Whether it’s an export from a legacy platform or a spreadsheet buried in an email thread, equity records are frequently disorganized, disconnected, and difficult to work with.

For law firms, that means:

• Time spent reformatting and reconciling data
• Delays in financings, exits, or reorganizations
• Extra steps just to get clean, auditable records
• Frustrated clients and increased operational risk

Messy equity data slows everything down, especially when firms are expected to move quickly and accurately.

What is the Open Cap Table Coalition?

The Open Cap Table Coalition (OCTC) is a group of more than 35 law firms, equity platforms, and technology providers working together to improve the portability, transparency, and interoperability of cap table data. Their shared framework, the Open Cap Table Format (OCF), provides a consistent way to structure equity records like shares, SAFEs, options, and warrants.

Firms like Fasken, Wilson Sonsini, Cooley, and Gunderson Dettmer are among the legal leaders contributing to this movement. By supporting a shared standard, these firms are helping modernize how corporate records are managed and exchanged across the startup and venture ecosystem.

The benefits of an open standard

When equity data is standardized, everything becomes faster and more reliable. Law firms can:

• Migrate clients off legacy systems without rework
• Export and review records without manual formatting
• Reduce errors and streamline audit prep
• Build consistent workflows across financings and M&A

For clients, standardized data means smoother collaboration, fewer surprises during due diligence, and the confidence that their records are complete and consistent.

What is the Open Cap Table Format (OCF)?

The Open Cap Table Format (OCF) is a structured, machine-readable format for representing equity data. It defines how shares, SAFEs, options, warrants, and related transactions should be captured and stored.

It was built to be:

• Portable — so data can move easily between systems
• Consistent — so records are clean and predictable
• Transparent — so firms and clients can track the full equity history

The format is open-source, community-driven, and backed by some of the most respected names in corporate law and legal technology.

Walter’s role in the OCTC and our use of OCF

Walter is a member of the Open Cap Table Coalition, helping shape the future of cap table standardization. Today, all cap table data in Walter is stored in the Open Cap Table Format, including shares, SAFEs, options, warrants, and more.

This means:

• Equity data is standardized from the moment it’s created
• Exports are audit-ready and easy to model
• There is no vendor lock-in or proprietary formatting

OCF isn’t just a spec we support, it’s a standard we’ve embraced as the foundation of how equity data should work.

A better way to work with cap table data

By adopting the Open Cap Table Format and building it into every layer of Walter, we’re helping firms move faster, reduce errors, and deliver better service to clients.

If you’re helping a client migrate off a legacy platform, or if you’re ready to bring your cap table workflows in line with the open standard, we’d love to help. Schedule a time →