Historically, there has been no standard format. Exports from other tools flatten formulas into static values, and key context is easily lost. As a result, reviews take longer and require more manual cleanup than necessary.

The Open Cap Table Export Standard (OCX) was created to bring structure and consistency to how cap tables are reviewed in Excel. Built on top of the Open Cap Table Format (OCF), OCX is a standardized Excel format designed to make cap tables easier to read, share, and audit.

What is the Open Cap Table Format (OCF)?

OCF is a structured data format used to store a company’s capitalization information. It was developed by the Open Cap Table Coalition (OCTC), a group of law firms, software providers, and equity experts working to improve the way equity data is handled.

OCF is written in JSON (JavaScript Object Notation), a format that is both machine-readable and easy for developers to work with. It organizes cap table data into key sections:

• Company details
• Security types, such as common shares, preferred shares, options, and safes
• Stakeholders, including founders, employees, and investors
• Transactions and events, such as grants, transfers, conversions, and cancellations

OCF captures changes to the cap table as discrete transactions and events, such as grants, transfers, conversions, and cancellations. Instead of showing just the current state of ownership, it preserves a record of what changed, when, and why.

This structure makes it easier for tools to interpret every update that has affected the cap table over time. That level of context supports accurate audits, cleaner exports, and better alignment across systems.

What is OCX?

While OCF is designed for data systems, most legal and financial teams work in Excel. That’s where OCX comes in.

OCX defines how OCF data should be presented in an Excel file. It provides a standardized structure and layout for cap tables, with formatting that makes sense to the reader. OCX includes calculated fields, embedded formulas, and a layout designed to match how equity data is typically reviewed in legal practice.

By using a standardized format, OCX makes it easier to review cap tables without needing to reformat or cross-check values manually.

Why it matters

Cap tables are passed between companies, investors, law firms, and platforms. Without a shared format, even small differences in structure or labeling can introduce friction. OCX helps avoid that by aligning the format used across systems and providers.

It also reduces the need for manual spreadsheet cleanup. Instead of exporting flat values and rebuilding formulas by hand, reviewers can open a file and see the data in a familiar, predictable structure. That saves time and reduces the risk of errors and time-consuming reconciliations during critical events like financings, exits, audits, or secondaries.

OCX in Walter

OCX is fully integrated into Walter’s equity workflows. With one click, firms can export cap tables in a clean, standardized Excel format. These exports preserve structure and formulas, and reflect the same transaction-level data that Walter stores in OCF.

Walter also supports filtering exports by effective date or scenario, which is helpful for generating pro forma models or reviewing historical records. Each value in the spreadsheet can be traced back to the transaction that created or modified it, which makes it easier to validate numbers during legal review.

Whether you're supporting a financing, cleaning up legacy data, or just need a clear snapshot for internal review, OCX makes the export process simpler and more reliable.

Learn more

Walter is a member of the Open Cap Table Coalition and supports both OCF and OCX as part of a broader move toward better data standards in legal work.

You can read the OCX announcement from the OCTC or check out our overview of the coalition to learn more.

If you’d like to see how OCX fits into your workflow in Walter, book a walkthrough.