The challenge
Most companies come to GAIA after the spreadsheet has already broken. Makersite was different. The company adopted GAIA before launching its ESOP scheme at all, a deliberate decision to skip the manual stage entirely.
Michael Portelli-Madden, Makersite's VP Operations, was heading legal, finance, and HR at the time, and he could see what was coming. "We were a small company then, but we knew that as we grew and introduced the ESOP scheme, the administration would become increasingly complex." Rather than start with spreadsheets and manual processes, the team chose to avoid them from the outset. "We could already see the reconciliation issues, the version control problems, the employee support challenges. These would increase from day one and keep adding up."
The team was already working with a partner law firm on the agreements and the framework of the scheme, so adopting GAIA to administer it was a natural next step. "We'd done the agreements, we'd had the advice on shaping the ESOP, and now we had a platform to manage it. It was a no-brainer."
How GAIA helped
A clean setup, from scratch. Because Makersite started on GAIA, there was no migration to manage. "It was very straightforward. We didn't have any transfer from Excel sheets, no legacy data to move. Just updating the contracts, creating the templates, and uploading the employees." Michael credits GAIA's support with getting the scheme live quickly. "GAIA's support was fundamental to having this launched in a very short period."
A single source of truth. Today the entire process runs around one central platform. "Administration, HR, and all the employees go on GAIA. It's one source of truth." That structure is what makes approvals, reporting, and changes manageable. "Having a central platform that gives visibility into employee grants, vesting, and supporting documentation is critical as a framework."
Issuing grants in minutes. Day to day, Michael's interaction with the system is minimal, because the system does the work. "We have a template and the employee's details. We just hit send. It goes out automatically, they sign, and it's logged automatically. You see the participation grant once both parties sign." From scratch, issuing a new agreement takes under five minutes once the employee's details are in hand.
Equity that scales without added effort. A core goal was a process that would hold up as the company grew. "Whether we have 10, 50, or 100 people, it doesn't matter much. It's the same process for everyone, and the system caters for that." Three KPIs defined success, and Michael sees all three as met: a single source of truth with good governance and reporting, improved employee visibility, and a simple, controlled process for granting and managing options.
Visibility that motivates. From the start, the employee experience was a deliberate consideration. "An ESOP is a meaningful part of an employee's compensation, so they should understand what they've been granted and how it's developing. The personal dashboard gives them that transparency." For Michael, that visibility is also what creates stickiness. "Them seeing the options they have and how they mature gives them more incentive to be productive and motivated."
Results
After three years and an average of around 150 employees, the strongest signal is what Michael doesn't hear. "Sometimes you only hear from people when they have a problem. We've been on GAIA for three years with around 150 employees, and we haven't had many queries. That speaks volumes."
Working with GAIA
For Michael, the relationship has been collaborative and pragmatic, and the value goes beyond the software. "The team understands ESOP administration, not just from a technical matter. You have the legal expertise behind it too." That combination means Makersite can raise questions that go past pure administration. "Sometimes you need to evolve the package, but you need to ensure you're compliant and within the legal boundaries. Being able to ask those questions, with the platform supported by lawyers, is very beneficial for us."
What Michael would tell a peer
Asked whether he'd recommend GAIA to a peer unsure about adopting a tool like this, Michael is unequivocal.
