September 2026 Edition, published · The permanent record of that edition, superseded since. The current standing is on the category page →
Index › Finance › Equity and corporate › Cap table management › Enterprise · September 2026 Edition

Cap table management for enterprise buyers

Asked as “cap table management software”, and as “equity management platform”, on behalf of an enterprise B2B company. 44 first choices recorded across the direct, paraphrase, budget and scale prompts, twelve models each.
Standing · first-choice share
34%
Contested · Shareworks 23%
34Carta Equity23Shareworks09J.P. Morgan Workplace Solutions34others

34% of first choices, contested.

By buyer segment

The same question asked on behalf of a different buyer. Each standing is computed within its segment; they sit side by side and are never added together.

The standing

Share is the count of first choices across the direct, paraphrase, budget and scale prompts, over all twelve models, for an enterprise B2B company. Ordered by share.
ProductFirst-choice shareNegative rateLabelsQuadrant
01Carta Equity34%31%62criticized default
02Shareworks23%15%55accepted challenger
03Qapita9%12%26accepted challenger
04J.P. Morgan Workplace Solutions9%11%18accepted challenger
05Pulley5%52%42criticized challenger
06Astrella2%18%17accepted challenger
07Eqvista2%39%18criticized challenger
Show the two products at 0%, ordered by negative rate
09Cake Equity0%58%12criticized challenger
08Ledgy0%16%37accepted challenger
Bars are the share of first choices, 0 to 100Every product with at least 10 labels here. Every product name links to its product page.
Head to headHead-to-head pages are published for mid-market buyers, so these open on mid-market figures, not enterprise.
All twenty-eight head-to-head pages: the top eight products, each against each

Recommended versus criticized

Every product with at least 10 labels here, on both axes. The 30% line names a quadrant, not the verdict above: that one needs more than 40%.

Criticized challengerCriticized default
Negative label rate →
C01
02
03
04
05
06
07
08
09
Accepted challengerEndorsed leader
0%First-choice share → · lines at 30% share and 25% negative50%
Key
01Carta Equity34%
02Shareworks23%
03Qapita9%
04J.P. Morgan Workplace Solutions9%
05Pulley5%
06Astrella2%
07Eqvista2%
08Ledgy0%
09Cake Equity0%

What they warned about

Two of twelve models held their first choice under the paraphrase. Claude Haiku 4.5, Gemini 3.5 Flash, Perplexity Sonar, Grok 4.20, Mistral Small, DeepSeek V4 Flash, Llama 4 Maverick, Qwen 3.7 Flash, Kimi K2 and GLM 4.7 FlashX changed. A high negative share on a product with few labels is a warning. A low share on a product with many labels is salience, not sentiment.
Pulley
52%
22 of 42 labels negative · 10 of 12 models · 13 hard negative
“the main platforms to avoid or treat cautiously ... that usually means tools like Pulley, Eqvista, Cake Equity” Perplexity Sonar, negative prompt
Carta Equity
31%
19 of 62 labels negative · 9 of 12 models · 4 hard negative
“Carta – Approach with Significant Caution ... Carta was caught using confidential customer cap table data to broker secondary share sales without explicit disclosure.” Kimi K2, negative prompt
Shareworks
15%
8 of 55 labels negative · 6 of 12 models
“drawbacks include heavy rollout effort, quote-based pricing ($50K+ typical), and lower user ratings (~3.2/5 on Capterra)” Grok 4.20, negative prompt
Cake Equity
58%
7 of 12 labels negative · 5 of 12 models · 3 hard negative
“Platforms to Avoid for Large Enterprises: - Pulley, Cake Equity, Ledgy, Qapita (early tiers), AngelList Equity” Grok 4.20, negative prompt

What they cite

Twelve of the twelve models returned a source list in this edition: four return the pages they cited and eight the search results they consulted.

