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In this case study
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About Swan
About Swan
About Adélaïde
About Adélaïde
Adélaïde joined Swan in July 2025 as General Counsel. Pragmatic and focused on legal innovation, she previously held the position of Head of Legal & DPO at Playplay, where she discovered Equify and contributed to the digitization of their employee shareholding. Previously, Adélaïde was Head of Legal - Innovation & Digital and Data Referent at TF1, overseeing compliance and data protection for the TF1 group's cross-functional digital projects. Trained as a lawyer, Adélaïde has developed solid expertise in contractual practice, data protection and intellectual property.
Structured shareholder management
Structured shareholder management
In 2021, Swan raised a Series A round, a major milestone in its growth. The transaction was accompanied by the launch of a BSPCE plan to attract, retain, and motivate the talent joining the company.
But this new scale, with a broader shareholder base, equity allocations to employees, and the need to track vesting and exercise conditions, quickly exposed the limits of spreadsheets and manual processes. With a more complex cap table, higher risk of errors, and the need to document every transaction reliably, adopting a dedicated tool became essential.
That’s why Swan deployed Equify in October 2021, to structure employee equity management from day one and build a solid foundation for the next stages of growth.
A reliable cap table
A more reliable cap table
As Swan grew and strengthened its legal structure, maintaining an increasingly complex cap table became challenging and error-prone. By adopting Equify, the team centralized all capitalization data and automated key control points. Manual re-entry and inconsistencies across documents were eliminated, with an always up-to-date view available at any time. As a result, processes run more smoothly, making it easier to meet both internal and external requests.
"We needed a single, reliable source for our cap table, capable of absorbing the complexity of our operations without multiplying files or the risk of errors. Equify enabled us to secure tracking and save precious time on a daily basis." - Adélaïde, Swan's Legal Director
In concrete terms, Equify enables Swan to centralize its capitalization table and transaction history in a single repository, with full traceability. The tool saves significant operational time in the preparation, verification and sharing of capitalization information. Its user-friendly interface - much more pleasant and easier to read than Excel - makes navigation, checks and exports much faster.
Smoother collaboration
Smoother collaboration
Equify streamlines collaboration between Swan’s in-house teams and its broader ecosystem—lawyers, investors, and securities beneficiaries—through secure access, full traceability, and standardized workflows.
For lawyers, direct access to the company’s workspace makes it easy to find the right information and consolidate legal documents without endless back-and-forth, saving time during reviews.
Adélaïde can quickly handle recurring investor questions about the cap table thanks to date-based views and standardized exports. Equify also helps her respond to one-off requests: “In practice, for example, I can generate and send a registration certificate in just a few clicks, which makes it very easy to answer investor queries,” explains Adélaïde, Swan’s Legal Director.
For securities beneficiaries, each person has a dedicated space with all relevant information and documents, enabling them to track their history and work more independently.
"Equify streamlines our exchanges with lawyers and investors, and gives beneficiaries independent access to their documents. Every day, we gain precious time and considerable comfort by simplifying interactions with all our stakeholders. " - Adélaïde, Swan's Legal Director
The future with Equify
The future with Equify
Swan now manages all its employee shareholding through Equify. The team recently decided to extend the BSPCE exercise periods in certain cases. With these longer horizons, campaign management requires solid organization and fluid transmission between teams over time.
Equify guarantees this operational continuity: information is centralized and traced, campaigns are documented from end to end, and any authorized member can take over a file without loss of history. In concrete terms, the platform eliminates the risk of information loss, thanks to clear tracking of allocations, exercise conditions and associated exchanges - for operations that always run smoothly, even when teams change.
"With longer exercise periods, we had to avoid any break in information. Equify gives us continuity: if the team changes, the file remains complete and we can continue to manage it with complete confidence." - Adélaïde, Swan's Legal Director
About Swan
About Adélaïde
Adélaïde joined Swan in July 2025 as General Counsel. Pragmatic and focused on legal innovation, she previously held the position of Head of Legal & DPO at Playplay, where she discovered Equify and contributed to the digitization of their employee shareholding. Previously, Adélaïde was Head of Legal - Innovation & Digital and Data Referent at TF1, overseeing compliance and data protection for the TF1 group's cross-functional digital projects. Trained as a lawyer, Adélaïde has developed solid expertise in contractual practice, data protection and intellectual property.
Structured shareholder management
In 2021, Swan raised a Series A round, a major milestone in its growth. The transaction was accompanied by the launch of a BSPCE plan to attract, retain, and motivate the talent joining the company.
But this new scale, with a broader shareholder base, equity allocations to employees, and the need to track vesting and exercise conditions, quickly exposed the limits of spreadsheets and manual processes. With a more complex cap table, higher risk of errors, and the need to document every transaction reliably, adopting a dedicated tool became essential.
That’s why Swan deployed Equify in October 2021, to structure employee equity management from day one and build a solid foundation for the next stages of growth.
A more reliable cap table
As Swan grew and strengthened its legal structure, maintaining an increasingly complex cap table became challenging and error-prone. By adopting Equify, the team centralized all capitalization data and automated key control points. Manual re-entry and inconsistencies across documents were eliminated, with an always up-to-date view available at any time. As a result, processes run more smoothly, making it easier to meet both internal and external requests.
"We needed a single, reliable source for our cap table, capable of absorbing the complexity of our operations without multiplying files or the risk of errors. Equify enabled us to secure tracking and save precious time on a daily basis." - Adélaïde, Swan's Legal Director
In concrete terms, Equify enables Swan to centralize its capitalization table and transaction history in a single repository, with full traceability. The tool saves significant operational time in the preparation, verification and sharing of capitalization information. Its user-friendly interface - much more pleasant and easier to read than Excel - makes navigation, checks and exports much faster.
Smoother collaboration
Equify streamlines collaboration between Swan’s in-house teams and its broader ecosystem—lawyers, investors, and securities beneficiaries—through secure access, full traceability, and standardized workflows.
For lawyers, direct access to the company’s workspace makes it easy to find the right information and consolidate legal documents without endless back-and-forth, saving time during reviews.
Adélaïde can quickly handle recurring investor questions about the cap table thanks to date-based views and standardized exports. Equify also helps her respond to one-off requests: “In practice, for example, I can generate and send a registration certificate in just a few clicks, which makes it very easy to answer investor queries,” explains Adélaïde, Swan’s Legal Director.
For securities beneficiaries, each person has a dedicated space with all relevant information and documents, enabling them to track their history and work more independently.
"Equify streamlines our exchanges with lawyers and investors, and gives beneficiaries independent access to their documents. Every day, we gain precious time and considerable comfort by simplifying interactions with all our stakeholders. " - Adélaïde, Swan's Legal Director
The future with Equify
Swan now manages all its employee shareholding through Equify. The team recently decided to extend the BSPCE exercise periods in certain cases. With these longer horizons, campaign management requires solid organization and fluid transmission between teams over time.
Equify guarantees this operational continuity: information is centralized and traced, campaigns are documented from end to end, and any authorized member can take over a file without loss of history. In concrete terms, the platform eliminates the risk of information loss, thanks to clear tracking of allocations, exercise conditions and associated exchanges - for operations that always run smoothly, even when teams change.
"With longer exercise periods, we had to avoid any break in information. Equify gives us continuity: if the team changes, the file remains complete and we can continue to manage it with complete confidence." - Adélaïde, Swan's Legal Director
