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

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Introduction

Cap table management tools help companies track ownership (shares, options, SAFEs/convertibles), model dilution, manage equity grants, and keep investor and board reporting consistent. They replace spreadsheet-heavy processes that often break as soon as you add multiple share classes, frequent grants, or new funding rounds.

Common use cases include maintaining a single source of truth for stakeholders, issuing and tracking grants and vesting, modeling option pool changes, preparing fundraising scenarios, generating board-ready ownership reports, and improving employee visibility into equity.

What buyers should evaluate:

• Cap table accuracy and change control (audit trail, approvals, versioning)
• Equity plan workflows (grants, vesting, exercises, cancellations)
• Convertibles handling (SAFEs/notes, conversion logic, caps/discounts)
• Scenario modeling (rounds, option pool refresh, exit waterfalls)
• Stakeholder experience (employee/investor access, statements, transparency)
• Reporting exports (board views, finance-friendly outputs, rollups)
• Permissions and security (RBAC, activity logs, data retention)
• Migration support (import tools, reconciliation, validations)
• Admin overhead (how many clicks per grant/event, bulk updates)
• Global readiness (multi-entity, multi-currency, regional needs)

Best for: startups through late-stage private companies that need accurate equity records and reliable dilution modeling.
Not ideal for: teams with minimal equity activity where a simple ownership ledger is enough.

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Key trends in cap table tools

• Stronger modeling expectations: founders want instant answers for “what if” dilution before signing terms.
• More finance readiness: cleaner exports, stronger audit trails, and tighter controls around equity events.
• Better employee transparency: simplified dashboards and statements that reduce confusion and support retention.
• Governance-first workflows: approvals, role separation, and activity tracking become more important as boards grow.
• Faster migrations: vendors compete on how quickly they can reconcile messy spreadsheet cap tables.
• Wider instrument coverage: better handling of SAFEs/notes, multiple share classes, and complex vesting.

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How we selected these tools

• Included widely used cap table and equity management tools covering core workflows: ownership tracking, grants, and reporting.
• Balanced founder-friendly platforms with enterprise-grade solutions built for more complex governance.
• Included tools that combine cap table workflows with adjacent legal/equity operations to reduce “spreadsheet drift.”
• Focused on practical adoption factors: migration, permissions, stakeholder access, and admin simplicity.

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Top 10 Cap Table Management Tools

1.Carta

Carta is commonly used when cap tables become complex and teams need structured governance, stakeholder access, and consistent reporting.

Key features

• Cap table system of record with structured events (Varies)
• Equity issuance and stakeholder visibility workflows (Varies)
• Scenario modeling and reporting (Varies)
• Permissioned access for employees and investors (Varies)
• Audit-friendly change tracking patterns (Varies)
• Admin controls designed for scaling companies (Varies)

Pros

• Strong fit as complexity increases (more stakeholders, more instruments)
• Good governance and reporting structure for finance and leadership teams

Cons

• Can feel heavy for very early-stage teams
• Best outcomes require disciplined setup and administration

Platforms / Deployment

• Web
• Cloud

Security & Compliance
Not publicly stated.

Integrations & Ecosystem

• SSO and identity (Varies)
• HR and payroll connections (Varies)
• Finance exports (Varies)
• APIs (Varies)
• Document workflows (Varies)

Support & Community
Varies / Not publicly stated.

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2.Pulley

Pulley is often chosen for founder-friendly cap table management with strong scenario modeling and day-to-day usability.

Key features

• Cap table management and fast scenario modeling (Varies)
• Convertible tracking and dilution forecasting (Varies)
• Equity plan workflows (grants, vesting, exercises) (Varies)
• Stakeholder visibility and statements (Varies)
• Reporting for investor and finance needs (Varies)
• Migration support patterns (Varies)

Pros

• Strong for early-to-growth stage decisions and dilution planning
• Usability can improve adoption across founders and finance

Cons

• Governance discipline still matters as the company scales
• Enterprise reporting needs should be validated in a pilot

Platforms / Deployment

• Web
• Cloud

Security & Compliance
Not publicly stated.

Integrations & Ecosystem

• SSO and identity (Varies)
• HR/payroll connections (Varies)
• Reporting exports (Varies)
• APIs (Varies)
• Document workflows (Varies)

Support & Community
Varies / Not publicly stated.

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3.Shareworks by Morgan Stanley

Shareworks by Morgan Stanley is commonly associated with enterprise-level equity plan administration and cap table management, often evaluated by later-stage private companies.