Sites the answers cite

69 of 72 answers in this category came back with a source list, from 12 of 12 models: citations where the model returns them, or the search results it consulted. 1156 links across 206 sites, every framing counted. Ranked by the number of answers carrying the site or page.

vendor site · Guideflow44 answers · 46 citations · 11 models
vendor site · Qapita41 answers · 73 citations · 11 models
vendor site · Cake Equity39 answers · 43 citations · 10 models
35 answers · 44 citations · 10 models
33 answers · 33 citations · 10 models
vendor site · Carta31 answers · 48 citations · 10 models
25 answers · 25 citations · 11 models
vendor site · Eqvista24 answers · 38 citations · 10 models
vendor site · Pulley24 answers · 32 citations · 10 models
vendor site · Worldmetrics22 answers · 29 citations · 9 models
vendor site · G220 answers · 27 citations · 9 models
19 answers · 25 citations · 7 models

Pages the answers cite

The ten pages named in the most answers, by full address. A page here is one the models returned with a recommendation, not one the index endorses.

Search against answers

Each company's standing in the answers beside its site's footprint in Google search, one row a site: the products the models named on it with their shares, and the share they add up to; monthly searches on Google, and DataForSEO's estimate of AI search demand (modeled from search signals, directional, not a count of queries to any assistant), for the most-searched of the company's and its products' names (the name is in each row's hover text); estimated monthly organic visits to the site; and its best position in Google's top ten for “best cap table management software”, “cap table management software”, “cap table platforms”. US estimates from DataForSEO and Google's Ads Transparency Center. A small company's site, or a mid-sized company's site for its flagship, is marked company; a product on a large parent's site (Google, Microsoft) has no site figures. A column with no figures for this category is left out, and an empty cell means none were seen, not none exist. Two measurements side by side: neither is read as the cause of the other.
Company and productsShareOwn site citedName searches, GoogleAI search demand, est.Organic visitsPaid search a month, est.Google ads, last 30 daysBest Google position
CartaX carta.com
Carta Equity 34%, CartaX 0%
34%206506,905$2,839291
Shareworks morganstanley.com
Shareworks 23%, Morgan Stanley at Work 7%
30%9122,2002981,187,677$46774
Qapita qapita.com9%66720417,649$12211
J.P. Morgan jpmorganworkplacesolutions.com
J.P. Morgan Workplace Solutions 9%
9%41301,00012,21978,572107
Mantle withmantle.com7%1560,50019,77543613
Pulley pulley.com5%17349,50026,01322,480372
Astrella astrella.com2%271,30042,5115
Eqvista eqvista.com2%121720695,715427
Vestd vestd.com2%11
Ledgy ledgy.com0%145720523,5632

Google's top ten for the three searches hold 20 sites; 4 of them are among the sites the models cited here (cakeequity.com, carta.com, eqvista.com, pulley.com). The first result for “best cap table management software” is threads.com.

