Ledgy and GAIA are both European equity management platforms with genuine German support, so the choice is rarely about cap table accuracy. Ledgy is a mature, equity-administration product with strong DACH and UK coverage and a wide set of HR integrations. GAIA combines the cap table with the legal layer around it: contract drafting, e-signing, governance, and §19a-aware incentive plan structuring in one platform, with EU data residency. If equity admin is your main need and your legal work is handled elsewhere, Ledgy fits well. If you want the contracts and governance in the same place as the cap table, that is GAIA's wedge.
Most "GAIA vs Ledgy" searches come from a founder, CFO, or operations lead who has narrowed the field to two European options and wants an honest read on the difference. Both are credible. Neither is a US tool retrofitted for Germany, which already rules out a lot of the frustration German companies hit with American cap table software. So this comparison skips the easy points (both handle a German cap table competently) and focuses on where the two products actually diverge.
What are GAIA and Ledgy, in one line each?
Ledgy is a Zurich-built equity management platform: cap table management, equity plan automation, scenario modeling, and an employee equity portal, with strong coverage across the UK and DACH and a broad set of HR and payroll integrations.
GAIA is a Berlin-built equity management platform from a team of lawyers and engineers. It covers the same cap table and incentive-scheme ground, and adds the legal layer most equity tools leave out: drafting and e-signing the underlying agreements, managing shareholder resolutions and governance, and structuring §19a-compliant employee incentive plans, all with EU data residency.
How do GAIA and Ledgy compare?
| Capability | Ledgy | GAIA |
|---|---|---|
| Cap table management | Yes | Yes |
| Scenario and exit modeling | Yes | Yes |
| Incentive schemes (VSOP / ESOP) | Yes, incl. German VSOP administration | Yes |
| §19a EIP structuring with legal depth | Equity admin for German plans | Plan structured and documented in-platform |
| Contract drafting and e-signing | Not a dedicated legal layer | Yes |
| Governance and shareholder resolutions | Limited | Yes |
| Employee equity portal | Yes | Yes |
| HR / payroll integrations | 70+ integrations | Employment-workflow integration |
| Built by | Software company | Lawyers and engineers |
| Data residency | Switzerland / EU | EU |
| Pricing | Free tier; Scale from €4,000/yr; custom | Free tier; Growth from €2,500/yr; custom |
The table makes the pattern clear. On core equity administration the two are close, and Ledgy's integration catalog is the wider of the two. The divergence is everything that sits around the cap table: the agreements, the signatures, the resolutions, and the legal structuring of incentive plans.
Where does Ledgy fit best?
Ledgy is a strong choice when equity administration is the job to be done and the legal work lives elsewhere (with your law firm, your notary, or an in-house counsel). It is an established European incumbent with a mature product, native German VSOP support, and ISO 27001 certification. The wide integration set is a real advantage if you run a larger HR and payroll stack and want equity data to flow into it automatically.
If your company already has its templates, resolutions, and §19a structuring handled by a legal team you trust, and you mainly need a clean, reliable system of record for the cap table and employee grants, Ledgy does that well and has done it for years across the UK and DACH.
Where does GAIA fit best?
GAIA's difference is that the legal layer is part of the platform rather than a separate workflow. The grant agreements, the shareholder resolutions, the e-signing, and the §19a-compliant plan structuring happen in the same place as the cap table, drafted with German legal depth because the team are lawyers by background.
For a German GmbH this matters more than it sounds. The notarized Gesellschafterliste already tells you who holds shares; the real gap is the fully-diluted picture and the paperwork behind it: combining the share register with outstanding incentive grants, keeping the agreements and resolutions consistent, and structuring an employee incentive plan so it qualifies for §19a treatment in the first place. The tax outcome of an employee plan depends heavily on how the instrument is built, not just on how it is administered later. (For the mechanics, see how employee equity is taxed in Germany.)
GAIA fits when you want one platform across contracts, governance, signing, the cap table, and the employee portal, rather than a focused equity-admin tool plus separate legal tooling. It is the closer fit for teams without a large in-house legal function, or for those who would rather not coordinate the cap table and the legal paperwork across two systems.
Which should a German startup choose?
Decide on scope, not on cap table quality, because both handle that.
Choose Ledgy if equity administration is the core need, your legal work is already covered, and a broad integration set into your HR and payroll stack is a priority.
Choose GAIA if you want the legal and governance layer unified with the cap table: agreements drafted and signed in-platform, resolutions managed in one place, and incentive plans structured with German legal depth from the start.
On price, both publish tiers rather than hiding behind a quote. Ledgy offers a free Launch plan and a Scale plan from €4,000 per year; GAIA offers a free Starter plan and a Growth plan from €2,500 per year, with custom Enterprise pricing on both sides. GAIA is the lower of the two at the paid entry tier, though the right comparison depends on the features each tier includes. For how to think about the total cost of either approach, see how much equity management software costs in Europe. For the full evaluation framework beyond these two names, see how to choose equity management software in Europe.
FAQ
Is GAIA or Ledgy better for a German GmbH?
Both support German cap tables and VSOPs properly, so neither is "better" in the abstract. Ledgy fits when you need focused equity administration and handle legal work separately. GAIA fits when you want the contracts, governance, and §19a plan structuring in the same platform as the cap table.
Does Ledgy support German VSOPs and §19a plans?
Ledgy provides native German VSOP support and administers German incentive plans. The structuring and documentation of a §19a-compliant employee incentive plan, including the underlying agreements, is where GAIA's lawyer-built legal layer goes further than equity administration alone.
How is GAIA different from Ledgy?
The main difference is the legal layer. Ledgy is a mature equity-administration platform with a wide integration set. GAIA adds contract drafting, e-signing, and shareholder governance to the cap table, built by a legal team, so the paperwork around equity lives in one platform.
What does each one cost?
Both publish tiered pricing with a free entry plan. Ledgy's Scale plan starts from €4,000 per year and GAIA's Growth plan from €2,500 per year, with the final figure scaling with stakeholder count and custom Enterprise pricing on both. Actual cost depends on company size and the features each tier includes. See how much equity management software costs in Europe for how to compare the total cost of each approach.
Can I migrate my cap table from Ledgy to GAIA?
Yes. Migrating a cap table between platforms is a standard onboarding step and is usually completed in a structured handover. The practical question is less about moving the data and more about whether you also want the legal and governance layer unified once you move.
