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.
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.
01The 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
Show the two products at 0%, ordered by negative rate
Bars are the share of first choices, 0 to 100Every product with at least 10 labels here. Every product name links to its vendor page.
Head to head
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 →
01
02
03
04
05
06
07
08
09Accepted challengerEndorsed leader
0%First-choice share → · lines at 30% share and 25% negative50%
Key
01Carta34%
Carta34%02Shareworks20%
Shareworks20%03Qapita9%
Qapita9%04J.P. Morgan Workplace Solutions9%
J.P. Morgan Workplace Solutions9%05Pulley5%
Pulley5%06Astrella2%
Astrella2%07Eqvista2%
Eqvista2%08Ledgy0%
Ledgy0%09Cake Equity0%
Cake Equity0%02What 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 4.1 Fast, 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.
Pulley52%
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
Carta31%
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
Shareworks15%
8 of 54 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 4.1 Fast, negative prompt
Cake Equity58%
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 4.1 Fast, negative prompt
03What they cite
Citations exist only for the models that return a source list: twelve of the twelve in this edition, and all six flagship models on the expanded tier.
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. 6 of those lists are Google grounding redirects that name no site and are left out of the counts. 1044 links across 200 sites, every framing counted. Ranked by the number of answers carrying the site or page.
vendor site · Guideflow39 answers · 41 citations · 10 models
vendor site · Cake Equity36 answers · 40 citations · 9 models
vendor site · Qapita35 answers · 64 citations · 10 models
32 answers · 32 citations · 9 models
31 answers · 40 citations · 9 models
vendor site · Carta27 answers · 41 citations · 9 models
24 answers · 24 citations · 10 models
22 answers · 29 citations · 9 models
vendor site · Eqvista21 answers · 33 citations · 9 models
vendor site · Pulley21 answers · 29 citations · 9 models
19 answers · 19 citations · 10 models
19 answers · 19 citations · 8 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.
34 answers · 10 models
32 answers · 9 models
28 answers · 9 models
24 answers · 10 models
23 answers · 9 models
21 answers · 10 models
19 answers · 10 models
19 answers · 8 models
16 answers · 9 models
15 answers · 9 models
04How 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.
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 4.5ShareworksJ.P. Morgan Workplace SolutionsChangedno first choiceShareworksno first choicenothing named
Three alternatives
Carta, Ledgy, QapitaTwo alternatives
Carta, ShareworksOne alternative
QapitaGPT-5.4 miniCartaagainst: Pulley, ShareworksCartaHeldCartaagainst: Astrella / Morgan Stanley Equity Solutions legacy offerings, PulleyPulleyno first choicenothing named
One alternative
LedgyOne alternative
PulleyThree alternatives
Eqvista, Ledgy, ShareworksOne alternative
EqvistaGemini 3.5 FlashCartaShareworksChangedJ.P. Morgan Workplace Solutions, ShareworksAstrellaagainst: Carta, PulleyMorgan Stanley at Workagainst: Carta, Mantle, Pulleyagainst: Cake Equity, Carta, Computershare, Eqvista, J.P. Morgan Workplace Solutions, LTSE Equity, Pulley, Shareworks, Vestd
Four alternatives
Astrella, Fidelity Private Shares, Ledgy, ShareworksThree alternatives
Carta, Certent Equity Management, J.P. Morgan Workplace SolutionsThree alternatives
Carta, Eqvista, LedgyFour alternatives
J.P. Morgan Workplace Solutions, Ledgy, Mantle, Morgan Stanley at WorkTwo alternatives