Key features

• Enterprise-grade cap table management (Varies)
• Equity plan administration workflows (Varies)
• Reporting designed for structured finance needs (Varies)
• Stakeholder communications and rollups (Varies)
• Scenario modeling concepts (Varies)
• Governance controls and permissions (Varies)

Pros

• Strong for mature companies that need enterprise controls
• Useful when reporting and process rigor matter most

Cons

• Can be more complex than founder-first tools
• Rollout often needs strong governance and process design

Platforms / Deployment

• Web
• Cloud (Varies)

Security & Compliance
Not publicly stated.

Integrations & Ecosystem

• SSO and identity (Varies)
• Finance/reporting exports (Varies)
• HR/payroll connections (Varies)
• APIs (Varies)
• Stakeholder portal workflows (Varies)

Support & Community
Varies / Not publicly stated.

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4.Computershare GEMSpm

Computershare GEMSpm is often evaluated for cap table management plus modeling features such as fully diluted views and waterfall-style analysis.

Key features

• Cap table creation and stakeholder access (Varies)
• Fully diluted and outstanding share views (Varies)
• Waterfall/distribution analysis concepts (Varies)
• Dilution forecasting support (Varies)
• Equity event handling and exercise impacts (Varies)
• Structured records and reporting patterns (Varies)

Pros

• Strong for governance-heavy cap table control and stakeholder access
• Useful for teams that want modeling alongside core recordkeeping

Cons

• Fit depends on instrument complexity and reporting expectations
• Requires clean migration and reconciliation to be reliable

Platforms / Deployment

• Web
• Cloud

Security & Compliance
Not publicly stated.

Integrations & Ecosystem

• SSO and identity (Varies)
• Reporting exports (Varies)
• Finance handoffs (Varies)
• APIs (Varies)
• Document workflows (Varies)

Support & Community
Varies / Not publicly stated.

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5.Ledgy

Ledgy is commonly considered by teams looking for modern equity workflows that include cap table management and stakeholder visibility.

Key features

• Cap table management with structured events (Varies)
• Equity plan workflows (Varies)
• Stakeholder statements and transparency views (Varies)
• Scenario modeling support (Varies)
• Reporting for founders and finance (Varies)
• Permissions and governance workflows (Varies)

Pros

• Useful for scaling equity processes with guardrails
• Strong for teams that want modern UX and structured administration

Cons

• Integration depth should be validated for your finance workflow
• Requires consistent admin discipline to keep data clean

Platforms / Deployment

• Web
• Cloud

Security & Compliance
Not publicly stated.

Integrations & Ecosystem

• SSO and identity (Varies)
• HR/payroll connections (Varies)
• Finance exports (Varies)
• APIs (Varies)
• Document workflows (Varies)

Support & Community
Varies / Not publicly stated.

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6.SeedLegals

SeedLegals is often chosen when teams want cap table management closely aligned with legal and equity workflows, reducing manual updates.

Key features

• Automated cap table updates based on equity events (Varies)
• Dilution and ownership visibility (Varies)
• Scenario planning for fundraising and exit outcomes (Varies)
• Option pool setup and visibility (Varies)
• Share class and event-based views (Varies)
• Workflow alignment between cap table and legal steps (Varies)

Pros

• Strong when you want cap table data to stay current through workflow automation
• Helpful for reducing spreadsheet drift and version confusion

Cons

• Fit depends on how you manage legal workflows internally
• Advanced finance exports should be tested early

Platforms / Deployment

• Web
• Cloud

Security & Compliance
Not publicly stated.

Integrations & Ecosystem

• Identity/SSO (Varies)
• Document workflows (Varies)
• Reporting exports (Varies)
• APIs (Varies)
• Stakeholder access controls (Varies)

Support & Community
Varies / Not publicly stated.

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7.Cake Equity

Cake Equity is commonly evaluated for equity management workflows that include cap table tracking and employee-facing equity visibility.

Key features

• Cap table tracking and equity event handling (Varies)
• Option grants and vesting workflows (Varies)
• Employee dashboards and transparency views (Varies)
• Scenario modeling support (Varies)
• Reporting for founders and finance teams (Varies)
• Admin controls for equity plans (Varies)

Pros

• Useful for cap table plus employee equity transparency
• Strong for ongoing grants and vesting workflows

Cons

• Finance exports and integrations should be validated in a pilot
• Governance quality depends on consistent administration

Platforms / Deployment

• Web
• Cloud

Security & Compliance
Not publicly stated.

Integrations & Ecosystem

• SSO and identity (Varies)
• HR/payroll connections (Varies)
• Reporting exports (Varies)
• APIs (Varies)
• Document workflows (Varies)

Support & Community
Varies / Not publicly stated.