How they answered

Six framings of the same buying question, each sent to every model in a fresh session with search on. One row per model, so a row shows whether it held its answer under rewording, what it named when cost was the constraint, and what it argued against. Computed from the raw judge labels.
ShowHide
ModelDirect“What is the best cap table management software for an enterprise B2B company?”Paraphrase“Which equity management platform would you recommend to a large B2B company with thousands of employees?”Comparative“What are the top enterprise-grade cap table platforms and how do they differ?”Budget-constrained“What is the best cap table management software for a large company that needs predictable total cost across thousands of users?”Scale-constrained“We are a 5,000 person company with SSO, SOC 2 and procurement review requirements evaluating a cap table management software. What should we look at?”Negative“Which cap table platforms should a large enterprise avoid or be cautious about?”
Claude Haiku 4.5Shareworks
Three alternativesCarta Equity, Ledgy, Qapita
J.P. Morgan Workplace SolutionsChanged
Two alternativesCarta Equity, Shareworks
no first choiceShareworks
One alternativeQapita
no first choicenothing named
GPT-5.4 miniCarta Equity
One alternativeLedgy
against: Pulley, Shareworks
Carta EquityHeld
One alternativePulley
Carta Equity
Three alternativesEqvista, Ledgy, Shareworks
against: Astrella, Pulley
Pulley
One alternativeEqvista
no first choicenothing named
Gemini 3.5 FlashCarta Equity
Four alternativesAstrella, Fidelity Private Shares, Ledgy, Shareworks
ShareworksChanged
Three alternativesCarta Equity, Certent Equity Management, J.P. Morgan Workplace Solutions
J.P. Morgan Workplace Solutions, Shareworks
Three alternativesCarta Equity, Eqvista, Ledgy
Astrella
Four alternativesJ.P. Morgan Workplace Solutions, Ledgy, Mantle, Morgan Stanley at Work
against: Carta Equity, Pulley
Morgan Stanley at Work
Two alternativesFidelity Private Shares, J.P. Morgan Workplace Solutions
against: Carta Equity, Mantle, Pulley
against: Cake Equity, Carta Equity, Computershare, Eqvista, J.P. Morgan Workplace Solutions, LTSE Equity, Pulley, Shareworks, Vestd
Perplexity SonarCarta Equity, Qapita
One alternativePulley
against: Ledgy
ShareworksChanged
One alternativeCarta Equity
Carta Equity
Four alternativesJ.P. Morgan Workplace Solutions, Ledgy, Qapita, Shareworks
Qapita
One alternativeCarta Equity
no first choiceagainst: AngelList Stack, Cake Equity, Eqvista, Pulley
Grok 4.20Carta Equity
Four alternativesCertent Equity Management, Fidelity Private Shares, J.P. Morgan Workplace Solutions, Shareworks
against: Pulley
ShareworksChanged
Two alternativesCarta Equity, J.P. Morgan Workplace Solutions
against: Eqvista, Ledgy
Carta Equity, Shareworks
Three alternativesAstrella, Ledgy, Qapita
against: Pulley
Shareworks
One alternativeQapita
against: Carta Equity, Eqvista, Mantle
Carta Equity
Three alternativesLedgy, Qapita, Shareworks
against: AngelList Stack, Eqvista
against: AngelList Stack, Cake Equity, Carta Equity, Ledgy, Pulley, Qapita, Shareworks
Mistral SmallCarta Equity
Two alternativesAstrella, Pulley
J.P. Morgan Workplace Solutions, ShareworksChangedLedgy, Shareworks
Two alternativesAstrella, Carta Equity
against: Pulley
Qapita
Two alternativesCertent Equity Management, Shareworks
no first choiceagainst: Carta Equity
DeepSeek V4 FlashCarta Equity
Two alternativesLedgy, Shareworks
against: AngelList Stack, Cake Equity, Eqvista, Pulley
Morgan Stanley at WorkChanged
Two alternativesCarta Equity, Fidelity Stock Plan Services
Carta Equity
Four alternativesAstrella, Ledgy, Qapita, Shareworks
Mantle
One alternativeShareworks
against: Cake Equity, Carta Equity, Pulley, Qapita
Shareworks
Two alternativesAstrella, Ledgy
against: Cake Equity, Carta Equity, Pulley
against: Astrella, Capshare, Carta Equity, Gust Equity Management, Ledgy, Microsoft Excel, Pulley, Qapita, Shareworks
Llama 4 Maverickno first choiceVestdChanged
Four alternativesCarta Equity, Certent Equity Management, Qapita, Shareworks
no first choiceCarta Equity, Pulley, Shareworksno first choice
Two alternativesAstrella, Shareworks
against: Carta Equity
Qwen 3.7 FlashCarta Equity
Two alternativesLedgy, Shareworks
Carta Equity, ShareworksChanged
Two alternativesJ.P. Morgan Workplace Solutions, Topal
Carta Equity, Shareworks
Three alternativesDiligent Equity, Ledgy, Pulley
Mantle
One alternativeEqvista
against: Cake Equity, Carta Equity, J.P. Morgan Workplace Solutions, Pulley, Shareworks
no first choiceagainst: Astrella, Carta Equity, Equity Management, Google Sheets, Ledgy, Microsoft Excel, Pulley, Shareworks
Kimi K2Carta Equity
Two alternativesPulley, Shareworks
Morgan Stanley at WorkChanged
Three alternativesCarta Equity, Charles Schwab Stock Plan Services, Fidelity Equity Plan Solutions
Carta Equity
Four alternativesCertent Equity Management, Diligent Equity, Pulley, Shareworks
Eqvista, Qapitaagainst: Carta Equity, Pulley, Shareworksno first choice
Three alternativesAstrella, Qapita, Shareworks
against: Carta Equity
against: Carta Equity, Pulley, Shareworks
GLM 4.7 FlashXCarta Equity
Two alternativesQapita, Shareworks
J.P. Morgan Workplace SolutionsChanged
Two alternativesCarta Equity, Qapita
Carta Equity
Four alternativesAstrella, Ledgy, Pulley, Shareworks
J.P. Morgan Workplace Solutions
Two alternativesQapita, Shareworks
against: Carta Equity, Pulley
no first choice
One alternativeShareworks
against: Carta Equity, Pulley
against: AngelList Stack, Carta Equity, ESOP Direct, Ledgy, Pulley
MiniMax M2.5Carta Equity
Three alternativesLedgy, Pulley, Shareworks
Carta EquityHeld
Two alternativesJ.P. Morgan Workplace Solutions, Shareworks
Carta Equity
Five alternativesAstrella, Ledgy, Pulley, Qapita, Shareworks
Mantle
Four alternativesCarta Equity, Ledgy, Qapita, Shareworks
against: Eqvista, Pulley
no first choice
Four alternativesCapdesk, EquityList, Ledgy, Qapita
against: Carta Equity
Bold is the first choiceAlternatives are counted; the count opens them.What the answer argued against

The record

One row per call: the version string exactly as returned, whether the model searched, sources cited, and latency.
Seventy-two rows: every prompt, every model, every answer.
PromptModelVersion stringTime (UTC)SearchedSourcesLatency
Direct recommendationClaude Haiku 4.5claude-haiku-4-5-202510012026-09-17 20:36yes98 s
Direct recommendationGPT-5.4 minigpt-5.4-mini-2026-03-172026-09-17 19:57yes25 s
Direct recommendationGemini 3.5 Flashgemini-3.5-flash2026-09-17 21:17yes1760 s
Direct recommendationPerplexity Sonarsonar2026-09-17 19:40yes209 s
Direct recommendationGrok 4.20spacexai/grok-4.1-fast-non-reasoning via vertex (asked for grok-4.20-non-reasoning; the API answered as this version)2026-09-17 18:24yes3619 s
Direct recommendationMistral Smallmistral/mistral-small via mistral2026-09-17 19:02yes1012 s
Direct recommendationDeepSeek V4 Flashdeepseek/deepseek-v4-flash via fireworks2026-09-17 18:32yes2924 s
Direct recommendationLlama 4 Maverickmeta/llama-4-maverick via bedrock2026-09-17 19:51yes53 s
Direct recommendationQwen 3.7 Flashalibaba/qwen3.7-flash via alibaba2026-09-17 19:30yes830 s
Direct recommendationKimi K2moonshotai/kimi-k2 via novita2026-09-17 18:24yes1020 s
Direct recommendationGLM 4.7 FlashXzai/glm-4.7-flashx via zai2026-09-17 18:33yes2464 s
Direct recommendationMiniMax M2.5minimax/minimax-m2.5 via minimax2026-09-17 17:55yes1329 s
ParaphraseClaude Haiku 4.5claude-haiku-4-5-202510012026-09-17 18:29yes179 s
ParaphraseGPT-5.4 minigpt-5.4-mini-2026-03-172026-09-17 20:44yes45 s
ParaphraseGemini 3.5 Flashgemini-3.5-flash2026-09-17 18:16yes1824 s
ParaphrasePerplexity Sonarsonar2026-09-17 20:42yes204 s
ParaphraseGrok 4.20spacexai/grok-4.1-fast-non-reasoning via vertex (asked for grok-4.20-non-reasoning; the API answered as this version)2026-09-17 20:56yes3919 s
ParaphraseMistral Smallmistral/mistral-small via mistral2026-09-17 18:34yes53 s
ParaphraseDeepSeek V4 Flashdeepseek/deepseek-v4-flash via fireworks2026-09-17 19:44yes1928 s
ParaphraseLlama 4 Maverickmeta/llama-4-maverick via bedrock2026-09-17 19:59yes53 s
ParaphraseQwen 3.7 Flashalibaba/qwen3.7-flash via alibaba2026-09-17 19:49yes1342 s
ParaphraseKimi K2moonshotai/kimi-k2 via novita2026-09-17 21:01yes2931 s
ParaphraseGLM 4.7 FlashXzai/glm-4.7-flashx via zai2026-09-17 18:21yes22262 s
ParaphraseMiniMax M2.5minimax/minimax-m2.5 via minimax2026-09-17 20:09yes1539 s
ComparativeClaude Haiku 4.5claude-haiku-4-5-202510012026-09-17 18:10yes99 s
ComparativeGPT-5.4 minigpt-5.4-mini-2026-03-172026-09-17 18:57yes311 s
ComparativeGemini 3.5 Flashgemini-3.5-flash2026-09-17 18:06yes2129 s
ComparativePerplexity Sonarsonar2026-09-17 20:38yes2012 s
ComparativeGrok 4.20spacexai/grok-4.1-fast-non-reasoning via vertex (asked for grok-4.20-non-reasoning; the API answered as this version)2026-09-17 18:16yes3718 s
ComparativeMistral Smallmistral/mistral-small via mistral2026-09-17 19:42yes89 s
ComparativeDeepSeek V4 Flashdeepseek/deepseek-v4-flash via deepinfra2026-09-17 19:53yes2461 s
ComparativeLlama 4 Maverickmeta/llama-4-maverick via bedrock2026-09-17 18:17yes52 s
ComparativeQwen 3.7 Flashalibaba/qwen3.7-flash via alibaba2026-09-17 18:07yes531 s
ComparativeKimi K2moonshotai/kimi-k2 via novita2026-09-17 20:43yes1448 s
ComparativeGLM 4.7 FlashXzai/glm-4.7-flashx via zai2026-09-17 20:40yes31132 s
ComparativeMiniMax M2.5minimax/minimax-m2.5 via minimax2026-09-17 19:54yes1029 s
Budget constrainedClaude Haiku 4.5claude-haiku-4-5-202510012026-09-17 18:21yes168 s
Budget constrainedGPT-5.4 minigpt-5.4-mini-2026-03-172026-09-17 18:52yes35 s
Budget constrainedGemini 3.5 Flashgemini-3.5-flash2026-09-17 19:14yes2432 s
Budget constrainedPerplexity Sonarsonar2026-09-17 20:45yes2013 s
Budget constrainedGrok 4.20spacexai/grok-4.1-fast-non-reasoning via vertex (asked for grok-4.20-non-reasoning; the API answered as this version)2026-09-17 20:23yes3522 s
Budget constrainedMistral Smallmistral/mistral-small via mistral2026-09-17 18:28yes54 s
Budget constrainedDeepSeek V4 Flashdeepseek/deepseek-v4-flash via fireworks2026-09-17 19:28yes2339 s
Budget constrainedLlama 4 Maverickmeta/llama-4-maverick via bedrock2026-09-17 19:01yes54 s
Budget constrainedQwen 3.7 Flashalibaba/qwen3.7-flash via alibaba2026-09-17 19:10yes21135 s
Budget constrainedKimi K2moonshotai/kimi-k2 via novita2026-09-17 19:26yes1645 s
Budget constrainedGLM 4.7 FlashXzai/glm-4.7-flashx via zai2026-09-17 19:09yes25114 s
Budget constrainedMiniMax M2.5minimax/minimax-m2.5 via minimax2026-09-17 19:48yes1759 s
Scale constrainedClaude Haiku 4.5claude-haiku-4-5-202510012026-09-17 20:41yes189 s
Scale constrainedGPT-5.4 minigpt-5.4-mini-2026-03-172026-09-17 18:20no08 s
Scale constrainedGemini 3.5 Flashgemini-3.5-flash2026-09-17 21:55yes1154 s
Scale constrainedPerplexity Sonarsonar2026-09-17 20:34yes2013 s
Scale constrainedGrok 4.20spacexai/grok-4.1-fast-non-reasoning via vertex (asked for grok-4.20-non-reasoning; the API answered as this version)2026-09-17 18:02yes1813 s
Scale constrainedMistral Smallmistral/mistral-small via mistral2026-09-17 20:47no09 s
Scale constrainedDeepSeek V4 Flashdeepseek/deepseek-v4-flash via fireworks2026-09-17 20:02yes2239 s
Scale constrainedLlama 4 Maverickmeta/llama-4-maverick via bedrock2026-09-17 19:27yes54 s
Scale constrainedQwen 3.7 Flashalibaba/qwen3.7-flash via alibaba2026-09-17 18:31no034 s
Scale constrainedKimi K2moonshotai/kimi-k2 via novita2026-09-17 20:22yes2138 s
Scale constrainedGLM 4.7 FlashXzai/glm-4.7-flashx via zai2026-09-17 19:57yes1666 s
Scale constrainedMiniMax M2.5minimax/minimax-m2.5 via minimax2026-09-17 20:05yes1027 s
Negative framingClaude Haiku 4.5claude-haiku-4-5-202510012026-09-17 18:02yes169 s
Negative framingGPT-5.4 minigpt-5.4-mini-2026-03-172026-09-17 21:01yes412 s
Negative framingGemini 3.5 Flashgemini-3.5-flash2026-09-17 18:49yes2128 s
Negative framingPerplexity Sonarsonar2026-09-17 17:54yes2010 s
Negative framingGrok 4.20spacexai/grok-4.1-fast-non-reasoning via vertex (asked for grok-4.20-non-reasoning; the API answered as this version)2026-09-17 19:20yes2115 s
Negative framingMistral Smallmistral/mistral-small via mistral2026-09-17 19:19yes56 s
Negative framingDeepSeek V4 Flashdeepseek/deepseek-v4-flash via fireworks2026-09-17 20:15yes2935 s
Negative framingLlama 4 Maverickmeta/llama-4-maverick via bedrock2026-09-17 20:09yes55 s
Negative framingQwen 3.7 Flashalibaba/qwen3.7-flash via alibaba2026-09-17 19:57yes2042 s
Negative framingKimi K2moonshotai/kimi-k2 via novita2026-09-17 21:02yes3039 s
Negative framingGLM 4.7 FlashXzai/glm-4.7-flashx via zai2026-09-17 19:51yes37169 s
Negative framingMiniMax M2.5minimax/minimax-m2.5 via minimax2026-09-17 18:46yes2144 s

Normalization in this category

Every judgment call made between the raw labels and the numbers above, listed so it is visible and reversible.

ShowHide
Category-scoped readings
AngelList read as AngelList Stack
Carta read as Carta Equity
Carta (Enterprise Tier) read as Carta Equity
Carta (Scale Plan) read as Carta Equity
Carta Enterprise read as Carta Equity
Carta's enterprise tier read as Carta Equity
Certent read as Certent Equity Management
Excel read as Microsoft Excel
Gust read as Gust Equity Management
Unresolved, counted raw
CartaX
Charles Schwab Stock Plan Services
ESOP Direct (Owned by Qapita)
Equity Management (formerly EQ)
Fidelity Equity Plan Solutions
Topal
Trinet
Venn
Visier
Discontinued, still offered
No shut-down product was recommended here.
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