stage; up to 25 stakeholders

$0 /mo
Ledgy Growth

~$2.4K/year; up to 100 stakeholders

$200 /mo
Ledgy Scale

$10K-$40K/year for Series B+ European scale-ups

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Ledgy Enterprise

$40K-$200K/year for late-stage European companies

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Watch for

· Per-stakeholder scaling
· Multi-jurisdiction equity scheme add-ons
· Annual price increases of 5-8%

Key features

+Cap table management with GDPR-first architecture
+Equity grant administration (EMI, BSPCE, ISO/NSO)
+European ESPP administration
+EU data residency
+Multi-currency and multi-jurisdiction support
+Investor portal
+Modern UX
+40+ integrations

40+ integrations

PersonioSageXeroQuickBooksMicrosoft 365Slack

Geography

Strongest in EU; UK; Switzerland; growing US presence

View full Ledgy intelligence profile → Compare Ledgy →

Eqvista

Affordable cap table for early-stage founders.

Founded 2018 · Las Vegas, NV · private · 1–50 employees

G2 4.5 (240)

Capterra 4.4

From $0 /mo

● Transparent pricing

Visit Eqvista

Eqvista is the affordable cap table platform, founded 2018. The product covers cap table + equity grants + 409A valuations at meaningfully lower price than Carta or Pulley. Strengths: affordable pricing for early-stage founders (free tier for under 20 stakeholders), simple UX, fast onboarding, basic 409A valuation services. Best fit for pre-Series A founders and bootstrapped companies wanting basic cap table without the cost of Carta or Pulley. Trade-offs: thinner feature set than Carta or Pulley, smaller installed base, Support is hit-or-miss, ESPP and post-IPO depth materially below mid-market+ vendors, and brand recognition lower in venture-backed community.

Best for

Pre-Series A startups and bootstrapped companies (1-50 employees) wanting basic cap table at meaningfully lower price than Carta or Pulley.

Worst for

Venture-backed Series A+ companies (Carta or Pulley better depth), late-stage / pre-IPO (Carta or Shareworks better), European startups (Ledgy better fit), or buyers needing comprehensive ESPP.

Strengths

Affordable pricing (free tier for early-stage)
Simple UX
Fast onboarding
Basic 409A valuation services
Fits bootstrapped and pre-Series A
Per-cap-table pricing model

Weaknesses

Thinner feature set than Carta or Pulley
Smaller installed base
Uneven support quality
ESPP and post-IPO depth materially below mid-market+
Brand recognition lower in venture-backed community
Smaller integration ecosystem (~25)

Pricing tiers

public

Eqvista Free

Up to 20 stakeholders; basic cap table

$0 /mo
Eqvista Basic

~$300/year; up to 50 stakeholders

$25 /mo
Eqvista Premium

~$1.2K/year; up to 200 stakeholders

$100 /mo
Eqvista Enterprise

$3K-$15K/year for 200+ stakeholders

Quote

Watch for

· Per-stakeholder scaling above tier limits
· 409A valuation service fees ($1K-$3K per valuation)
· Annual billing for discount

Key features

+Cap table management
+Equity grant administration
+Basic 409A valuation services
+Investor portal
+Modern UX
+25+ integrations

25+ integrations

QuickBooksXeroGustoRippling

Geography

Global; strongest in US

View full Eqvista intelligence profile → Compare Eqvista →

Astrella by Computershare

Computershare-anchored cap table with transfer agent integration.

Founded 2018 · Melbourne, Australia (Computershare); Dallas, TX (Astrella US) · public · 500–50,000+ employees

G2 4.2 (280)

Capterra 4.3

Custom quote

○ Sales call required

Visit Astrella by Computershare

Astrella is the Computershare-anchored cap table platform, launched 2018 as Computershare's modern cap table offering. The product covers cap table + equity grants + ESPP integrated with Computershare's mature transfer agent services for IPO and post-IPO equity stewardship. Strengths: Computershare transfer agent integration (the differentiator at scale), strong fit for pre-IPO and public companies needing transfer agent continuity, mature equity accounting, public Computershare parent stability, multi-jurisdiction support. Best fit for pre-IPO and public companies prioritizing transfer agent continuity. Trade-offs: Smaller deployed base versus Carta or Shareworks, modern UX below Carta and Pulley, Support inconsistency reported, and Product velocity trails newer entrants on AI features.

Best for

Pre-IPO and public companies (500-25,000+ employees) prioritizing transfer agent continuity with Computershare for IPO and post-IPO equity stewardship.

Worst for

Venture-backed early-stage startups (Carta or Pulley better fit), modern UX seekers (Carta and Pulley cleaner), European-only startups (Ledgy better fit), or buyers prioritizing AI-first features.