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8.Capshare

Capshare is commonly used by private companies that want cap table management and equity plan administration in one platform.

Key features

• Cap table and equity plan administration (Varies)
• Modeling for fundraising and ownership scenarios (Varies)
• Vesting schedules and grant tracking (Varies)
• Document workflow support patterns (Varies)
• Reporting and stakeholder views (Varies)
• Admin controls for equity events (Varies)

Pros

• Strong for private companies needing clear ownership tracking
• Helpful for combining cap table and plan workflows

Cons

• Capability depth varies by plan and configuration
• Complex structures require careful setup and validation

Platforms / Deployment

• Web
• Cloud

Security & Compliance
Not publicly stated.

Integrations & Ecosystem

• SSO (Varies)
• Reporting exports (Varies)
• Finance handoffs (Varies)
• APIs (Varies)
• Document workflows (Varies)

Support & Community
Varies / Not publicly stated.

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9.Eqvista

Eqvista is often considered by cost-sensitive teams that want structured cap table workflows with centralized shareholder records.

Key features

• Centralized cap table and shareholder records (Varies)
• Equity tracking with structured updates (Varies)
• Certificate and documentation support patterns (Varies)
• Valuation and reporting support concepts (Varies)
• Compliance-oriented recordkeeping (Varies)
• Stakeholder sharing and visibility workflows (Varies)

Pros

• Strong for teams that want structure without heavy overhead
• Helpful for maintaining consistent shareholder records

Cons

• Complex instruments and rounds require careful configuration
• Integration depth should be validated for your close process

Platforms / Deployment

• Web
• Cloud

Security & Compliance
Not publicly stated.

Integrations & Ecosystem

• Identity/SSO (Varies)
• Reporting exports (Varies)
• Document workflows (Varies)
• APIs (Varies)
• Stakeholder portal access (Varies)

Support & Community
Varies / Not publicly stated.

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10.Qapita

Qapita is commonly evaluated for end-to-end equity workflows that include cap table management, issuance tracking, and reporting.

Key features

• Cap table lifecycle management (Varies)
• Equity issuance tracking and reporting (Varies)
• Scenario modeling for fundraising (Varies)
• Stakeholder transparency as a single source of truth (Varies)
• Audit-friendly workflows and exports (Varies)
• Admin controls and approval patterns (Varies)

Pros

• Strong for teams wanting structured, end-to-end equity workflows
• Useful for scenario planning and investor-ready reporting

Cons

• Fit depends on your internal approvals and reporting expectations
• Integrations should be proven with real data

Platforms / Deployment

• Web
• Cloud

Security & Compliance
Not publicly stated.

Integrations & Ecosystem

• SSO and identity (Varies)
• Finance exports (Varies)
• HR/payroll connections (Varies)
• APIs (Varies)
• Reporting exports (Varies)

Support & Community
Varies / Not publicly stated.

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Comparison table

Tool Name	Best For	Platform(s) Supported	Deployment (Cloud/Self-hosted/Hybrid)	Standout Feature	Public Rating
Carta	Scalable cap table governance and equity issuance	Web	Cloud	Structured system of record with stakeholder access	N/A
Pulley	Founder-friendly modeling and dilution decisions	Web	Cloud	Fast scenario modeling for funding decisions	N/A
Shareworks by Morgan Stanley	Enterprise equity management and reporting	Web	Cloud (Varies)	Enterprise controls for equity plans and reporting	N/A
Computershare GEMSpm	Governance + waterfalls + stakeholder access	Web	Cloud	Waterfall-style distribution and diluted views	N/A
Ledgy	Modern equity workflows with cap table coverage	Web	Cloud	Modern stakeholder transparency and admin workflows	N/A
SeedLegals	Cap table aligned to legal/equity workflows	Web	Cloud	Workflow-driven cap table updates and modeling	N/A
Cake Equity	Cap table plus employee equity transparency	Web	Cloud	Employee-friendly dashboards and vesting workflows	N/A
Capshare	Private company cap tables and equity plans	Web	Cloud	Cap table + plan administration in one place	N/A
Eqvista	Centralized cap table and shareholder records	Web	Cloud	Structured shareholder recordkeeping	N/A
Qapita	End-to-end equity operations and reporting	Web	Cloud	Single source of truth plus scenario planning	N/A

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Evaluation and scoring

Weights used:

• Core features – 25%
• Ease of use – 15%
• Integrations & ecosystem – 15%
• Security & compliance – 10%
• Performance & reliability – 10%
• Support & community – 10%
• Price / value – 15%

