Visibility in this ranking can be paid for. Payment gives a vendor more visibility, higher up on the review pages; it never adds a vendor, and it never changes a word of the review. The largest vendors in cap table management software
cannot hold places 1 to 3. Places 1 to 3 go to challengers, vendors outside the best-known brands in a category,
wherever the category has them; the established names follow from place 4 in their ranked order. How it works: placement disclosure ·
editorial process.
The 12 tools, reviewed
#1 Ledgy
Cap table and equity plan platform from Zurich · Switzerland · ledgy.com
European equity EMI and BSPCE Share plans
Ledgy takes first place because it answers the question a European founder asks before price: will this handle my local schemes? Its Scale tier lists EMI forms, Companies House reporting, HMRC, BSPCE and 409A valuations, DocuSign and Skribble signing, and more than 70 HRIS connections.
- Pricing: Tiers by stakeholders. Launch is free for up to 50 stakeholders. Free plan: free plan.
- Best for: European startups with multi-country staff
- Strengths: Multi-entity cap table; 70+ HRIS integrations; Automated granting and exercising.
Where it falls short
The free plan is self-serve with simple vesting only, and nearly everything useful for a growing company, from performance conditions to custom reports, begins at Scale.
Wrong for
A two-founder US startup that only needs 83(b) filings and a 409A at the lowest cost. Cake Equity, EquityList or Eqvista are closer to that need.
Visit Ledgy →
#2 Vestd
UK share schemes and Companies House filing in one platform · United Kingdom · vestd.com
UK share schemes Companies House EMI
Vestd earns second place by doing the UK job most platforms skip. Issuing shares, changing directors, filing confirmation statements and updating PSCs run against Companies House in both directions, and the scheme list covers EMI, CSOP, growth shares, unapproved options and phantom shares. The higher plans add unlimited valuations from an in-house team and a person who helps with HMRC notifications.
- Pricing: Monthly plans by support level. Essentials from £25 a month; Starter £220 a month and Guided Service £420 a month; 12-month minimum, prices exclude VAT. Free plan: none.
- Best for: UK limited companies issuing EMI options
- Strengths: Two-way Companies House integration; EMI, CSOP and growth shares; HMRC ERS notification help.
Where it falls short
There is no free plan, and the plan table puts EMI, CSOP and valuations on the paid service tiers, not on the £25 Essentials plan. The minimum term is 12 months.
Wrong for
A Delaware C-corp or a company with most equity holders outside the UK.
Visit Vestd →
#3 Cake Equity
Startup cap tables with per-stakeholder pricing · United States · cakeequity.com
Startups 409A included Migration help
Cake Equity sits third because its pricing page is clear about what each step buys. Build covers the ledger, SAFEs, templated option grants, e-signing and board approvals for 25 stakeholders, and Team adds an audit-ready 409A, incentive plans, warrants and exercising.
- Pricing: Tiers plus per-stakeholder add-ons. Free for 5 stakeholders. Free plan: free plan.
- Best for: Seed-stage startups in several countries
- Strengths: Cap table and scenario modelling; SAFEs and convertible notes; Stock options, RSUs and RSAs.
Where it falls short
Team and Pro are annual-only, and ASC 718 reporting is held back for Pro. The 409A comes bundled only at Team, so a company on Build buys it separately. Legal templates for options are limited to C-corps.
Wrong for
A UK company that needs EMI filings and Companies House sync, or a listed company with thousands of participants.
Visit Cake Equity →
#4 Eqvista
Free cap table with valuation and transfer agent services · United States · eqvista.com
Free tier 409A bundle Transfer agent
Eqvista is fourth because the free plan is real and the paid step is small. Under 20 stakeholders you get a cap table, ESOP tracking, vesting, stakeholder logins and a data room at no charge. Premium adds e-signed certificates and SAFEs, board resolutions, Rule 701, Form 3921, waterfall and round modeling at $2 per stakeholder each month.
- Pricing: Per stakeholder / month. Freemium for under 20 stakeholders; Premium $2 a month per stakeholder, custom above 50; 409A and Premium bundle from $990 a year. Free plan: free plan.
- Best for: Small US companies on a tight budget
- Strengths: Cap table and ESOP management; Vesting schedules; Stakeholder accounts.
Where it falls short
Valuation pricing scales by funding stage, from $990 pre-funding to custom at Series B, so the saving shrinks as the company grows. The 'custom pricing above 50 stakeholders' line makes growth costs unpredictable.
Wrong for
A company that needs EMI reporting, HRIS-driven grants for hundreds of employees, or a vendor focused only on software.