Strengths

Computershare transfer agent integration
Best for pre-IPO and public companies
Mature equity accounting (ASC 718, IFRS 2)
Public Computershare parent stability
Multi-jurisdiction support
Strong stewardship lifecycle

Weaknesses

Thinner footprint than Carta or Shareworks
Modern UX below Carta and Pulley
Support response times vary
Ships slower than the challengers on AI
Brand recognition lower in venture-backed community

Pricing tiers

opaque

Astrella Standard

~$24K-$80K/year typical for pre-IPO

Quote
Astrella Pro

$80K-$300K/year for public companies

Quote
Astrella Enterprise

$300K-$1.2M+/year for large public companies with full transfer agent

Quote

Watch for

· Transfer agent fees (per shareholder transaction)
· ESPP per-participant fees
· Implementation services
· Annual price increases of 5-8%

Key features

+Cap table management
+Equity grant administration (ISO/NSO/RSU)
+ESPP administration
+Computershare transfer agent integration
+Comprehensive equity accounting (ASC 718, IFRS 2)
+Multi-jurisdiction support
+50+ integrations

50+ integrations

WorkdaySAP SuccessFactorsOracle HCMADPComputershare Transfer Agent

Geography

Global; strongest in US, UK, Australia, EU

View full Astrella by Computershare intelligence profile → Compare Astrella by Computershare →

AngelList Stack

AngelList-anchored equity stack for AngelList-funded startups.

Founded 2010 · San Francisco, CA · private · 1–50 employees

G2 4.4 (140)

Capterra 4.4

From $0 /mo

● Transparent pricing

Visit AngelList Stack

AngelList Stack is the AngelList-anchored equity management product, originally launched 2020 as part of AngelList's broader founder tooling. The product covers incorporation + cap table + equity grants + banking integrated with the AngelList rolling fund and SPV ecosystem. Strengths: AngelList-anchored ecosystem (default for AngelList-funded startups), integrated with AngelList rolling funds and SPVs, modern UX, affordable pricing, fast onboarding. Best fit for AngelList-funded startups wanting equity management within the AngelList ecosystem. Trade-offs: thinner enterprise features than Carta or Pulley, smaller installed base outside AngelList ecosystem, ESPP and post-IPO depth materially below mid-market+ vendors, Support depends on tier, and brand recognition lower outside AngelList community.

Best for

AngelList-funded early-stage startups (1-50 employees) wanting equity management bundled with AngelList rolling fund / SPV ecosystem and AngelList-native banking.

Worst for

Non-AngelList-funded startups (Carta or Pulley better fit), late-stage / pre-IPO (Carta or Shareworks better), European startups (Ledgy better fit), APAC startups (Qapita better fit), or buyers needing comprehensive ESPP.

Strengths

AngelList-anchored ecosystem
Integrated with AngelList rolling funds and SPVs
Modern UX
Affordable pricing for early-stage
Fast onboarding
Best for AngelList-funded startups

Weaknesses

Thinner enterprise features than Carta or Pulley
Smaller installed base outside AngelList ecosystem
ESPP and post-IPO depth below mid-market+
Support inconsistency reported
Brand recognition lower outside AngelList community
Smaller integration ecosystem (~25)

Pricing tiers

public

AngelList Stack Free

Free for early-stage; AngelList-funded startups

$0 /mo
AngelList Stack Pro

~$1.2K/year; advanced cap table

$100 /mo
AngelList Stack Enterprise

$3K-$15K/year for Series A+

Quote

Watch for

· Per-stakeholder scaling above tier limits
· 409A valuation service fees
· Annual billing for discount

Key features

+AngelList-native cap table
+Equity grant administration
+Basic 409A valuation services
+AngelList rolling fund / SPV integration
+AngelList-native banking integration
+Modern UX
+25+ integrations

25+ integrations

AngelList Rolling FundsAngelList SPVsAngelList BankingQuickBooksStripe

Geography

Strongest in US; AngelList-funded startup community

View full AngelList Stack intelligence profile → Compare AngelList Stack →

Gust Equity Management

Early-stage founder-friendly equity bundled with formation.