Fidelity Private Shares, J.P. Morgan Workplace SolutionsPerplexity SonarCarta, Qapitaagainst: LedgyShareworks / Morgan Workplace SolutionsChangedCartaQapitano first choiceagainst: AngelList Stack, Cake Equity, Eqvista, Pulley
One alternative
PulleyOne alternative
CartaFour alternatives
J.P. Morgan Workplace Solutions, Ledgy, Qapita, ShareworksOne alternative
CartaGrok 4.1 FastCartaagainst: PulleyShareworksChangedagainst: Eqvista, LedgyCarta, Shareworksagainst: PulleyShareworksagainst: Carta, Eqvista, MantleCartaagainst: AngelList Stack, Eqvistaagainst: AngelList Stack, Cake Equity, Carta, Ledgy, Pulley, Qapita, Shareworks
Four alternatives
Certent Equity Management, Fidelity Private Shares, J.P. Morgan Workplace Solutions, ShareworksTwo alternatives
Carta, J.P. Morgan Workplace SolutionsThree alternatives
Astrella, Ledgy, QapitaOne alternative
QapitaThree alternatives
Ledgy, Qapita, ShareworksMistral SmallCartaJ.P. Morgan Workplace Solutions, ShareworksChangedLedgy, Shareworksagainst: PulleyQapitano first choiceagainst: Carta
Two alternatives
Astrella, PulleyTwo alternatives
Astrella, CartaTwo alternatives
Certent Equity Management, ShareworksDeepSeek V4 FlashCartaagainst: AngelList Stack, Cake Equity, Eqvista, PulleyMorgan Stanley at WorkChangedCartaMantleagainst: Cake Equity, Carta, Pulley, QapitaShareworksagainst: Cake Equity, Carta, Pulleyagainst: Astrella, Capshare, Carta, Gust Equity Management, Ledgy, Microsoft Excel, Pulley, Qapita, Shareworks
Two alternatives
Ledgy, ShareworksTwo alternatives
Carta, Fidelity Stock Plan ServicesFour alternatives
Astrella, Ledgy, Qapita, ShareworksOne alternative
ShareworksTwo alternatives
Astrella, LedgyLlama 4 Maverickno first choiceVestdChangedno first choiceCarta, Pulley, Shareworksno first choiceagainst: Carta
Four alternatives
Carta, Certent Equity Management, Qapita, ShareworksTwo alternatives
Astrella, ShareworksQwen 3.7 FlashCartaCarta, ShareworksChangedCarta, ShareworksMantleagainst: Cake Equity, Carta, J.P. Morgan Workplace Solutions, Pulley, Shareworksno first choiceagainst: Astrella, Carta, Equity Management, Google Sheets, Ledgy, Microsoft Excel, Pulley, Shareworks
Two alternatives
Ledgy, ShareworksTwo alternatives
J.P. Morgan Workplace Solutions, TopalThree alternatives
Diligent Equity, Ledgy, PulleyOne alternative
EqvistaKimi K2CartaMorgan Stanley at WorkChangedCartaEqvista, Qapitaagainst: Carta, Pulley, Shareworksno first choiceagainst: Cartaagainst: Carta, Pulley, Shareworks
Two alternatives
Pulley, ShareworksThree alternatives
Carta, Charles Schwab Stock Plan Services, Fidelity Equity Plan SolutionsFour alternatives
Certent Equity Management, Diligent Equity, Pulley, ShareworksThree alternatives
Astrella, Qapita, ShareworksGLM 4.7 FlashXCartaJ.P. Morgan Workplace SolutionsChangedCartaJ.P. Morgan Workplace Solutionsagainst: Carta, Pulleyno first choiceagainst: Carta, Pulleyagainst: AngelList Stack, Carta, ESOP Direct, Ledgy, Pulley
Two alternatives
Qapita, ShareworksTwo alternatives
Carta, QapitaFour alternatives
Astrella, Ledgy, Pulley, ShareworksTwo alternatives
Qapita, ShareworksOne alternative
ShareworksMiniMax M2.5CartaCartaHeldCartaMantleagainst: Eqvista, Pulleyno first choiceagainst: Carta
Three alternatives
Ledgy, Pulley, ShareworksTwo alternatives
J.P. Morgan Workplace Solutions, ShareworksFive alternatives
Astrella, Ledgy, Pulley, Qapita, ShareworksFour alternatives
Carta, Ledgy, Qapita, ShareworksFour alternatives
Capdesk, EquityList, Ledgy, QapitaBold is the first choiceAlternatives are counted; the count opens them.What the answer argued against
05The record
One row per call: the version string exactly as returned, whether the model searched, sources cited, and latency. Full answer text is in the free responses file. Download the record
Seventy-two rows: every prompt, every model, every answer.
