Pulley Chooses Carta for Migration

This partnership shows the cap table market ended with consolidation, not coexistence. Pulley was a focused challenger in equity management, but when it shut down on September 15, 2026 and set a December 8, 2026 end date, it handed customer migration to the category leader that already sells the broader bundle of cap table administration, 409A valuations, liquidity workflows, and investor recordkeeping. That made Carta the default landing spot for accounts that could not tolerate downtime or data risk.1 2 3 4

• The arrangement was operational, not an acquisition. Pulley’s shutdown notice said it entered an exclusive partnership with Carta, and Carta’s migration guide described Pulley as shutting down while Carta handled the data transfer and contract onboarding for switching customers.1 2
• Carta had a major scale advantage before the migration. Carta was at roughly $515M ARR in 2025, versus Pulley at roughly $20M estimated revenue by August 31, 2026. In practice, that means Carta could spread compliance, support, and product costs across a much larger installed base.3 4
• Cap table software is sticky because it is the company’s source of truth for who owns what. Once a startup stores grants, option exercises, board approvals, and valuation history in one system, moving is painful. That made an assisted migration especially valuable during a forced shutdown.5 6 7

Going forward, the market is likely to reward the few platforms that combine cap table records with surrounding workflows like valuations, liquidity, and equity ops support. Pulley’s shutdown turns migration execution into a distribution event for Carta, and raises the bar for smaller cap table vendors to win on a clearly differentiated wedge.1 3 5 6