Pulley Enables Company-Controlled Liquidity

This partnership turns Pulley from a record keeper into workflow infrastructure for real money moving through a cap table. In practice, that means a company can decide who is allowed to sell, how much they can sell, and which buyers can participate, while using its ownership records to reconcile the transaction afterward. That is the difference between ad hoc share sales that create cleanup work, and a company run liquidity program that helps retention, investor turnover, and price discovery.1 2 3 4

• Nasdaq Private Market sits in the issuer controlled part of the secondary market. It runs tender offers and liquidity programs where investors participate by company invitation, which lets the company manage access and use secondaries to refresh the cap table or test price discovery before an IPO.1 3
• The weak point in many issuer run programs is administration. Prior research on private secondaries notes that platforms like Nasdaq Private Market often require cap table imports and exports before and after each transaction. Pulley’s value is reducing that manual work by linking the ownership ledger to the sale process.2 3 4
• This puts Pulley closer to the model that made Carta’s tender product compelling. The system of record for equity becomes the place where seller eligibility, share counts, transfer restrictions, and post trade ownership updates can be managed in one flow, instead of across emails, lawyers, and spreadsheets.1 2 4

The next step for equity software is to make liquidity a recurring company process, not a one off corporate event. If more private companies offer controlled sale windows to employees and early investors, the winning platforms will be the ones that connect valuation, accounting, cap table data, and transaction execution into one operating system.1 2 4