Top 10 Cap Table Management Tools: Features, Pros, Cons & Comparison

Introduction

A Cap Table Management Tool is a digital platform designed to automate the tracking of a company’s securities, including common stock, preferred stock, options, warrants, and convertible notes. Beyond mere record-keeping, these tools manage the entire lifecycle of equity: issuing electronic stock certificates, tracking vesting schedules, facilitating 409A valuations, and running complex “what-if” exit scenarios to see how much each shareholder would receive in a sale.

In a world where legal errors in equity distribution can lead to multi-million dollar lawsuits or “broken” cap tables that scare away investors, these platforms are vital. They ensure compliance with IRS and SEC regulations while providing transparency to employees. When choosing a tool, you should look for accuracy, ease of migration, investor portal quality, and integration with payroll and HR systems.

Best for:

• Founders & CFOs: Primarily at tech-driven startups, from pre-seed to pre-IPO, who need to manage dilution and compliance.
• Venture Capitalists: Who need to monitor their portfolio companies’ ownership and performance.
• Law Firms: Specialized in corporate law who act as administrators for their clients’ equity.

Not ideal for:

• Sole Proprietorships: Where ownership is 100% held by one individual with no plans for equity distribution.
• Small Lifestyle Businesses: If you never intend to issue options or take outside investment, the cost of these tools far outweighs the benefits.
• Publicly Traded Companies: While some tools scale, massive public corporations typically require specialized transfer agent services that differ from early-stage cap table management.

Top 10 Cap Table Management Tools

1 — Carta

Carta is the undisputed heavyweight of the equity management world. It has transformed the industry by moving stock certificates from paper to digital and has built a massive ecosystem that includes valuations, tax services, and secondary markets.

• Key features:
  • Automated 409A Valuations: Integrated workflow that uses your cap table data to generate IRS-compliant valuations.
  • Scenario Modeling: Advanced tools to simulate future funding rounds and exit payouts.
  • Carta Launch: A free tier specifically for early-stage founders to get started without high overhead.
  • Compliance Tracking: Automated Rule 701 and Form 3921 reporting.
  • Employee Dashboard: A portal where employees can track their vesting, exercise options, and understand their total compensation.
  • Secondary Markets: Infrastructure to facilitate liquidity for employees before an IPO.
• Pros:
  • The “industry standard” recognized by almost every VC and law firm in the ecosystem.
  • Extensive feature set that grows with the company from day one to IPO.
• Cons:
  • Pricing has become a significant pain point for many startups as they scale.
  • Customer support response times can be slow for companies on lower-tier plans.
• Security & compliance: SOC 2 Type II certified, GDPR compliant, and utilizes end-to-end encryption for all sensitive financial data. Supports SSO for enterprise accounts.
• Support & community: Extensive documentation and “Carta Academy” for user training. They offer dedicated implementation managers for premium tiers and have a vast network of partner law firms.

2 — Pulley

Pulley has rapidly become the preferred alternative to Carta, focusing on speed, a modern user interface, and highly competitive pricing. It is designed to help founders “fundraise faster” by providing instant insights into dilution.

• Key features:
  • Fundraising Modeling: One of the most intuitive tools for calculating the impact of SAFEs and convertible notes on a pro-forma cap table.
  • Automated Offer Letters: Integration that allows you to issue equity directly through the hiring process.
  • Ledger-Based Tracking: Ensures that every transaction is audit-ready and legally sound.
  • Vesting Automation: Real-time updates to employee vesting schedules that sync with payroll.
  • Clean Migration: A specialized team that handles moving data from spreadsheets or other platforms into Pulley.
• Pros:
  • Modern, fast, and extremely user-friendly interface that doesn’t feel like “legacy software.”
  • Excellent transparency regarding pricing, often undercutting the larger competitors.
• Cons:
  • Smaller ecosystem compared to Carta; fewer secondary market opportunities.
  • May lack some of the deeper international compliance features required for multi-national conglomerates.
• Security & compliance: SOC 2 Type II compliant. All data is encrypted at rest and in transit, with rigorous internal access controls.
• Support & community: Known for high-touch customer support. They provide a “Pulley University” and are highly active in the Y-Combinator community.

3 — AngelList Stack

AngelList Stack is a unified platform that combines banking, cap table management, and entity formation into a single “stack.” It is designed for founders who want to spend zero time on administrative overhead.

