A registrar, on purpose.
We spent years watching private companies close a raise and then discover that nobody was keeping the book afterwards. The software they had been sold was never going to be that somebody.
A cap-table product is a database with permissions on it. It is genuinely useful, and it leaves the company that bought it responsible for whether the record is true. That works until somebody with standing — an auditor, a lender, an investor’s counsel, a court — asks the company to prove it.
A register is a different kind of object. It has a keeper. Every change is posted from an instruction the keeper can produce. The count is controlled so a mistake is refused rather than absorbed. And the whole thing is kept in a way that shows whether it has been altered.
That work is old, well specified, and unglamorous. We built the company to do it for private companies, at a price a private company can pay, and to do it in the way the rules already describe — before anyone requires us to.
Jonathan Alvarado
Co-founder
Dylan Carter
Co-founder
Nestor Carvallo
Co-founder
The company is owned by these three people and by nobody else. It has no outside investors, and it does not intend to have any while it is the keeper of other people’s records.
Where we came from.
The three of us spent years at Deal Box, Inc., an internet capital formation company that has been in market for a decade. We watched a few hundred private companies form an offering, close it, and then discover that the list of who now owned them was a spreadsheet somebody had stopped updating.
That is not a criticism of the platform. Forming an offering and keeping a securityholder register are different trades, and the second one is nobody’s job until it goes wrong. We left to do the second one properly.
We are proud of it, and careful about what it does and does not mean. That is the next section.
The relationship to Deal Box, Inc.
Deal Box Ledger is an independently owned and operated company and is not a subsidiary of Deal Box, Inc. Deal Box, Inc. is not a transfer agent.
Deal Box, Inc. is an internet capital formation company: it is where a company forms an offering and where accredited investors find it. It is not a broker-dealer, it does not raise money for issuers, and it does not keep registers.
We licence the Deal Box name from it. That, and where we learned the work, is the extent of the relationship, and it is written down. The people came from there. The company is not it.
Issuers who come to us from that platform are under no obligation to, and issuers who have never heard of it are served identically.
Read the rest, plainly