| Prompt | Model | Version string | Time (UTC) | Searched | Sources | Latency |
|---|---|---|---|---|---|---|
| Direct recommendation | Claude Haiku 4.5 | claude-haiku-4-5-20251001 | 2026-09-17 20:36 | yes | 9 | 8 s |
| Direct recommendation | GPT-5.4 mini | gpt-5.4-mini-2026-03-17 | 2026-09-17 19:57 | yes | 2 | 5 s |
| Direct recommendation | Gemini 3.5 Flash | gemini-3.5-flash | 2026-09-17 21:17 | yes | 17 | 60 s |
| Direct recommendation | Perplexity Sonar | sonar | 2026-09-17 19:40 | yes | 20 | 9 s |
| Direct recommendation | Grok 4.1 Fast | spacexai/grok-4.1-fast-non-reasoning via vertex | 2026-09-17 18:24 | yes | 36 | 19 s |
| Direct recommendation | Mistral Small | mistral/mistral-small via mistral | 2026-09-17 19:02 | yes | 10 | 12 s |
| Direct recommendation | DeepSeek V4 Flash | deepseek/deepseek-v4-flash via fireworks | 2026-09-17 18:32 | yes | 29 | 24 s |
| Direct recommendation | Llama 4 Maverick | meta/llama-4-maverick via bedrock | 2026-09-17 19:51 | yes | 5 | 3 s |
| Direct recommendation | Qwen 3.7 Flash | alibaba/qwen3.7-flash via alibaba | 2026-09-17 19:30 | yes | 8 | 30 s |
| Direct recommendation | Kimi K2 | moonshotai/kimi-k2 via novita | 2026-09-17 18:24 | yes | 10 | 20 s |
| Direct recommendation | GLM 4.7 FlashX | zai/glm-4.7-flashx via zai | 2026-09-17 18:33 | yes | 24 | 64 s |
| Direct recommendation | MiniMax M2.5 | minimax/minimax-m2.5 via minimax | 2026-09-17 17:55 | yes | 13 | 29 s |
| Paraphrase | Claude Haiku 4.5 | claude-haiku-4-5-20251001 | 2026-09-17 18:29 | yes | 17 | 9 s |
| Paraphrase | GPT-5.4 mini | gpt-5.4-mini-2026-03-17 | 2026-09-17 20:44 | yes | 4 | 5 s |
| Paraphrase | Gemini 3.5 Flash | gemini-3.5-flash | 2026-09-17 18:16 | yes | 18 | 24 s |
| Paraphrase | Perplexity Sonar | sonar | 2026-09-17 20:42 | yes | 20 | 4 s |
| Paraphrase | Grok 4.1 Fast | spacexai/grok-4.1-fast-non-reasoning via vertex | 2026-09-17 20:56 | yes | 39 | 19 s |
| Paraphrase | Mistral Small | mistral/mistral-small via mistral | 2026-09-17 18:34 | yes | 5 | 3 s |
| Paraphrase | DeepSeek V4 Flash | deepseek/deepseek-v4-flash via fireworks | 2026-09-17 19:44 | yes | 19 | 28 s |
| Paraphrase | Llama 4 Maverick | meta/llama-4-maverick via bedrock | 2026-09-17 19:59 | yes | 5 | 3 s |
| Paraphrase | Qwen 3.7 Flash | alibaba/qwen3.7-flash via alibaba | 2026-09-17 19:49 | yes | 13 | 42 s |
| Paraphrase | Kimi K2 | moonshotai/kimi-k2 via novita | 2026-09-17 21:01 | yes | 29 | 31 s |
| Paraphrase | GLM 4.7 FlashX | zai/glm-4.7-flashx via zai | 2026-09-17 18:21 | yes | 22 | 262 s |
| Paraphrase | MiniMax M2.5 | minimax/minimax-m2.5 via minimax | 2026-09-17 20:09 | yes | 15 | 39 s |
| Comparative | Claude Haiku 4.5 | claude-haiku-4-5-20251001 | 2026-09-17 18:10 | yes | 9 | 9 s |
| Comparative | GPT-5.4 mini | gpt-5.4-mini-2026-03-17 | 2026-09-17 18:57 | yes | 3 | 11 s |