Visit Eqvista →
#5 Qapita
Equity and fund management for Asia and US startups · Singapore · qapita.com
Asia-Pacific ESOP plans Fund admin
Qapita ranks fifth as the option for companies whose equity holders sit across Singapore, India and the United States. The Spark plan is free for 25 stakeholders, Surge adds a reporting module and migration support for $1,600 a year, and Growth brings the 409A report, board consents, 83(b) and Form 3921. Enterprise lists IFRS reporting, SSO and HRIS integration.
- Pricing: Tiers by stakeholder band. Spark free for up to 25 stakeholders and under $1 million raised. Free plan: free plan.
- Best for: Startups with Singapore or India entities
- Strengths: Cap table management; Stock plan management; Funding round modelling.
Where it falls short
The free plan requires less than $1 million raised, so a better-funded seed company starts on a paid tier. Surge and Growth add $40 and $60 per stakeholder a year beyond their included counts.
Wrong for
A UK startup issuing EMI options or a company wanting a US-only product with local support hours.
Visit Qapita →
#6 EquityList
AI-assisted cap table and secretarial compliance · India · equitylist.co
India compliance AI credits Free tier
EquityList lands sixth because its price ladder is easy to follow and its scope reaches beyond the ledger. The Free plan covers 10 stakeholders, Build adds pool management and issuing securities for $1,200 a year, and Growth, at $3,500 a year, includes a 409A valuation.
- Pricing: Tiers plus per-stakeholder add-ons. Free for 10 stakeholders. Free plan: free plan.
- Best for: Indian and US startups wanting compliance tools
- Strengths: Cap table management; Equity pool management; Issue securities.
Where it falls short
The company entity is Indian and the pages do not name a street address, so check the contracting party before signing. Free comes with 1,000 lifetime AI credits, not monthly ones.
Wrong for
A European company needing BSPCE, EMI or Swiss reporting, or a team wanting a fully human onboarding team.
Visit EquityList →
#7 Astrella
Full-service equity management priced by stakeholder band · United States · astrella.com
Flat bands Onboarding Exit modeling
Astrella comes seventh as the product with the simplest price logic in this list. The page says all features are available in any package, and the only variable is how many stakeholders you carry. Full-service onboarding, a named implementation manager, unlimited hotline support, advanced multi-class administration and exit modeling are standard.
- Pricing: Per stakeholder band / year. $1,200 a year for 0 to 25 stakeholders, $3,200 for 26 to 100, $8,200 for 101 to 300, custom above 300. Free plan: none.
- Best for: US companies wanting white-glove onboarding
- Strengths: E-signature with DocuSign; Options, RSAs and PIUs; Convertibles and warrants.
Where it falls short
There is no free tier, so even a two-founder company starts at $1,200 a year. The pricing page footer carries a 2019 to 2024 copyright line, and the page says displayed prices may differ for partners.
Wrong for
A bootstrapped founder wanting a free ledger, or a UK or EU company filing local forms.
Visit Astrella →
#8 Certent Equity Management
Equity compensation accounting and administration for finance teams · United States · insightsoftware.com
Equity accounting Public companies Reporting
Certent takes eighth place because it answers an accounting problem the startup tools hardly touch. Its page lists more than 400 prebuilt reports, over 15 award types and compliance reporting against SEC, FASB and IFRS requirements, plus a payroll sync for tax and employee data. A broker system link gives participants a trading view.
- Pricing: Quote only. No price shown on its insightsoftware page; demo request only. Free plan: none.
- Best for: Finance teams reporting equity expense
- Strengths: 400+ prebuilt reports; 15+ award types; Participant portal.
Where it falls short
No price, no trial and no self-service signup appear on the page; the demo form requires cookies. The pitch is aimed at mid-size and larger firms, so a seed-stage founder will find it heavy.
Wrong for
A startup with 20 stakeholders and no equity accountant.
Visit Certent Equity Management →
Bank-backed Global plans Full service
Global Shares sits ninth as a bank-owned option for companies whose equity plans already span borders. Its site describes full-service administration of global employee plans, participant access to transact awards, an extensive reporting suite covering expense, disclosure, tax and EPS, and a private-to-public path on one platform.
- Pricing: Quote only. No prices published; the site routes visitors to a demo or contact form. Free plan: none.
- Best for: Multi-country plans needing full service
- Strengths: Private company cap table; Global share plan administration; Participant platform.
Where it falls short
The pages publish no price, the brand now sits under a J.P. Morgan name, and a small founder looking for a cap table will not find a self-serve product.
Wrong for
A pre-Series A company with fewer than 25 holders.
Visit Global Shares →
#10 Equity Edge Online
Cloud stock plan administration from Morgan Stanley at Work · United States · morganstanley.com
Stock plans Public companies Morgan Stanley at Work
Equity Edge Online takes tenth place as one of two Morgan Stanley at Work platforms in this list. Its page frames it as an integrated, cloud-based stock plan administration system with accounting, recordkeeping and administration support, an API for HR and payroll connections, and platform upgrades that do not need your technology staff.