Founded 2013 · New York, NY · private · 1–25 employees

G2 4.4 (240)

Capterra 4.4

From $25 /mo

● Transparent pricing

Visit Gust Equity Management

Gust is the early-stage founder-friendly equity management platform, with Gust Launch (incorporation) and Gust Equity Management (cap table) as integrated tooling. Founded 2013 (Gust Launch and Equity Management products specifically launched 2018-2019). The product covers incorporation + cap table + equity grants + basic 409A at affordable pricing for early-stage founders. Strengths: founder-friendly tooling, integrated with Gust Launch incorporation, AngelList alternative for first-time founders, simple UX, affordable pricing, fast onboarding. Best fit for first-time founders wanting incorporation + cap table bundled. Trade-offs: thinner enterprise features than Carta or Pulley, ESPP and post-IPO depth materially below mid-market+ vendors, smaller installed base, Support is hit-or-miss, and brand recognition lower in venture-backed community.

Best for

First-time founders and pre-Series A startups (1-25 employees) wanting incorporation + cap table + basic equity management bundled in a single tool with affordable pricing.

Worst for

Venture-backed Series A+ companies (Carta or Pulley better depth), late-stage (Carta or Shareworks better), European startups (Ledgy better fit), or buyers needing comprehensive ESPP.

Strengths

Founder-friendly tooling
Integrated with Gust Launch incorporation
Affordable pricing for early-stage
Simple UX
Fast onboarding
Fits first-time founders

Weaknesses

Thinner enterprise features than Carta or Pulley
ESPP and post-IPO depth materially below mid-market+
Smaller installed base
Uneven support quality
Brand recognition lower in venture-backed community
Smaller integration ecosystem (~30)

Pricing tiers

public

Gust Launch

~$300/year; incorporation + basic cap table

$25 /mo
Gust Equity Management

~$600/year; full cap table + grants

$50 /mo
Gust Pro

~$2.4K/year; advanced cap table + 409A

$200 /mo

Watch for

· Per-stakeholder scaling above tier limits
· 409A valuation service fees
· Annual billing for discount

Key features

+Incorporation (Gust Launch)
+Cap table management
+Equity grant administration
+Basic 409A valuation services
+Modern UX
+30+ integrations

30+ integrations

QuickBooksXeroGustoRipplingStripe Atlas

Geography

Strongest in US; growing internationally

View full Gust Equity Management intelligence profile → Compare Gust Equity Management →

#10

Capdesk (Carta-owned)

Carta-owned EU brand, included for honest market consolidation flag.

Founded 2014 · London, UK (Capdesk origin); San Francisco, CA (Carta parent) · private · 10–1,000 employees

G2 4.3 (180)

Capterra 4.3

From $0 /mo

◐ Partial disclosure

Visit Capdesk (Carta-owned)

Capdesk is the Carta-owned European cap table brand, originally founded 2014 in Copenhagen and London, acquired by Carta in 2021. Capdesk now operates as Carta's EU presence rather than as an independent alternative, this is the central honesty point about Capdesk in the post-2021 era. Buyers should evaluate Capdesk as a Carta product with the same vendor-trust considerations from the January 2024 Carta scandal, not as an independent European Carta alternative. Strengths: established European cap table presence, integrated with Carta global platform, EU data residency, mature UK and EU equity scheme support. Best fit for European startups already on Capdesk who want continuity with Carta's broader platform, but new European buyers should evaluate Ledgy as the independent alternative. Trade-offs: post-Carta-acquisition Capdesk is a Carta product (the 2024 Carta scandal applies), product velocity has been mixed since acquisition, and brand confusion exists in the European market about Capdesk versus Carta.

Best for

Existing Capdesk customers wanting continuity with the Carta global platform. New European buyers evaluating cap table software in 2026 should compare Capdesk against Ledgy as the independent European alternative.

Worst for

Buyers who weight vendor data-handling policies heavily after the 2024 Carta scandal (Ledgy or Pulley clearer positioning), buyers wanting an independent European cap table vendor (Ledgy better fit), or US-only venture-backed startups (Carta or Pulley directly better fit).

Strengths

Established European cap table presence
Integrated with Carta global platform
EU data residency
Mature UK and EU equity scheme support
Continuity for existing Capdesk customers

Weaknesses

Carta-owned (the 2024 Carta scandal applies)
Post-Carta-acquisition product velocity mixed
Brand confusion in European market about Capdesk versus Carta
New European buyers should evaluate Ledgy as independent alternative
Lighter market share than Ledgy in EU

Pricing tiers

partial

Capdesk Starter

Free for early-stage; up to 25 stakeholders

$0 /mo
Capdesk Build

~$2.4K/year; up to 100 stakeholders

$200 /mo
Capdesk Scale

$10K-$30K/year for European Series A-B

Quote
Capdesk Enterprise

$30K-$120K/year for late-stage European companies

Quote

Watch for

· Per-stakeholder scaling
· Annual price increases of 8-12% (Carta-aligned)
· Implementation services

Key features

+Cap table management
+Equity grant administration (EMI, BSPCE, ISO/NSO)
+European ESPP administration
+EU data residency
+Investor portal
+Carta global platform integration
+40+ integrations

40+ integrations

Carta global platformPersonioSageXeroQuickBooks

Geography

Strongest in UK, EU, Nordics; under Carta global umbrella

View full Capdesk (Carta-owned) intelligence profile → Compare Capdesk (Carta-owned) →

Frequently asked questions

The questions buyers actually ask before they sign.

