Carta inherits Pulley customer relationships

The arrangement matters because it turns a shutdown into a warm sales channel for Carta. Pulley built trust with founders by making cap tables and employee grants easier to set up, then the transition offer let Carta step in at the exact moment customers needed a new home, with existing pricing honored for a year and Pulley’s onboarding context helping shorten the switch, even though each company still had to consent and sign a new contract.1 2 3 4

• Cap table software is sticky because it is the system of record for who owns what. Once that ledger also feeds valuations, employee option grants, board approvals, and investor reporting, the vendor gets daily operational touchpoints, not just an annual compliance task. That makes a transferred cap table relationship unusually valuable.2 4 5
• Carta has spent years using the cap table as the base layer for adjacent products like valuations, liquidity, fund administration, and compensation data. That breadth matters here, because a migrated Pulley customer is not just a seat sale, it is a candidate for a larger finance and ownership workflow bundle.2 5 6
• Comparable platforms show the same pattern. EquityList uses AngelList India’s fundraising funnel to move newly funded startups straight into equity management, because whoever touches formation or financing paperwork first can digitize the records and own the ongoing admin relationship.4 7

From here, enterprise equity software is likely to consolidate around platforms that control both the ledger and the adjacent workflows around it. Carta’s path is to turn migration moments into multi product expansion, making customer acquisition less about cold selling and more about inheriting the operating records that every later workflow depends on.2 3 4 5