This article provides a brief description of the release notes for important new features and enhancements to the Shoobx platform. Updates to this article will happen in parallel to the Shoobx development schedule, and will be published every two weeks.
December 8, 2022
General Updates
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We corrected and extended our report sorting in all HR reports. Additionally, we changed the user interface and loading sequence to allow for improved performance.
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We enabled access to employee records for registered legal counsel.
November 29, 2022
General Updates
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Companies can now choose whether or not to appoint a company representative to review the 83(b) evidence that their employees provide.
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We've simplified the workflow for uploading a bridge note.
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To avoid user confusion, we no longer show active/inactive status labels for certain document types—Consulting Agreements, Advisory Agreements, Offer Letters, NDAs, and Employee Confidentiality Agreements.
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We added task descriptions as a column to the Employee Tasks Report to allow the assignee to click on links included in the task descriptions.
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We made an update to the equity transaction report so that it now includes stock splits.
October 27, 2022
General Updates
- We improved the user experience during stock certificate reissuances.
October 17, 2022
General Updates
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We've made improvements to the Sign External Document workflow to improve the workflow's usability, and to make it easier to select a folder in the data room for the document to be placed once it is fully executed.
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Responding to customer feedback, we now expose authorized shares in the stock classes tab of the cap table Excel export.
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Within the Add Employee workflow, the list of documents to include in the offer letter packet is now dynamic and can update in real time when documents are updated within a company's HR Administration settings.
September 13, 2022
General Updates
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New Investor Updates Workflow: We've released a new workflow that allows clients to send out one-off communications to any group of stockholders. Within the workflow, you can share documents, schedule the time it is sent out, tailor the email that will go to each stockholder inviting them to log into Shoobx and view the communication, and track which stockholders viewed the documents sent. Additionally, we've created an accompanying report to track historical investor updates. This workflow is not intended for non-stockholder communications, 228 notices (we have a separate workflow for that), or Rule 701 disclosures.
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Track 83(b) Elections Report: We've made the 83(b) elections tab formerly in the Equity Transactions Report its own standalone report to increase discoverability and remove confusion.
August 15, 2022
General Updates
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We've added the ability to handle and store net exercises for Fidelity + Shoobx joint offering clients – option exercises where a portion of the resulting shares are then sold back to the company to generate enough money to cover the cost of the exercise and related taxes.
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We added move, rename, and delete functionality to custom folders in the data room to give clients greater flexibility and the ability to customize their data room experience.
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We no longer display spreadsheet previews in the Data Room, which had caused some confusion. Instead, clients are now notified that the document is not intended to be viewed as a PDF, and for that file type, it should be downloaded for better viewing.
August 2, 2022
General Updates
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We implemented a more modern desktop AND mobile interface that makes viewing your equity or investments more intuitive, and we added visible action items associated with users' equity (e.g. 83(b)s to file, in-progress option exercises, etc.).
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Users can now record past common stock sales without Shoobx assistance. This workflow will allow users to specify the details of the transaction, upload the Stock Purchase Agreement and any other relevant documents, and update their cap table.
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We improved handling of welcome package emails when large files are involved.
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The export of the cap table now allows you to export with investments either at the fund level or rolled up to the firm level.
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We improved the way we handle full and partial refunds.
July 20, 2022
General Updates
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We have enabled more detailed control in instances where access to a document is granted as part of a user's roles (e.g., access to the SIP when someone is a stockholder).
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We have implemented a change that allows for users with full HR permissions to invite others directly from the User Directory.
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We made a fix so that when a work email is updated for uninvited users, the work email will be saved in the user's profile.
July 11, 2022
General Updates
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Company equity administrators can now use the Equity Transactions Report to keep track of the fair market value at the time of exercise for each exercise in the company's history. For exercises without a specified fair market value, Shoobx will provide a prompt with the last known (relative to exercise date) fair market value for the company based on 409A or board report.