How does Aussie Employee Share Scheme (ESS) reporting work?

Australian Employee Share Schemes are governed by Division 83A of the Income Tax Assessment Act 1997. The 1 July 2022 reforms expanded concessional treatment to unlisted Aussie startups meeting the start-up concession criteria (Australian-resident company, no listed entity, <10 years old, <A$50M turnover, not in retail or property sectors). Employers must lodge an annual ESS Statement with the ATO reporting share or option grants. Employees must include ESS amounts in their tax returns. Carta, Cake Equity, Pulley, Ledgy and Shareworks all support Aussie ESS reporting; Cake Equity has the strongest native Aussie ESS handling. Aussie ESS grants are typically deferral schemes (tax deferred until exit) under Subdivision 83A-C with 15-year maximum deferral.

Carta vs Cake Equity for an Aussie startup?

Carta is the default at Aussie VC-backed startups Series A and beyond because Aussie VCs (Blackbird, Square Peg, AirTree, OneVentures) are familiar with it and US-investor expectations push toward Carta. Cake Equity is the Aussie-built challenger with strong Aussie ESS reporting and AUD-native handling, common at pre-Series A and seed-stage Aussie startups not yet locked into Carta. Practical rule of thumb: pre-Series A or AU-only investors, Cake Equity often makes sense; Series A+ or US/global VC involvement, Carta is the path of least resistance. Migration from Cake Equity to Carta is straightforward; reverse migration is rare.

How does cap-table software interact with ASIC notifications?

The Corporations Act 2001 s254X requires notification to ASIC of share issuances within 28 days using ASIC Form 484. Cap-table software (Carta, Cake Equity, Pulley) generates draft ASIC Form 484 from share-issuance events but typically does not file directly with ASIC; the company secretary or accountant files. ASIC also requires updated members register maintenance under Corporations Act s169. Foreign-investor share issuances may require Foreign Investment Review Board (FIRB) approval under the Foreign Acquisitions and Takeovers Act 1975 (typically above A$320M threshold for non-government investors, lower for sensitive sectors). ASX-listed entities have additional ASX Listing Rule 7 share-issuance restrictions.

What was the Carta scandal?

In January 2024, Carta was publicly accused of using customer cap table data to broker secondary share sales without explicit disclosure to customers. Founders surfaced the practice through Twitter/X and LinkedIn (notably Karri Saarinen of Linear and others), and the issue went viral in the venture-backed founder community within 48 hours. CEO Henry Ward issued a public apology, and Carta announced it would exit the secondary trading business. Material customer migration to Pulley followed through 2024-2025. The product is still the most complete cap table platform, but the trust gap is real: for the first time in a decade, buyers should explicitly evaluate vendor data-handling policies (who at the vendor can see your cap table, under what circumstances, with what audit trail, and with what contractual restrictions on internal use) before contracting. This evaluation is no longer optional.

Carta vs Pulley, which one in 2026?

Carta if you want the most complete cap table platform with the deepest feature set, largest installed base, mature 409A valuation services, and full IPO/post-IPO transfer agent integration, and you are comfortable doing the explicit data-handling policy evaluation post-2024. Pulley if you weight vendor trust heavily after the 2024 Carta scandal and want a modern Carta alternative with explicit data-handling policies, modern UX, founder-led culture (CEO Yin Wu), and strong feature parity for venture-backed startups through Series C. Most modern venture-backed evaluations in 2026 explicitly compare both. The decision often comes down to: stage (Pulley strongest pre-IPO; Carta deeper at IPO and beyond), feature requirements (Carta deeper on ESPP and 409A; Pulley closer to parity than any other independent vendor), and trust posture (buyers who weight vendor trust heavily increasingly choose Pulley).

Cap table vs ESPP platform, what is the difference?

Cap table software handles share ownership records (who owns what, what class of shares, what vesting). Equity grant administration handles ISO/NSO/RSU issuance, vesting tracking, and exercise. ESPP (Employee Stock Purchase Plan) is a specific equity program for public companies allowing employees to purchase company stock at a discount through payroll deduction, it requires specialized administration including offering periods, lookback provisions, ASC 718 accounting, and post-IPO transfer agent integration. Most modern cap table platforms (Carta, Shareworks, Astrella) include ESPP modules. Pure ESPP-only platforms exist for public companies who already have transfer agent and cap table elsewhere. For pre-IPO companies, ESPP is typically not a near-term need; for public companies, ESPP is mandatory for any equity program offered to employees.

