Pulley Alternatives for 409A Valuations: How to Choose Your Next Provider
Author: Redwood Valuation Content Team
Published: September 24, 2026
For many Pulley customers, the 409A valuation came bundled with the cap-table relationship rather than as a separate engagement. When Pulley ceases operations on December 8, 2026, that arrangement ends. Pulley's shutdown FAQ says that after a transition to Carta, Carta's 409A team will act as the provider once the current valuation expires. If you do not move to Carta or want to reconsider that path, you need to choose a replacement. This guide compares common 409A provider models with what Pulley customers were used to and sets out the questions that should guide the decision.
What You Are Replacing
It helps to be precise about what Pulley's valuations included because that is the baseline your next provider will be measured against. Based on Pulley's own descriptions, that baseline had four parts. A dedicated team of valuation specialists prepared the valuations. Most initial drafts arrived within three to five business days after Pulley received all required inputs. Audit support was described as free and lifetime. On the Growth plan, the valuation was included in the cap-table subscription at no additional cost, so there was no separate engagement to manage.
Some of those features transfer easily to a new provider. Long-term audit support deserves particular attention when a provider closes because someone still has to be available to answer questions about the earlier report. Whatever you choose next, it is worth knowing which Pulley features you are keeping, which you are giving up, and what you may gain from the new provider.
Common 409A Provider Models
Cap-table platforms with in-house valuation teams
Pulley used this model, and Carta offers it as well. The valuation is ordered through the same platform that holds your cap table. Carta's 409A valuation page says valuations are available to companies onboarded onto Carta and that customers on its Grow and Scale plans receive valuations at no additional cost. It does not list a separate price for valuations. The main appeal is convenience: one vendor, one login, and a valuation that flows straight into the equity records. The trade-off is that your valuation relationship is tied to your software subscription. For more detail on the Carta route, see our article, “Moving From Pulley to Carta: Do You Have to Use Carta for Your Next 409A Valuation?” and “409A Valuation vs. Cap Table” compares 409A valuation with cap-table management.
Independent valuation firms
These are firms whose business is valuation rather than software. They typically assign an appraiser or team to each engagement and deliver a signed report. The appeal is specialization and a relationship that does not depend on your equity software. Because the engagement is separate from your cap-table software, confirm how an outside valuation is recorded in your system. Turnaround, pricing, and depth of support vary widely from firm to firm, so the questions below matter more than the category.
Software-led valuation workflows
Software-led delivery can overlap with the categories above. Some cap-table platforms and independent providers center the process on automated data collection and standardized models to keep price and turnaround low. This approach can suit very early companies with simple capital structures. Ask who reviews and signs the conclusion and how questions about the analysis are handled later.
Accounting and advisory firms
Some accounting and advisory firms prepare 409A valuations alongside audit, tax, or transaction work. If your company already works with one, the relationship can be convenient. If the firm also audits your financial statements, ask whether the applicable auditor-independence rules allow it to value your stock. That matters because the firm may then audit stock-based compensation amounts that use the same valuation as an input. Also confirm that valuation is a regular part of its practice rather than an occasional service.
Five Questions That Should Guide the Choice
1. Who prepares and signs the valuation? Under the Section 409A regulations, a valuation determined by a qualifying independent appraisal is presumed reasonable. The presumption applies if the valuation date is no more than 12 months before the relevant transaction, such as the grant of a stock option. This matters because the IRS can rebut it only by showing that the valuation method or its application was grossly unreasonable. Ask who performs the work, what their qualifications are, and whether they are independent of your company. See our 409A safe harbor guide for more detail on the regulatory paths.
2. What does audit support actually cover, and for how long? Pulley's shutdown shows why this matters. Ask whether support is included or billed separately, whether it covers auditor questions as well as IRS examinations, and whether it depends on keeping a subscription active.
3. Will the provider support your prior Pulley valuation? A new firm did not prepare your existing report, so ask whether it will help with audit questions about that report and on what terms. Pulley's shutdown FAQ says Carta will "support the defense" of Pulley's prior 409A work following a transition to Carta. Ask Carta what that means in practice, including whether it covers auditor or IRS questions about the prior report. If you choose another provider, confirm separately what support it will provide.
4. What are the turnaround and price, and what drives them? You may be used to a fast valuation included in your Pulley subscription. Get a clear quote and timeline and ask what could increase the price or extend the timeline, such as a recent financing or a complex capital structure.
5. What records can you retain? Make sure you receive the final report and keep your own copies of the company records and inputs you supplied for the valuation, independent of any vendor's portal. Ask what additional supporting materials the provider will give you. Do not assume that includes the appraiser's internal workpapers. For the mechanics of moving your valuation work, including what to hand a new firm, see our article, “How to Switch Your 409A Provider (and When You Should).”
Matching the Provider to Your Needs
Company stage can be a useful shorthand, but complexity, scrutiny, and support needs matter more. If your company has a simple capital structure and routine grant needs, speed and cost may carry the most weight, provided the valuation is still prepared and supported by qualified people. Preferred stock, multiple financing rounds, secondaries, audit sensitivity, or an exit on the horizon can change that balance. In those cases, deeper analysis and stronger support may matter more than a few days of turnaround. It also helps to know whether the provider can scale with your needs.
Your company's complexity, timing, budget, and support needs should drive the choice. The five questions above provide the comparison framework; the provider model is only the starting point.
Where Redwood Fits
Redwood is an independent valuation firm, so the relationship does not depend on which cap-table platform you use. Redwood Seed is designed for pre-seed through Series A companies and offers a $2,500 409A with a five-business-day turnaround. Redwood's standard 409A service typically takes three to four weeks from receipt of all requested information through delivery of the final report. Expedited engagements are available in one to two weeks. If you move your valuation work to Redwood, audit support for the prior year's Pulley valuation is included if that report is later questioned. Redwood did not prepare that report, so the support does not change who issued the original appraisal. Compare Redwood's 409A valuation services.