Carta, Ledgy, Pulley and Ekvi for a Cyprus company: what each covers

If your company is in Cyprus and you are choosing software for the cap table, you will meet Carta, Ledgy and, until recently, Pulley. They are serious products. This guide says what each describes itself as, and what a Cyprus company still has to do that none of their public pages describes.

What the three say about themselves

Carta describes itself as cap table and equity management software used by over 50,000 private companies. Its public pages describe a cap table that updates as transactions occur, equity plan management, and 409A valuations included in the subscription. It also offers Carta Launch, a free cap table for early-stage companies, with an upgrade if the company has more than 25 stakeholders, has raised more than $1M or needs a 409A valuation. A 409A valuation is a United States tax measure.

Ledgy presents itself as a platform for equity and other non-cash compensation. Its home page lists equity plan automation, "automated country-specific compliance reports", "global mobility reporting", custom vesting and IFRS 2 expensing, and 70+ HR-system integrations, and it states ISO 27001 certification. Its own material about moving from Carta stresses European structures such as the UK's EMI and France's BSPCE.

Pulley positioned itself for founders and finance teams, with cap table, 409A valuations and SAFE modelling. Its home page now says that Pulley will stop operating on 8 December 2026 and that it has partnered with Carta for its customers. For a new decision, that settles Pulley.

What they do well

If your company has US investors, a US parent or employees in several countries, these tools are built for exactly that. Carta describes valuations and equity plans in one subscription; Ledgy's IFRS 2 reporting and multi-country plan handling match what many European scale-ups need. Ekvi does not issue 409A valuations and is not a transfer agent, and it does not try to be.

What Cyprus needs that their public pages do not describe

None of the pages we read mentions Cyprus. That is not proof that the vendors cannot serve a Cyprus company, but these are the things to ask about.

1. The Register of Members as the Law defines it. Section 105 of Cap. 113 requires names and addresses, the shares held and the amount paid, the date each person was entered and the date each ceased to be a member. A cap table is a different document from this register. Ekvi works out the register from dated events and produces an extract on any date.
2. The HE forms and their deadlines. HE12 within one month of an allotment (s.51), HE57 within 14 days of a transfer being entered in the register (s.113A), HE14 within 15 days of the resolution (s.62). Ekvi derives these deadlines from the event and lists them on its Attention page. Ekvi does not file them: the Registrar has no filing interface.
3. Nominal value. Cap. 113 knows no shares without a fixed nominal amount (s.4(4)), and a strike below nominal is in practice not permitted (s.56). In Ekvi the nominal value is mandatory and an option with a strike below it is refused.
4. Greek. Ekvi's portal and landing page are in English and Greek. We did not find Greek on the vendor pages read.
5. Where the data lives. For a company or a firm that must keep the register on its own infrastructure, Ekvi can be installed on your own server with one command, running the same code as the hosted service. The hosted service is in the EU (Spain). We did not find an on-premises option described on the vendor pages read.

How to choose

• US investors, 409A, or employees in many countries: a US-built tool is likely the right centre of gravity, and you may still need a separate Cyprus register.
• A Cyprus company whose main obligations are Cap. 113 duties, a firm keeping many Cyprus registers, or a company that needs Greek: Ekvi is built for that.
• The two are not exclusive. Some companies keep a Cyprus register in Ekvi and run their group equity plan elsewhere.

Ask any vendor, including us, three questions: can it show the register on a given past date, does it refuse an allotment above authorised capital, and does it tell you the HE12 date?

Ekvi is a record-keeping tool and does not provide legal or tax advice.