• Key features:
  • Unified Dashboard: Manage your company’s bank account, equity, and Delaware filings in one place.
  • Investor CRM: Tools to send updates and manage relationships with your investors.
  • Automatic 409As: Competitive valuation services bundled into the subscription.
  • SAFE Issuance: Standardized documents that make it easy to close early-stage capital.
  • Employee Portal: Simple interface for employees to view their equity.
• Pros:
  • Unrivaled “all-in-one” convenience for first-time founders.
  • Deeply integrated with the AngelList investor ecosystem, facilitating easier fundraising.
• Cons:
  • “Platform lock-in” can be an issue if you want to use different providers for banking or legal.
  • The platform is heavily optimized for US-based C-Corps, making it less flexible for international entities.
• Security & compliance: Bank-level security through partner banks. Compliant with US federal and state securities laws. SOC 2 compliant.
• Support & community: Strong community roots in the venture world. Support is generally fast and highly knowledgeable about startup finance.

4 — LTSE Equity (Captable.io)

Owned by the Long-Term Stock Exchange, LTSE Equity is built on the philosophy of long-term value creation. It provides a straightforward, robust cap table solution that prioritizes clarity and fairness.

• Key features:
  • Free Forever Tier: One of the most generous free tiers for small startups.
  • Waterfall Analysis: High-fidelity modeling of exit scenarios across different share classes.
  • Round Modeling: Simple but powerful tools to visualize dilution before signing a term sheet.
  • HR Integrations: Syncs with popular HR platforms to manage employee data.
  • Transparency Tools: Features designed to help founders explain the value of equity to their teams.
• Pros:
  • Focuses on the “Founders’ interest” with no-nonsense, easy-to-understand features.
  • Exceptional value for the price, particularly for bootstrapped or early-stage teams.
• Cons:
  • Lacks some of the “bells and whistles” of Carta, such as secondary markets and heavy-duty tax reporting.
  • The UI, while functional, is not as slick as Pulley or Mantle.
• Security & compliance: SOC 2 Type II compliant. Features robust data encryption and regular security audits.
• Support & community: Good documentation and a helpful support team. They are backed by the LTSE ecosystem, which provides a wealth of knowledge on sustainable growth.

5 — Shareworks (by Morgan Stanley)

Shareworks is the enterprise-grade choice. Following its acquisition by Morgan Stanley, it has become the go-to solution for companies that are approaching a public listing or are already mid-to-large scale enterprises.

• Key features:
  • Global Compliance: Extensive tools for managing equity in over 100 countries.
  • Executive Services: Specialized support for C-suite equity and high-net-worth management.
  • Tax Withholding Automation: Robust engine to handle complex international tax requirements.
  • Public Company Readiness: Features specifically designed to transition from private to public markets.
  • Liquidity Management: Enterprise-scale secondary transaction support.
• Pros:
  • The backing of Morgan Stanley provides a level of institutional trust that is unmatched.
  • The most powerful tool for global companies with thousands of employees in various jurisdictions.
• Cons:
  • Too complex and expensive for most early-stage startups.
  • The user experience can feel like traditional financial software (dense and formal).
• Security & compliance: Bank-level security protocols. Full global regulatory compliance, including ISO 27001, SOC 2, and GDPR.
• Support & community: Dedicated account management and 24/7 global support. Access to Morgan Stanley’s broader financial expertise.

6 — Ledgy

Ledgy is the European leader in equity management. It has carved out a significant market share by catering specifically to the fragmented legal and tax landscape of the EU and UK.

• Key features:
  • Multi-Jurisdictional Support: Built-in templates for various European legal frameworks.
  • Customizable Employee Dashboards: Allows companies to tailor how they present equity value to their team.
  • Automated Transactions: Streamlines the issuance of shares and options across different European rules.
  • KPI Tracking: Unique ability to link cap table performance with company-wide KPIs.
  • VC Portfolio View: specialized tools for investors to track their holdings.
• Pros:
  • The best choice for European startups that find US-centric tools (like Carta) lacking in local compliance.
  • Beautiful, modern user interface that rivals Pulley in its simplicity.
• Cons:
  • Not as well-known or supported in the US market.
  • Integrations with US-based payroll systems may be less robust than competitors.
• Security & compliance: Fully GDPR compliant. ISO 27001 and SOC 2 Type II certified. Data is hosted on secure European servers.
• Support & community: Excellent localized support. They have built a strong community of European founders and CFOs.

