Diligent Joins Open Cap Table Coalition to Improve Transparency and Governance Standards for Startup Firms
New format and standards would allow for efficient dissemination of information to stakeholders
New York, NY, December 14, 2021 - Diligent, the global leader in SaaS governance, risk and compliance (GRC) is pleased to announce its role as a new member of the Open Cap Table Coalition, a cross-industry group that is collaborating to improve the interoperability, transparency and portability of startup capitalization data. The working group includes major law firms that advise emerging companies, leading software providers, venture capital firms and other critical members of the startup ecosystem.
As a foundational step, the coalition members are producing a first iteration of the Open Cap Table Format (OCF), an open-source format to enable a new and more collaborative era in capitalization data management that aims to prioritize companies' changing needs and help the ecosystem become more efficient. This first-of-its-kind cap table standard format will be released in Q1 of 2022.
"Improving the transparency of startup cap table data is beneficial both for organizations and for investors because it reduces concerns and improves governance," said Lisa Edwards, President and COO of Diligent. "We're thrilled to participate in this important initiative, and we look forward to working with our fellow coalition members to modernize the startup capitalization ecosystem.'
The Open Cap Table Coalition was officially founded in July of 2021. Founding members of the coalition include Carta; Cooley; Fenwick & West; Goodwin Procter; Gunderson Dettmer; LTSE Software; Morgan Stanley | Shareworks; Orrick, Herrington & Sutcliffe; and Wilson Sonsini Goodrich & Rosati.
Participation in the Open Cap Table Coalition is the latest commitment from Diligent to ensure that organizations have the tools they need to effectively scale from seed to IPO. Learn more about Diligent's solutions for investor-backed companies here.
Diligent is the leading governance, risk and compliance (GRC) SaaS company, serving 1 million users from over 25,000 customers around the world. Our innovative technology gives leaders a connected view of governance, risk, compliance and ESG across their organizations, sparking the insights they need to make better decisions and lead with purpose. Learn more at diligent.com.