Why DataOceans Left 18 Years of Spreadsheets Behind for Pulley
BYÂ ALYCIAÂ ROCK
18 years of spreadsheets — then a 6-month failed migration — then Pulley.
Introduction
DataOceans is a customer communication management company serving over 150 clients across consumer finance, banking, credit unions, and healthcare. Founded in 2004, they've grown to over $10M in annual revenue and a 98% retention rate.
For nearly two decades, DataOceans navigated their evolving cap table on Excel. But with their eyes fixed on the future, they knew spreadsheets weren’t going to cut it anymore.
DataOceans first tried to migrate to a legacy solution. But after 6 months of onboarding attempts, they still ended up with a cap table that wasn’t set up correctly.
Eventually, they found Pulley. Within a short period, their cap table was accurate, up-to-date, and no longer dependent on a spreadsheet.
The Challenge
Larry Buckley, DataOceans' CEO and Founder, had managed the company's cap table on spreadsheets since the company's founding. More than 18 years of equity sales and unique transactions had made the process increasingly labor-intensive and unsustainable.
Buckley knew the company needed a dedicated solution. He found one, signed on, and spent six months attempting to migrate. At the end of that process, the cap table still wasn't set up correctly.
Frustrated, Buckley nearly gave up on the search entirely. After more research and conversations with his network, he found Pulley.
"What we tried was a rival technology solution that just could not programmatically migrate our complex cap table into their system, even after six months.
What we discovered we needed was someone who could understand our cap table, and then help migrate it into the platform.
Pulley understood the challenge, addressed my needs and concerns, and delivered on what they promised. The experience has been excellent, driven by the people at Pulley."
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Larry Buckley
‍CEO and co-founder, DataOceans
The Solution
A migration that actually worked
What stood out to Buckley early in conversations with Pulley's sales team was the onboarding model: a dedicated cap table expert who would handle the migration and remain available for ongoing support.
Pulley's onboarding specialist worked closely with Buckley to migrate the cap table, accounting for multiple equity sales and unique transactions accumulated over nearly two decades. When it was done, the spreadsheets were gone.
Stakeholders could finally see their equity
Before Pulley, employees and investors had little visibility into their holdings. There was no real-time information, no consistent process for sharing updates, and requests came in ad hoc, handled manually each time.
After the migration, stakeholders gained access to personalized dashboards showing current holdings, vesting schedules, signed documents, and MBO program objectives. Having that information available streamlined and professionalized communications around holdings, and increased stakeholder engagement and trust.
“The Pulley team set us up in a fraction of the time of our previous provider. We were able to get a 409A done quickly with minimal effort on our side. We are thrilled with the product and the service we have received.”
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Larry Buckley
‍CEO and co-founder, DataOceans
An incentive program they could maintain
DataOceans had an internal stock incentive program that had grown difficult to manage. Any single update required revising the entire program, and the administrative overhead had reached a point where ending the program seemed more practical than continuing it.
With Pulley, DataOceans was able to easily maintain their program. Stock sales, shareholder list creation, and 409A preparation all moved online, reducing the risk of errors associated with manual processes and physical paperwork.
The Results
The impact came quickly.
Issuing or selling equity had previously taken weeks; now it takes days.
Moving equity management online reduced the error risk that came with manual processes and physical paperwork.
And for Buckley personally, the transition from spreadsheets instilled confidence, allowing him to focus on growth and strategic initiatives.
“Managing our cap table was time-consuming, labor-intensive, and frustrating. Pulley has helped us streamline our cap table management and gain confidence. We are now able to focus on growth and strategic initiatives, knowing that our cap table is accurate and up-to-date.”
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Larry Buckley
‍CEO and co-founder, DataOceans
If your company is managing equity on spreadsheets — or has had a failed migration experience — talk to a Pulley cap table expert. Our onboarding team handles the complexity so you don't have to start from scratch.