| Comparative | Gemini 3.5 Flash | gemini-3.5-flash | 2026-09-17 18:06 | yes | 21 | 29 s |
| Comparative | Perplexity Sonar | sonar | 2026-09-17 20:38 | yes | 20 | 12 s |
| Comparative | Grok 4.1 Fast | spacexai/grok-4.1-fast-non-reasoning via vertex | 2026-09-17 18:16 | yes | 37 | 18 s |
| Comparative | Mistral Small | mistral/mistral-small via mistral | 2026-09-17 19:42 | yes | 8 | 9 s |
| Comparative | DeepSeek V4 Flash | deepseek/deepseek-v4-flash via deepinfra | 2026-09-17 19:53 | yes | 24 | 61 s |
| Comparative | Llama 4 Maverick | meta/llama-4-maverick via bedrock | 2026-09-17 18:17 | yes | 5 | 2 s |
| Comparative | Qwen 3.7 Flash | alibaba/qwen3.7-flash via alibaba | 2026-09-17 18:07 | yes | 5 | 31 s |
| Comparative | Kimi K2 | moonshotai/kimi-k2 via novita | 2026-09-17 20:43 | yes | 14 | 48 s |
| Comparative | GLM 4.7 FlashX | zai/glm-4.7-flashx via zai | 2026-09-17 20:40 | yes | 31 | 132 s |
| Comparative | MiniMax M2.5 | minimax/minimax-m2.5 via minimax | 2026-09-17 19:54 | yes | 10 | 29 s |
| Budget constrained | Claude Haiku 4.5 | claude-haiku-4-5-20251001 | 2026-09-17 18:21 | yes | 16 | 8 s |
| Budget constrained | GPT-5.4 mini | gpt-5.4-mini-2026-03-17 | 2026-09-17 18:52 | yes | 3 | 5 s |
| Budget constrained | Gemini 3.5 Flash | gemini-3.5-flash | 2026-09-17 19:14 | yes | 24 | 32 s |
| Budget constrained | Perplexity Sonar | sonar | 2026-09-17 20:45 | yes | 20 | 13 s |
| Budget constrained | Grok 4.1 Fast | spacexai/grok-4.1-fast-non-reasoning via vertex | 2026-09-17 20:23 | yes | 35 | 22 s |
| Budget constrained | Mistral Small | mistral/mistral-small via mistral | 2026-09-17 18:28 | yes | 5 | 4 s |
| Budget constrained | DeepSeek V4 Flash | deepseek/deepseek-v4-flash via fireworks | 2026-09-17 19:28 | yes | 23 | 39 s |
| Budget constrained | Llama 4 Maverick | meta/llama-4-maverick via bedrock | 2026-09-17 19:01 | yes | 5 | 4 s |
| Budget constrained | Qwen 3.7 Flash | alibaba/qwen3.7-flash via alibaba | 2026-09-17 19:10 | yes | 21 | 135 s |
| Budget constrained | Kimi K2 | moonshotai/kimi-k2 via novita | 2026-09-17 19:26 | yes | 16 | 45 s |
| Budget constrained | GLM 4.7 FlashX | zai/glm-4.7-flashx via zai | 2026-09-17 19:09 | yes | 25 | 114 s |
| Budget constrained | MiniMax M2.5 | minimax/minimax-m2.5 via minimax | 2026-09-17 19:48 | yes | 17 | 59 s |
| Scale constrained | Claude Haiku 4.5 | claude-haiku-4-5-20251001 | 2026-09-17 20:41 | yes | 18 | 9 s |
| Scale constrained | GPT-5.4 mini | gpt-5.4-mini-2026-03-17 | 2026-09-17 18:20 | no | 0 | 8 s |
| Scale constrained | Gemini 3.5 Flash | gemini-3.5-flash | 2026-09-17 21:55 | yes | 11 | 54 s |
| Scale constrained | Perplexity Sonar | sonar | 2026-09-17 20:34 | yes | 20 | 13 s |
