Orrick Herrington & Sutcliffe issued the following announcement on July 28.
Orrick is a founding member of a new industry group – the Open Cap Table Coalition – which aims to make it easier for startups to manage their cap table by increasing data portability and interoperability between all stakeholders – lawyers, startups, investors and software platforms.
As a first step, the coalition, which includes Gunderson Dettmer, Latham & Watkins, Cooley, Fenwick & West, Goodwin Procter, Wilson Sonsini, Carta, Morgan Stanley’s Shareworks and LTSE Equity, worked together to produce a first iteration of the Open Cap Table Format. This open source format will enable a new, more collaborative approach in capitalization data management that prioritizes companies’ changing needs and helps the tech ecosystem become more efficient.
The coalition welcomes all interested startup ecosystem stakeholders to join the coalition and collaboratively build standards and practices that best serve the entire industry.
Original source can be found here.