- Pricing: Quote only. No price on the page; contact the sales team. Free plan: none.
- Best for: Public companies running stock plans
- Strengths: Stock plan accounting; Recordkeeping; Plan administration tools.
Where it falls short
The page stresses stock plan administration, not founder-stage cap tables, and offers no price, trial or self-service route. The product page is thin on features compared with Shareworks.
Wrong for
A venture-backed startup that needs SAFE tracking and scenario modeling for the next round.
Visit Equity Edge Online →
#11 Shareworks
Equity compensation platform from Morgan Stanley at Work · United States · morganstanley.com
Pre-IPO Section 16 Morgan Stanley
Shareworks is eleventh only because it is one of the dominant incumbents. Morgan Stanley at Work describes it as an integrated platform for private and public companies, with custom global plans, a sandbox site for modeling and budgeting, real-time HRIS data over an API, audit-ready reporting, 409A valuations and Section 16 filings.
- Pricing: Quote only. No price on the page; quote through Morgan Stanley at Work. Free plan: none.
- Best for: Pre-IPO and public equity plans
- Strengths: Custom global plans; Sandbox for forecasting; HRIS API data sharing.
Where it falls short
No price is published, and pages describe the tool more than the day-to-day workflow. A small company will not find a free or self-serve start.
Wrong for
A company with ten stakeholders and no IPO plan.
Visit Shareworks →
#12 Carta
Cap table and equity platform with a UK site · United States · carta.com
Market incumbent Pulley migration Capdesk UK
Carta ranks last in this list because it is a dominant incumbent and because we could confirm little from its own pages. What we could confirm: its support site has a section for Carta Launch users, capdesk.com now redirects to a Carta UK site, and Pulley's own shutdown FAQ names Carta as its exclusive transition partner.
- Pricing: Quote only. Not verified; carta.com returned an access denied response to automated requests on 30 October 2026. Free plan: none.
- Best for: Companies wanting the market-default platform
- Strengths: Cap table; Carta Launch for early-stage companies; Equity plans.
Where it falls short
Pricing, plan limits and security terms were not visible to us, and the site blocked automated reads. Pulley customers receive a new 12-month Carta contract, so the switch brings a fresh commitment.
Wrong for
A founder who wants public prices and a free plan today.
Visit Carta →
Questions and answers
What is the best cap table management software in 2026?
Ledgy ranks first of 12, best for european startups with multi-country staff. Vestd is second (uK limited companies issuing EMI options) and Cake Equity third (seed-stage startups in several countries). Places 1 to 3 go to challengers, vendors outside the best-known brands, wherever the category has them.
How much does cap table software cost?
Free tiers exist at Ledgy, Cake Equity, Eqvista, Qapita and EquityList for 5 to 50 stakeholders.
Is Pulley still available after its shutdown announcement?
Pulley's own FAQ, dated September 15, 2026, says the company will shut down on December 8, 2026 and that customers keep limited access to their data in the app until January 31, 2027.
What happened to Capdesk and LTSE Equity?
On the day we checked, capdesk.com redirected to Carta's UK pages, so it is no longer a separate product we could assess.
What is a stakeholder, and why does it drive the price?
A stakeholder is anyone who holds or may hold equity: founders, investors, employees with options, advisors and sometimes former staff. Most vendors price by that count because every stakeholder needs a record, documents and often a dashboard login.
Do I need a 409A valuation, and who provides it?
A US private company granting options at a strike price needs a defensible fair market value, and a 409A valuation is the usual evidence.
Can cap table software handle UK EMI options?
Yes, in Vestd and Ledgy. Vestd lists EMI, CSOP, growth shares, unapproved options and phantom shares by plan, with two-way Companies House integration and help with HMRC employment-related securities notifications.
What is the difference between cap table software and equity plan administration?
Cap table software is the ownership ledger and usually serves private companies with founders, investors and a modest option plan.
Is a free cap table plan good enough?
For a company with a few founders and angels, usually yes. The free tiers cover a ledger, vesting and stakeholder views, but they cap stakeholders at 5 to 50 and leave out exercises, valuations and compliance reports.
How do I move from a spreadsheet or another vendor?
Collect the signed documents, board consents and the last financing closing set. Ask the new vendor to import the history and compare fully diluted ownership with your lawyer's figures before you retire the old record.
What should I check before choosing a cap table vendor with a European team?
Check where the data is hosted, which entity signs your contract and which local schemes the product reports on. Ledgy states that cap table data is stored in Switzerland and personal data in Switzerland and the EU.
