Pulley selects Carta for migration

This pairing shows how concentrated cap table software has become, because when Pulley needed a safe landing for customer records, the best destination was the same company it spent years trying to unseat. Carta is not just another cap table app, it is a larger equity system of record with valuations, liquidity workflows, and a broad installed base. In a shutdown, that scale matters more than nicer onboarding or simpler pricing, because customers mainly need their share ledger, grant history, and legal documents moved cleanly and kept audit ready.1 2 3 4

• Pulley itself frames Carta as the assisted migration path, with existing customers offered migration support to Carta. Carta says Pulley customers keep access to their Pulley account until the December 8, 2026 shutdown while the transfer is completed, which makes continuity the product that matters most in the final stretch.1 2
• Carta is the hardest rival for any cap table startup because it sits at the center of more workflows. Company records show it sells cap table management, 409A valuations, liquidity tools, and fund administration, and prior research describes it as controlling about 35% of venture backed startup cap tables. That creates switching gravity and a larger ecosystem around the ledger itself.3 4 5
• Pulley originally won by being easier for founders and finance teams to use. But once a platform is winding down, the job changes from helping a startup model ownership to preserving every grant, exercise, and board approved change without breaking the company record. That is why migration reliability overtakes product differentiation.2 6

Going forward, cap table software will look less like a simple SaaS seat sale and more like financial infrastructure. The winners will be the systems that companies trust to hold the canonical ownership record, then layer valuations, employee liquidity, and investor workflows on top without making customers feel that their own data is being used against them.4 5 6