Data as of Oct 15, 2026A topic in Cap Table & Equity Management Software.
Reviewed by Dimitry Apollonsky
AI summary
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 15, 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 |
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:
Private companies use specialized equity management and cap table software to automate the issuance, tracking, and compliance of employee stock option plans (ESOPs), RSUs, and other equity awards.[](https://www.insightsoftware.com/certent/equity-management/)
The primary software platforms serving this market include:
These platforms generally replace manual spreadsheets by centralizing the legal ledger, automating vesting schedules, and providing employees with clear visibility into their vested and unvested grants.[](https://www.insightsoftware.com/certent/equity-management/)
If you are evaluating these tools for your company, would you like to compare them based on company size/stage, pricing structure , or specific features like 409A valuations or payroll integrations?
ChatGPT SearchOct 15, 2026
Private companies typically use equity management software or cap table and stock plan administration software to manage employee stock options, restricted stock awards (RSUs), vesting schedules, exercises, ownership records, and compliance.
The best choice depends on whether you're a startup issuing its first options or a mature private company administering complex employee equity plans across multiple countries.
1. Carta
(Strong general-purpose choice)
Best for venture-backed startups and growing private companies. Manages cap tables, employee option grants, vesting, electronic exercises, fundraising, and 409A valuations.
Pricing: Paid plans generally require a quote; a limited free entry tier is available.
2. Cake Equity
Best for early-stage companies looking for straightforward equity administration. Supports ISO and NSO stock options, restricted stock, grant tracking, employee equity visibility, and cap table management.
Pricing: Plan-based; request a quote or review available plans.
3. Ledgy
Best for companies with international employees. Offers equity grant workflows, complex vesting schedules, employee dashboards, global compliance support, and financial reporting.
Pricing: Typically customized to company requirements.
4. Shareworks
Best for larger private companies and those preparing for an IPO. Provides sophisticated equity compensation administration, global plans, audit-ready reporting, scenario modeling, and HR system integrations.
Pricing: Generally quote-based.
5. J.P. Morgan Workplace Solutions
Best for companies needing full-service stock plan administration across countries. Combines equity compensation management, employee support, reporting, and cap table tools.
Pricing: Enterprise quote.
6. Fidelity Private Shares
Best for private companies that want equity management alongside corporate governance and fundraising tools. Supports cap tables, grants, valuations, ownership records, and transaction planning.
| If your main requirement is… | Start with |
|---|---|
| Startup stock options and cap table management | Carta or Cake Equity |
| Simple employee equity administration | Cake Equity |
| International equity awards and compliance | Ledgy |
| Complex plans and hands-on administration | Shareworks or J.P. Morgan |
| Equity plus governance and fundraising | Fidelity Private Shares |
Before selecting a platform, verify that it supports the following:
One important distinction: cap table software is not always the same as full-service stock plan administration. If you need a vendor to handle employee transactions, tax withholding, accounting reports, or international compliance, verify those services explicitly.
To narrow this down: Are you evaluating software for a private company that issues employee stock options, or are you looking for a platform to administer a broader employee stock plan, including RSUs, tax reporting, and exercises? That distinction will significantly change the best shortlist.
