September 13, 2005, Waltham, MAâTwo Step Software, Inc., the leader in corporate governance, ownership and minute book management software, announces the first browser-based import/export utility that enables the creation of fully diluted capitalization tables directly from Microsoft Excel spreadsheets. Stock plan administrators and legal and financial professionals will save hours of time and avoid potential errors since no information needs to be manually entered. Once a spreadsheet is imported, the summary capitalization information can be instantly reported in many ways, whether by date, by type, by name, or based on common equivalents.
"Tracking stock and option information is only half the battle for stock plan administrators. The real challenge has always been creating summary capitalization information from hundreds of ownership records and many different classes of stock and convertible securities," says Gary D. Levine, President and Founder of Two Step Software. "With the new technology behind the browser-based release of Corporate Focus, users can now instantly convert spreadsheets to capitalization tables without re-typing the information or reformatting stock and option ledger spreadsheets. It saves hours of time, guarantees accuracy, and provides information that can be looked at in many different ways."
Manually inputting a large amount of data into a database system and then creating fully diluted capitalization tables is usually a time consuming and error prone process. Then, numbers need to be recalculated for key dates or before major changes such as a stock split. "If you have the basic data in spreadsheet form, you can produce a cap table immediately and save what would typically be hours of data input or calculation work. After importing the data from a spreadsheet, stock plan administrators can transfer stock, exercise an option, or add a new class of preferred stock and then view a new fully diluted cap table â all in a fraction of the time it would take using spreadsheets alone," explains Levine.
The import/export utility is incorporated in Version 5.0 of Corporate Focus which already has the ability to track stock, options and restricted stock, automatically cancel options, automate stock and option splits, track restricted stock repurchases, and create many ownership related reports. With the new browser-based import/export feature, users can more easily import existing ownership data and create new Excel spreadsheets based on updated information.
"I love the fact that I can enter a new stock record, print out a stock certificate and then merge a cover letter to send out with the certificate," comments Judy Brandon about the benefits of consolidating her firmâs entity and ownership information in Corporate Focus. Brandon, from Perkins Coie LLP, a law firm of over 600 attorneys in 14 offices, explained that before using Corporate Focus that task could have taken over an hour. "I would have had to use an Excel spreadsheet, then format and print out the stock certificate in Word, and then draft a cover letter in Word. Now, I can do it all in less than 15 minutes."