| Scale constrained | Grok 4.1 Fast | spacexai/grok-4.1-fast-non-reasoning via vertex | 2026-09-17 18:02 | yes | 18 | 13 s |
| Scale constrained | Mistral Small | mistral/mistral-small via mistral | 2026-09-17 20:47 | no | 0 | 9 s |
| Scale constrained | DeepSeek V4 Flash | deepseek/deepseek-v4-flash via fireworks | 2026-09-17 20:02 | yes | 22 | 39 s |
| Scale constrained | Llama 4 Maverick | meta/llama-4-maverick via bedrock | 2026-09-17 19:27 | yes | 5 | 4 s |
| Scale constrained | Qwen 3.7 Flash | alibaba/qwen3.7-flash via alibaba | 2026-09-17 18:31 | no | 0 | 34 s |
| Scale constrained | Kimi K2 | moonshotai/kimi-k2 via novita | 2026-09-17 20:22 | yes | 21 | 38 s |
| Scale constrained | GLM 4.7 FlashX | zai/glm-4.7-flashx via zai | 2026-09-17 19:57 | yes | 16 | 66 s |
| Scale constrained | MiniMax M2.5 | minimax/minimax-m2.5 via minimax | 2026-09-17 20:05 | yes | 10 | 27 s |
| Negative framing | Claude Haiku 4.5 | claude-haiku-4-5-20251001 | 2026-09-17 18:02 | yes | 16 | 9 s |
| Negative framing | GPT-5.4 mini | gpt-5.4-mini-2026-03-17 | 2026-09-17 21:01 | yes | 4 | 12 s |
| Negative framing | Gemini 3.5 Flash | gemini-3.5-flash | 2026-09-17 18:49 | yes | 21 | 28 s |
| Negative framing | Perplexity Sonar | sonar | 2026-09-17 17:54 | yes | 20 | 10 s |
| Negative framing | Grok 4.1 Fast | spacexai/grok-4.1-fast-non-reasoning via vertex | 2026-09-17 19:20 | yes | 21 | 15 s |
| Negative framing | Mistral Small | mistral/mistral-small via mistral | 2026-09-17 19:19 | yes | 5 | 6 s |
| Negative framing | DeepSeek V4 Flash | deepseek/deepseek-v4-flash via fireworks | 2026-09-17 20:15 | yes | 29 | 35 s |
| Negative framing | Llama 4 Maverick | meta/llama-4-maverick via bedrock | 2026-09-17 20:09 | yes | 5 | 5 s |
| Negative framing | Qwen 3.7 Flash | alibaba/qwen3.7-flash via alibaba | 2026-09-17 19:57 | yes | 20 | 42 s |
| Negative framing | Kimi K2 | moonshotai/kimi-k2 via novita | 2026-09-17 21:02 | yes | 30 | 39 s |
| Negative framing | GLM 4.7 FlashX | zai/glm-4.7-flashx via zai | 2026-09-17 19:51 | yes | 37 | 169 s |
| Negative framing | MiniMax M2.5 | minimax/minimax-m2.5 via minimax | 2026-09-17 18:46 | yes | 21 | 44 s |
Normalization in this category
Every judgment call made between the raw labels and the numbers above, listed so it is visible and reversible.
Category-scoped readings
AngelList read as AngelList Stack
Certent read as Certent Equity Management
Excel read as Microsoft Excel
Gust read as Gust Equity Management
Unresolved, counted raw
Astrella / Morgan Stanley Equity Solutions legacy offerings
CartaX
Charles Schwab Stock Plan Services
ESOP Direct (Owned by Qapita)
Equity Management (formerly EQ)
Fidelity Equity Plan Solutions
Fidelity Stock Plan Services
Shareworks / Morgan Workplace Solutions
Topal
Trinet
Venn
Visier
Discontinued, still offered
No shut-down product was recommended here.