---
title: "Equity administration SaaS — niche opportunity inside HR Tech"
url: https://signals.gitdealflow.com/niche-down/hr-tech/equity-administration-saas
description: "Cap-table + option-grants + 409A + secondary management."
source: VC Deal Flow Signal
---
# Equity administration SaaS

> Cap-table + option-grants + 409A + secondary management.

**Sector**: [HR Tech](https://signals.gitdealflow.com/niche-down/hr-tech)  
**Build cost**: One-quarter build  
**Deal velocity**: Trickle — one deal per quarter

## Why now

Carta lost trust in 2024. The wedge is open for mid-market replacement.

## What the signal looks like

Repos with cap-table libraries, ASC 718 expense calculators, and secondary-market integrations.

## Public examples

*Public projects + categories only — we never name founders tracked inside the paid product.*

- Carta / Pulley shape
- AngelList Equity
- Open-source cap-table libraries

## What this displaces

A spreadsheet + missed 409A renewal.

## Our build-vs-invest call

Hard regulatory. Fund only with prior cap-table or fintech team. The moat is the 409A relationship + the integrations.

## Frequently asked

### Buyer?

CFO + Founder + CEO at $5-500M revenue.

### Pricing?

Per stakeholder per month.

### Compliance?

ASC 718 + 409A + SEC.

## Canonical

https://signals.gitdealflow.com/niche-down/hr-tech/equity-administration-saas