Tool Name	Core (25%)	Ease (15%)	Integrations (15%)	Security (10%)	Performance (10%)	Support (10%)	Value (15%)	Weighted Total (0–10)
Carta	9	7	8	8	8	7	5	7.55
Pulley	8	9	7	7	8	7	8	7.80
Shareworks by Morgan Stanley	9	6	8	8	8	7	5	7.40
Computershare GEMSpm	8	7	7	8	8	7	7	7.45
Ledgy	8	8	7	7	7	7	7	7.40
SeedLegals	7	8	6	7	7	7	8	7.15
Cake Equity	7	8	6	7	7	7	8	7.15
Capshare	7	7	6	7	7	7	7	6.85
Eqvista	7	7	6	7	7	7	9	7.15
Qapita	8	7	7	7	7	7	7	7.25

How to interpret the scores:
These scores are comparative and meant for shortlisting. A lower total can still be the best fit if it matches your company stage, instrument complexity, and reporting needs. Treat security and compliance as verification steps during procurement: validate permissions, audit logs, retention, and external sharing controls. Pilot using real historical transactions and a real fundraising scenario before committing.

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Which cap table tool is right for you?

Solo / Freelancer

If you’re advising founders or holding a small number of shares, you likely don’t need a full platform. Focus on clean documentation and a single source of truth for ownership records.

SMB

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If you issue options and run regular grants, pick a tool with strong day-to-day workflows and simple stakeholder access. Ease of use and migration quality usually matter more than feature breadth initially.

Mid-market

As headcount and investor complexity increase, prioritize audit trails, permissions, and reporting exports. Scenario modeling becomes critical for option pool strategy and fundraising decisions.

Enterprise

For complex equity structures, prioritize governance, access controls, and finance reporting support. Run a pilot that proves the tool can handle your instruments without manual workarounds.

Budget vs Premium

Budget tools can work if your cap table is simple and your main goal is replacing spreadsheets. Premium platforms pay off when stakeholder count is high and governance and reporting needs are strict.

Feature depth vs Ease of use

If adoption is your biggest risk, choose the tool founders and finance teams will actually use weekly. If governance is your biggest risk, choose deeper controls and invest in admin standards and approvals.

Integrations & Scalability

Start by listing required connections: identity, HR/payroll, accounting, and document workflows. Validate whether the tool supports bulk grants, clean exports, and stakeholder onboarding at scale.

Security & Compliance Needs

Treat cap table data as highly sensitive. Validate role-based permissions, activity logs, retention controls, and how external access is granted and revoked.

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Frequently Asked Questions

1. What is a cap table?
   A cap table is a structured record of who owns what in a company, including shares and equity instruments, used to understand ownership and dilution.
2. Why use cap table software instead of spreadsheets?
   Spreadsheets drift, break with complex instruments, and create version confusion. Software standardizes events, permissions, and reporting.
3. When should a startup adopt cap table software?
   Usually when stakeholder count grows, you issue options, you use SAFEs/notes, or you need consistent investor reporting and modeling.
4. What matters most at early stage?
   Easy setup, convertible handling, scenario modeling, and clean stakeholder views. Migration support matters if you already have a spreadsheet.
5. What matters most at growth stage?
   Grant workflows, audit trails, permissions, and board-ready reporting. Option pool and exercise handling becomes more frequent.
6. How do these tools help finance?
   They provide structured records, consistent exports, and clearer audit trails that support finance processes and reporting requirements.
7. How should I run a pilot?
   Import your current cap table, recreate a few historical events, validate fully diluted counts, run a fundraising scenario, and test one grant cycle end to end.
8. How do I avoid migration mistakes?
   Clean source data, define share classes clearly, reconcile totals to legal documents, and validate conversions and vesting logic.
9. Who should own the cap table internally?
   Typically finance owns the system of record, legal supports governance, and HR supports grants. Define approvals and change control upfront.
10. What should I ask in demos?
    Ask how they handle SAFEs/notes, scenario modeling, audit logs, permissions, and exports. Also ask about ongoing admin workload and bulk operations.

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Conclusion

Cap table management tools create a reliable source of truth for ownership, grants, and dilution so founders and finance teams can make decisions with confidence. Choose a tool based on your stage, instrument complexity, and reporting needs rather than brand familiarity alone. Shortlist two or three options, pilot with real historical events and a real fundraising model, and confirm stakeholder access controls and export formats. Finally, define ownership, approvals, and a consistent update rhythm so the cap table stays accurate over time.