CloudSEK is a cybersecurity platform powered by AI and machine learning, offering software services that monitor online threats from internal and external sources. With operations across India, Singapore, the United Kingdom and the United States, CloudSEK sought an efficient solution to manage employee stock options. This need led Kalyan Kumar, Vice President of Finance, and his team to transition from cumbersome spreadsheets to the sophisticated software offered by Carta.
“We needed to bring in a transparent platform and communicate it across the company”, says Kalyan.
A transparent solution
Initially, CloudSEK relied on spreadsheets to track stock options, a method fraught with challenges. The process was informal, often involving handwritten agreements or verbal confirmations, which led to inconsistencies and difficulties in verifying stock option issuance. “I never knew who else was missing from that list,” recounts Kalyan.
Recognising the importance of building trust between the company and its employees, Kalyan and his colleagues sought a solution that would enhance transparency and reliability. By using Carta, employees of CloudSEK were able to see everything from their current equity status to their vesting schedules. This allowed CloudSEK to provide a single source of truth for its employees, thereby improving communication and fostering trust.
Carta’s capabilities extend beyond managing employee stock options to include investor management as well. “If I give them access, they can manage it themselves,” Kalyan said, appreciating the convenience and transparency Carta provides during financing rounds for investors. With Carta, concerns about formula errors in spreadsheets are a thing of the past, he said, thanks to its real-time, accurate data handling.
Kalyan particularly values the scenario modeling tool, which has become one of his favorite features. The scenario modeling tool on Carta’s platform allows CloudSEK to get a clear view of dilution, model for future rounds, and complete pro formas in a click as well as generate detailed waterfall models. Understanding dilution will be critical for CloudSEK to help them plan for their future when going into financing rounds.
Kalyan KumarI’m a fan of Carta. I love using it, and no one who has used it has ever felt it wasn’t useful.
VP of Finance, CloudSEK
Operational integrity
For Kalyan, maintaining accountability and accuracy in expense tracking is crucial. Previously, stock option expenses were recorded without proper departmental attribution. “Stock options issued to employees were accounted as a general expense rather than being traced back to the departments,” Kalyan explains. Carta’s detailed, clear, and concise reports impressed Kalyan and his team during the demo, reinforcing their decision to adopt the platform.
In addition, Carta supports International Financial Reporting Standards (IFRS) and US GAAP compliance for companies globally. This means that with employees across multiple regions, CloudSEK is able to stay compliant with clean expense accounting. This ultimately helped CloudSEK to streamline cross-border stock option valuation, eliminating the need for third-party involvement.
“I’m a fan of Carta,” Kalyan said. “I love using it, and no one who has used it has ever felt it wasn’t useful.” Looking ahead, Kalyan is confident that Carta will continue to support their growth in the industry.
DISCLOSURE: This communication is on behalf of eShares, Inc. dba Carta, Inc. (“Carta”). This communication is for informational purposes only, and contains general information only. Carta is not, by means of this communication, rendering accounting, business, financial, investment, legal, tax, or other professional advice or services. This publication is not a substitute for such professional advice or services nor should it be used as a basis for any decision or action that may affect your business or interests. Before making any decision or taking any action that may affect your business or interests, you should consult a qualified professional advisor. This communication is not intended as a recommendation, offer or solicitation for the purchase or sale of any security. Carta does not assume any liability for reliance on the information provided herein.
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