Data as of Oct 6, 2026A topic in Cap Table & Equity Management Software.
Reviewed by Dimitry Apollonsky
Carta holds a wide lead for administering employee stock plans and equity awards. Other platforms such as Ledgy and Eqvista serve companies managing private equity tracking.
managing private company equity awards and administering stock plans
handling employee equity plans and cap table management
tracking employee stock grants and managing private company equity
tracking shareholder and employee stock plan data for private companies
enterprise-grade equity administration and comprehensive participant services
Mentioned in · Jul 5 – Oct 6, 2026
ChatGPT SearchOct 6, 2026
If you mean equity/stock-plan administration for a privately held company—issuing and administering options/RSUs, maintaining the cap table, employee portals, 409A, tax reporting, exercises, etc.—there are several strong options.
| Platform | Best for | Strengths | Watch-outs |
|---|---|---|---|
| Carta | Most private companies | Very broad platform: cap table, grants, exercises, 409A, 83(b), ISO/NSO, Rule 701, liquidity, reporting | Can become expensive/complex as you add modules |
What software helps private companies manage their employee stock plans and equity awards?
We need software to handle equity awards and stock grants for our private business.
| Startups & growth-stage companies |
| Modern UX, straightforward equity issuance, cap table + employee equity workflows, good alternative to Carta |
| Less enterprise-oriented than Morgan Stanley |
| Ledgy | Global companies | Strong international equity administration, compliance, employee experience and complex plans | Particularly compelling if you have significant non-US employees |
| Morgan Stanley at Work / Shareworks | Larger/private companies approaching IPO | Mature stock-plan administration, global capabilities, reporting, scenario modeling and liquidity-event support | More enterprise-oriented; potentially heavier implementation |
Carta is the one I'd put at the top of an RFP. Its private-company platform covers cap-table management, securities issuance, equity-plan administration, electronic exercises, 83(b), ISO management, 409A valuations, Form 3921, Rule 701, financial reporting and exit/IPO planning.
Its current private-company plans range from Launch (free, up to 25 stakeholders/$1M raised) through Build, Grow and Scale. The higher tiers add 409A, tax/compliance, ASC 718, Rule 701 and IPO capabilities.
I'd favor Carta if: you want one system covering the equity lifecycle from startup through a potential IPO, and your investors/lawyers/accountants are already familiar with it.
Pulley is particularly interesting if you want a modern, less heavyweight alternative. It supports creating/managing equity plans and electronically granting options, including board approval and e-signature workflows.
It also goes beyond simple cap-table maintenance into waterfalls and employee/stakeholder portals, which can be useful for more complicated ownership structures.
I'd favor Pulley if: you're a venture-backed private company and want a clean employee/founder experience without necessarily buying an enterprise stock-plan system.
Ledgy is more differentiated if your workforce is multinational. It combines share-plan administration, cap tables, compliance, financial reporting, valuations and employee equity communications, with support for complex vesting/performance structures.
It also has a free Launch tier for private companies with up to 50 stakeholders, although you'll want to evaluate the paid tiers for serious administration.
I'd favor Ledgy if: you have employees in multiple countries or expect international equity plans to become important.
Shareworks is designed for both private and public companies and has particularly strong capabilities around complex/global plans, reporting, scenario modeling, HRIS integrations and liquidity events.
Morgan Stanley says its equity business serves 3,400+ combined public and private stock-plan clients globally and 6.6M+ participants.
I'd favor Shareworks if: you're a larger private company, have sophisticated equity plans, are approaching an IPO/major liquidity event, or need substantial operational support.
For a typical US-based private company with 50–1,000 employees, I'd start with:
1. Carta — best overall
2. Pulley — best modern alternative
3. Morgan Stanley/Shareworks — best for enterprise complexity
4. Ledgy — best if international equity is important
One important distinction: cap-table software and true stock-plan administration aren't always the same thing. If you're primarily trying to administer employee options/RSUs after the grants have been approved, I'd weight employee exercise workflows, tax reporting, Rule 701, payroll/HRIS integration, 409A, and support for liquidity events much more heavily than basic cap-table functionality.
If you tell me (1) number of employees/equity holders, (2) US-only vs. international, (3) options vs. RSUs vs. both, (4) approximate annual grants, and (5) whether you're pre-IPO, I can build you a detailed Carta vs. Pulley vs. Shareworks vs. Ledgy comparison, including estimated pricing and the questions I'd put in an RFP.
When choosing a stock plan administration and equity management platform for a private company, the right choice typically depends on your company’s growth stage, budget, geographic footprint, and whether you need integrated 409A valuations or global compliance support.
The leading options on the market span several distinct categories:
To help narrow down which platform fits best, tell me:
