Pulley closes on 8 December and only Carta gets a guided migration

Pulley closes on 8 December and only Carta gets a guided migration

9 November 2026: Pulley, a cap table and equity management service, ceases all operations on 8 December 2026, and customers without a new agreement in place by then lose access to their cap table. With a month to go, the terms of its exit are firm: an exclusive transfer to Carta for those who opt in, and no help at all for anyone choosing a different provider.

Not yet independently verified. This rests on Pulley's own FAQ, dated 15 September 2026, and we have not read a matching statement from Carta. Pulley gives no reason for closing and no customer numbers. We will update this when it can be confirmed, and remove this note.

A cap table cannot simply stop

A cap table is a company's record of who owns what, and it feeds option grants, fundraising and tax valuations. Pulley says its data will remain accessible in a limited format through its app until 31 January 2027. The FAQ does not define that format, so a company should not assume a full export will be possible after operations end. Share classes, grants, transfers and supporting documents are all worth downloading while the full product still runs.

Pulley's page states the position bluntly: without an agreement with Carta or another provider before it stops, "you will lose access to your cap table".

How the Carta route works

The first step is an opt-in made when logging in to Pulley, which consents to sharing contact details, subscription frequency, the number of stakeholders, the current plan, the number of share classes and equity plans, the security types held, the transaction types recorded and the entity type. Opting in is not a commitment, and Pulley compares it to requesting a demo.

Carta then sends a new 12-month contract, and the customer has two weeks from its arrival to sign. Pulley says current pricing is honoured for the first full year, with a credit for any unused prepaid balance. Year one pricing takes effect on signature, whatever the date of the technical move, which for most accounts takes a few business days once the contract is signed and a slot opens.

The billing cycle may change. Carta offers annual and quarterly billing but not monthly, so a customer paying Pulley monthly has to move to one of the other two at the existing rate. Quarterly and semi-annual customers can stay on a similar cycle.

Pulley says Carta will accept an existing 409A valuation as it stands if the customer supplies a copy, and will support the defence of Pulley's earlier 409A work after the move.

Choosing anyone else means doing it alone

Pulley says it is "unable to assist a migration to a different provider in any capacity", and gives no assurance about pricing elsewhere. A customer who signs up with Carta directly, without opting in, loses the guided process, the matched price and the credit.

Opting in therefore keeps that offer open while a company compares others, as it is not binding, though the contract window of two weeks starts as soon as the agreement arrives. A company planning a funding round or a batch of option grants in the next three months has the most to lose from a gap in its records.

Other equity tools we list

Our equity management category holds 11 products, among them Upstock, Eqvista and Gust. Pulley does not have a listing with us.

Sources

• Pulley: FAQ, what is happening with Pulley's shutdown, 15 September 2026
• Shutdown Watch: list of upcoming software closures, 9 November 2026