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When reissuing certificates on Shoobx after coming from a different system or using paper, if more than 100 certificates are being converted, the Checkpoint page will allow clients to download an overview of the certificates involved in the process (instead of loading each document). This change will not only drastically reduce the load time for this workflow, but will also make reviewing stock legends and certificate information easier.
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Diligence mode can now be configured so that users can specify that they would like to change the default handling for spreadsheets. Currently, when users wish you add watermarks to their documents, spreadsheets must be downloaded as PDFs, as Excel does not support watermarking. So we have added the option to change these settings so that users can turn off watermarking for spreadsheets, so they can be downloaded in their original form while in diligence mode. This can be configured in the Diligence Mode Settings on the Relationship Management page for entities.
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If a report has more than six listed options, we now use a three line menu to navigate between the tabs. This is particularly relevant for companies viewing their Stock Ledger when they have more than six stock classes.
June 23, 2022
General Updates
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Users can now load equity promises directly into the system by filling out and uploading a simple spreadsheet, which can be found in the Equity Promises Report. Once uploaded, users can review and track these promises in that report, and they will be presented the next time a user runs the Grant Shares or Options workflow.
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We've improved the process for companies coming from a different equity management system and/or who were previously using paper stock certificates switching over to electronic certificates. Companies will now have the option to request certificate acceptance from stockholders upon initial login to the platform. Clients can also track acknowledgement of certificates from the Stock Ledger, and can send reminders to stockholders who have not accepted yet.
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We have streamlined and clarified the stock certificate creation process for certificates that have not been issued before. Users can filter (both by class and by stockholder) to easily select the certificates they wish to create. We also added optionality so that now, clients can control when stockholder notification emails are sent, and the contents of said emails.
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In an ongoing effort to modernize all of our reports and make them mobile-friendly, we have updated our stock ledger and made improvements to its functionality. The report loads faster now, as there is a tab for each class of stock certificates, and users can search by stockholder.
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The Gusto integration is now available to all clients.
June 10, 2022
General Updates
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The invite button in the Directory now kicks off the Register Legal Counsel workflow when the team invited is a law firm.
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We have updated the iconography in our emails to provide a fresher, cleaner look and feel.
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We fixed an issue where canceled common stock certificates would appear multiple times on the investments page for stockholders.
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We resolved an issue wherein the Workflows panel failed to display active tasks.
May 25, 2022
General Updates
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We modernized the Equity Transactions Report to allow for sorting and searching capabilities.
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Users can now search for an entity using a team representative’s name via the User Directory search bar on the dashboard (e.g., a search for the lawyer Ron LaFlamme brings up his law firm, Law Firm LLP).
May 16, 2022
General Updates
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We added a new process to make it easier for users to review and accept new stock certificates in Shoobx. This will make onboarding easier for larger companies, and companies who come from another system, as it will provide an easy-to-complete acknowledgement that the new certificate governs.
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We’ve made changes so that the Employee Directory's UX/UI is more responsive.
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We’ve upgraded our Equity Reports so that their UX/UI is more responsive.
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We improved our upload process so that if a user uploads an excel document that is too large, we will not attempt to convert it to PDF but rather alert them to the issue.
April 26, 2022
General Updates
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We have created a new NDA Report which will allow clients to view all of their company’s NDAs in one location.
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When a stock certificate is cancelled, the platform will now automatically watermark the document as cancelled.
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The address for mailing 83b forms is now exposed in the 83b workflow in order to make it easier for clients to send their forms to the IRS.
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In the data room, we have added the ability to download documents at the folder level via the download icon.
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We have also removed the ability to download a document from the previewer, as this was a duplicative version of the “download” button already available on the screen.
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The cap table will now ellipse long stockholder names to make them easier to navigate.
April 21, 2022
General Updates
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We no longer allow the system to save uploaded documents that fail to convert.
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We augmented our billing data infrastructure to better reflect any reimbursements that a client has obtained.