7 — Cake Equity

Cake Equity is focused on making equity “easy as cake.” It targets the global mid-market, with a strong presence in Australia, the UK, and Southeast Asia.

• Key features:
  • Simplified Workflows: Streamlined processes for issuing options and managing cap tables.
  • Employee Equity Apps: Mobile-friendly ways for employees to engage with their stock.
  • Global Plans: Pre-built equity plans for various international markets.
  • Capital Raising Tools: Basic CRM and document management for funding rounds.
  • Integration Library: Connects with Xero, Slack, and various HR tools.
• Pros:
  • Extremely affordable and accessible for smaller, global companies.
  • Fast setup—often advertised as being able to get live in under 24 hours.
• Cons:
  • Lacks the heavy-duty modeling and valuation features required by late-stage unicorn companies.
  • The feature set is broader but shallower than specialized tools like Shareworks.
• Security & compliance: SOC 2 compliant. Utilizes modern encryption standards and regular penetration testing.
• Support & community: High energy, founder-friendly support. They provide excellent “how-to” guides for equity beginners.

8 — Mantle

Mantle is a newer entrant that distinguishes itself through the use of AI and a focus on “modern corporate governance.” It is designed to replace both cap table tools and board management software.

• Key features:
  • AI Data Extraction: Uses machine learning to read your existing legal documents and build your cap table automatically.
  • Board Management: Integrated tools for board meetings, minutes, and resolutions.
  • Scenario Simulations: High-speed dilution modeling using real-time data.
  • Compliance Automation: Real-time monitoring of corporate records to ensure everything is up to date.
  • White-Glove Migration: One of the most thorough onboarding processes in the market.
• Pros:
  • Reduces the need for multiple software subscriptions (Cap Table + Board Portal).
  • The AI-powered ingestion significantly reduces the risk of human error during setup.
• Cons:
  • As a newer company, it has a shorter track record than Carta or Shareworks.
  • The all-in-one approach might be too much for companies that already have a board portal they like.
• Security & compliance: SOC 2 Type II certified. Implements strict data residency and privacy controls.
• Support & community: Very high ratings for customer service. They position themselves as a partner to the legal and finance departments.

9 — Capdesk (by Fidelity)

Capdesk, acquired by Fidelity, is a European powerhouse that excels in providing liquidity solutions for private companies.

• Key features:
  • Liquidity Infrastructure: Specialized in facilitating internal “share sales” and secondary markets.
  • Automated Share Issuance: Powerful tools to automate the paperwork involved in share transfers.
  • Investor Reporting: High-quality portals for VCs to see their real-time ownership.
  • HR and Payroll Sync: Deep integrations with the European software ecosystem.
  • Compliance Library: Templates for UK EMI schemes and other European equity structures.
• Pros:
  • Now backed by Fidelity, adding a massive layer of financial stability and expertise.
  • The clear leader for companies that want to offer their employees periodic liquidity.
• Cons:
  • Focus is primarily on the UK and Europe; less effective for pure US operations.
  • The platform can be quite complex to navigate compared to Cake or Pulley.
• Security & compliance: ISO 27001 certified and GDPR compliant. Uses bank-grade encryption and security protocols.
• Support & community: Strong professional support. They offer extensive webinars and guides on employee ownership.

10 — Eqvista

Eqvista is a global equity management platform that emphasizes the legal and valuation aspects of cap table management. It is often used by companies that have a complex mix of global shareholders.

• Key features:
  • IRS 409A Valuations: Fast, software-assisted valuation services.
  • Global Equity Tracking: Capable of handling various currency and legal requirements.
  • Detailed Exit Waterfall: Very granular exit modeling for complex cap tables with multiple liquidation preferences.
  • Equity Plan Templates: Ready-to-use plans for ESOPs and other share schemes.
  • Document Storage: Secure vault for all corporate and equity-related legal docs.
• Pros:
  • Very cost-effective for the depth of the features provided.
  • Excellent for founders who want a more “legalistic” and precise view of their ownership.
• Cons:
  • The user interface is a bit more utilitarian and less “modern” than some competitors.
  • The employee experience isn’t as polished as Carta or Pulley.
• Security & compliance: SOC 2 compliant. Implements standard encryption and data protection policies.
• Support & community: Responsive customer support and a wealth of blog content on equity and valuations.

