Pulley monetizes managed equity administration

Managed services turn cap table software into labor revenue, which matters because equity administration is full of repetitive, high consequence tasks that companies already pay someone to do. In practice, this means Pulley can charge not just for system access, but for a specialist to clean historical records, update stakeholders, prepare board approvals, run grant workflows, and coordinate 409A work that would otherwise sit with a founder, finance hire, law firm, or outside valuation provider.1 2 3 4 5

• Pulley sells this directly as a separate service layer. Its pricing page places Managed Equity Administration Services in Enterprise, and its help docs say managed services are billed separately from the core subscription or sold individually. That creates spend beyond seat or stakeholder limits.1 4
• The work is concrete and operational. Pulley describes onboarding a customer, assigning a dedicated equity manager, syncing HRIS data, fixing cap table errors, handling grants and repurchases, and preparing records for a 409A, financing, or exit. That is exactly the back office work many startups do in spreadsheets or send to counsel.3 4
• 409A is the clearest example of software plus service. Pulley includes 409A valuations on Growth, requires an up to date live cap table to start, and uses the resulting fair market value for new grants. Carta followed a similar wedge, bundling standard 409A valuations into higher plans and using the cap table as the system of record for the valuation process.2 6 7 8

The category is moving toward bundled software and expert execution. The winning product is not just a database of ownership, it is a place where the records, approvals, valuations, and admin labor all happen together. That raises revenue per customer and makes the platform harder to replace once a company has real scale and audit pressure.1 2 3 6 8