April 1, 2022
General Updates
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To prevent duplicative grant issuances, equity promises that have been queued up for approval in a Grant Shares or Options under the Stock Incentive Plan workflow are now exposed when starting another workflow that would result in the same grants being issued.
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We have made the experience cleaner for law firms that begin the onboarding process for a new client on Shoobx, so that they no longer need to run the “Register Legal Counsel” process as a part of the company’s setup.
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In cases where a corporate officer other than the President or Secretary would like to sign stock certificates, we have added capabilities that will allow our Shoobx Support team to expand the group of potential signers.
March 16, 2022
General Updates
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We have added a “Convert All” button to the Next Round Planner’s Debt and Alternatives table, to make it easy for users to indicate that all SAFEs and/or Notes will convert as part of the proposed round.
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The Next Round Planner also now allows users to add hypothetical convertible instruments (like SAFEs and Bridge Notes) when modeling the impact of a new priced round, so that if they are considering doing an interim financing, they can model the conversion of those instruments along with the infusion of new money.
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We've updated the “Next Steps” message after workflows to fix a previous issue with the PDF download button on this page.
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We changed the “Process History” log so that it's only available for users with access to the information provided in that log.
March 4, 2022
General Updates
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We have implemented a change so that if users remove their registered counsel while a workflow is waiting for legal review, the workflow will automatically revert back to the Checkpoint step in the process.
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Users can now view the default vesting schedules for their Stock Incentive Plan in the Company Profile (accessible from the dashboard).
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In order to more readily provide access to our newly refreshed and ungated self help repository (the Toolbx), we created a new dashboard module visible to all company-access users.
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We have fixed an issue that occurred with some clients when uploading the 3921 FIRE file to the IRS.
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We have improved our stakeholder search speed.
February 22, 2022
General Updates
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We created a new report that tracks all outstanding equity promises a company has made, the status of each promise, and its origination (e.g. an Offer Letter).
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We have added the ability to handle ISO/NQO splits resulting from the Rule 701 $100k rule as part of the Grant Shares Under the Stock Incentive Plan workflow.
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We now handle Restricted Stock Units throughout the Shoobx platform. RSUs can only be captured during the implementation process or via an API integration.
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The Data Room export functionality now provides the user with the option to download the entire Data Room or a specific folder.
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We have added Derivatas as a new 409A provider for later stage company clients who have four or more stock classes.
Fidelity Private Shares LLC provides cap table management and other administrative services to private companies and their equity compensation plans.
Fidelity Private Shares LLC
© 2024 FMR LLC. All rights reserved.
February 8, 2022
General Updates
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We now expose the billing renewal date for products in the Billing Settings page for clients.
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We released a fix to ensure that all signature blocks (if there are multiple) appear in MS Word (.docx) downloaded versions of documents.
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We added the ability to filter by employee in the forfeitures section of the Equity Transactions Report.
January 25, 2022
General Updates
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We have made a change so that when clients update signature blocks in the relationship management page, all signatures on documents that are in process via a workflow will automatically update to reflect this change. This change applies to all workflows.
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We have split the “Grant Shares” workflow into two separate workflows - grants under the Stock Incentive Plan and grants outside of the Stock Incentive Plan. This will support our joint clients with Fidelity and to enhance the clarity of our platform for our users.
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We fixed an issue in the Additional Closing workflows where uploading joinders would take longer than it should have.
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When a stakeholder is copied and pasted into the stakeholder widget in a manner that does not work, we have added guidance so that the error message is displayed immediately, as opposed to appearing when the user tries to continue forward in the process.
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We have added language to the account initialization process to make it clear that non-US phone numbers cannot be used as an account recovery method, and that clients with such phone numbers should use an email address for account recovery instead.
Fidelity Private Shares LLC provides cap table management and other administrative services to private companies and their equity compensation plans.
Fidelity Private Shares LLC
© 2024 FMR LLC. All rights reserved.
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