Comparison Table

Evaluation & Scoring of Cap Table Management Tools

We evaluated these tools based on seven key pillars that reflect the needs of a modern startup.

Which Cap Table Management Tool Is Right for You?

Selecting the right tool depends heavily on your company’s stage, location, and long-term goals.

Solo Users vs SMB vs Mid-Market vs Enterprise

• Solo Users / Early Founders: If you’ve just incorporated, AngelList Stack or Carta Launch (the free tier) are perfect. They provide the legal foundation without the cost.
• SMBs (Series A – C): Pulley is often the sweet spot. It provides the speed you need for fast hiring and fundraising without the complexity of enterprise tools.
• Mid-Market / European: If you are based in London, Berlin, or Paris, Ledgy or Capdesk are superior due to their local tax and legal expertise.
• Enterprise / Pre-IPO: If you have 500+ employees and are operating in multiple countries, Shareworks or Carta (Enterprise Tier) are the only platforms with the necessary scale.

Budget-conscious vs Premium Solutions

• Budget-conscious: Cake Equity and LTSE Equity offer the most affordable paths to a clean cap table.
• Premium: Carta and Mantle are premium solutions that offer a broader suite of services (valuations, board management) that justify their higher price point.

Feature Depth vs Ease of Use

• If you need Feature Depth (secondary markets, complex tax engine), go with Carta or Shareworks.
• If you value Ease of Use (clean UI, fast round modeling), Pulley and Cake Equity are the clear winners.

Integration and Scalability Needs

Check your HR and payroll stack. Most tools integrate with Rippling, Gusto, and BambooHR, but Shareworks and Carta have the deepest “enterprise-grade” integrations with systems like Workday or Oracle.

Frequently Asked Questions (FAQs)

1. Can’t I just keep using Excel for my cap table?

You can, but it is highly risky. Excel lacks an audit trail, doesn’t automate vesting, and is prone to “version control” errors. Most VCs will require you to move to a professional tool before they close a significant investment round.

2. How long does it take to migrate from a spreadsheet to a tool?

Most platforms like Pulley or Carta have dedicated teams that can do this for you in 1-2 weeks. You provide your legal documents, and they build the digital record.

3. What is a 409A valuation and do I need one?

A 409A is an independent appraisal of the fair market value (FMV) of your company’s common stock. You need one to issue options to employees without triggering tax penalties. Most cap table tools bundle these into their service.

4. How much do these tools typically cost?

Early-stage tools are often free (up to a certain number of stakeholders). As you grow, expect to pay anywhere from $2,000 to $20,000+ per year, depending on the complexity and employee count.

5. Are these tools only for US companies?

No. While many started in the US, platforms like Ledgy (Europe), Cake Equity (Australia/Global), and Capdesk (UK/EU) are specifically built for international markets.

6. Can employees see everyone else’s ownership?

No. Employee portals are “permissioned,” meaning they can only see their own vesting, exercise options, and perhaps a general view of the total share pool, but never the details of other shareholders.

7. Do I need my lawyer’s permission to use these tools?

You don’t need “permission,” but you should absolutely involve them. Most law firms have a preferred tool and can even act as the administrator on the platform for you.

8. What happens to my data if the software company goes bust?

All reputable tools allow you to export your cap table data in various formats (Excel, PDF). They are also required to maintain strict data retention policies.

9. Can these tools handle secondary transactions?

High-end tools like Carta and Capdesk have built-in modules for this. Smaller tools may require a manual entry to reflect a secondary sale.

10. What is a “Waterfall Analysis”?

It is a calculation that shows how much money each shareholder gets at different exit price points, taking into account liquidation preferences and participation rights.

Conclusion

The “best” cap table management tool in 2026 is the one that removes the most friction from your operations. For a US-based startup looking for the industry standard, Carta remains the king. However, for those who value a modern user experience and speed, Pulley is a formidable challenger. European firms have a clear localized winner in Ledgy, while first-time founders may find the “all-in-one” nature of AngelList Stack irresistible.

Ultimately, your choice should be dictated by your investor requirements, compliance needs, and the user experience you want to provide for your employees. Moving from a spreadsheet to any of these tools is a massive step forward in professionalizing your startup’s financial health.