How much should I budget for cap table software?

Pre-Series A (1-25 employees): $0-$2.4K/year (free tiers from Carta, Pulley, Eqvista, Ledgy, AngelList Stack; or paid Eqvista, Gust at low end). Series A-B (25-200 employees): $2.4K-$24K/year (Carta Build, Pulley Pro, Ledgy Growth). Series C-D (200-1,000 employees): $24K-$96K/year (Carta Scale, Pulley Enterprise, Ledgy Scale, Qapita Scale). Pre-IPO (500-5,000 employees): $80K-$400K/year (Carta Enterprise, Shareworks Standard/Pro, Astrella Standard/Pro). Public companies (5,000+ employees): $300K-$2M+/year (Shareworks Enterprise, Astrella Enterprise, Carta Enterprise). 409A valuation service fees are typically separate at $1.5K-$8K per valuation depending on stage.

Should I do data-handling policy evaluation post-Carta scandal?

Yes. This is no longer optional in 2026. Specifically: (1) Ask in writing who at the vendor can see your cap table, under what circumstances, with what audit trail. (2) Ask for explicit contractual restrictions on internal use of your cap table data, particularly restrictions on use for secondary transaction brokering, fund product cross-sell, or competitive benchmarking. (3) Ask for SOC 2 Type 2 audit reports specifically reviewing internal access controls. (4) Negotiate a data-handling addendum to the contract specifying what the vendor can and cannot do with your cap table data internally. Pulley, Ledgy, and Qapita have all publicly addressed this; Carta has new policies post-scandal that should be reviewed against your specific use case. Shareworks and Astrella are bank/transfer-agent-anchored and their data-handling policies are governed by financial regulator frameworks (different threat model than venture-backed startup cap table software).

How long does cap table software implementation take?

Pulley, Eqvista, Gust, AngelList Stack: 1-2 weeks for early-stage; 2-4 weeks for Series A-B with cap table migration. Carta: 2-6 weeks for early-stage; 1-3 months for late-stage with full ESPP and transfer agent. Ledgy: 2-6 weeks; 1-2 months for European multi-jurisdiction setups. Qapita: 2-6 weeks; 1-2 months for APAC multi-jurisdiction setups. Shareworks: 3-9 months for public companies (full ESPP + transfer agent + brokerage integration). Astrella: 3-9 months for public companies (transfer agent integration). Capdesk: 2-6 weeks for European startups. Plan implementation as a finance + legal + people-ops project, not just software setup, particularly for ESPP and post-IPO transfer agent which involve regulatory filings.

How does this compare to your spend management and procurement rankings?

Cap table software is in the equity / corporate finance domain, distinct from spend management (procure-to-pay, expense management for operational spend, see Top 10 Spend Management Software) and contract management (CLM, see Top 10 Contract Management Software). Cap table integrates downstream with payroll (Rippling, Gusto, ADP, Workday) for equity grant tax and W-2 reporting, and with accounting (QuickBooks, NetSuite) for ASC 718 stock-based compensation accounting. Most modern startups run cap table (Carta or Pulley) + payroll (Gusto or Rippling) + accounting (QuickBooks or NetSuite) as the core financial stack. CLM and spend management are separate domains with different vendor lineups.

What about European and APAC cap table software specifically?

European startups: Ledgy is the independent European cap table leader, GDPR-first, with EU data residency and explicit support for EMI (UK), BSPCE (France), Mitarbeiterbeteiligung (Germany), and other EU equity schemes. Capdesk is Carta's EU brand (acquired 2021), included in this ranking for honest market consolidation flag, but new European buyers should evaluate Ledgy as the independent alternative. APAC startups: Qapita is the APAC equity management leader, Singapore/India-anchored, with explicit support for Indian ESOP regulations, Singapore ESS, Indonesian ESS, and Vietnamese equity. For APAC buyers, Qapita is typically the default; Carta has APAC presence but Qapita is materially better fit for regional equity scheme support and tax compliance. For multi-region startups (US + EU + APAC), Carta has the broadest geographic footprint, but multi-jurisdiction equity scheme depth is genuinely better at regional leaders for the regions they cover.

Final word

Looking at a different market? See the global Cap Table / Equity Management ranking, or pick another country at the top of this page.

Last updated 2026-05-24. Local pricing reverified quarterly. Found something inaccurate? Tell us.