44 Tender Offers: NewView and Carta Integration Aims to Speed Up Private Stock Sales

Only 44 tender offers were executed in the first half of 2026, a figure that highlights how rare liquidity events remain for workers in private companies. This low volume stands in contrast to the projected threefold growth in such transactions among Series C and later-stage startups over the past three years. The gap between the rising interest in early cash-outs and the actual number of deals closing has prompted NewView and Carta to integrate their platforms.

The partnership combines NewView's experience in structuring secondary deals with Carta's equity management infrastructure. The goal is to streamline the process for companies that want to allow employees and early investors to sell a portion of their shares to approved buyers. By linking these systems, the firms aim to reduce the administrative burden on private companies that are staying out of the public markets for longer periods.

Ravi Viswanathan, founder and managing partner of NewView, framed the move as a practical solution for founders. He stated, "The hope is that this partnership will make it easier for CEOs and companies to think about tenders." Viswanathan described early liquidity as a "win-win-win" for employees, companies, and investors. He noted that the practice is no longer limited to the most valuable private firms, such as OpenAI, Databricks, or Anduril.

Viswanathan pointed to Hightouch, a marketing customization startup, as an example of the trend. Last year, NewView led a tender for Hightouch at a $1.3 billion valuation when the company was seven years old. Other recent participants in such transactions include Decagon, an AI customer support startup; Wayve, a self-driving technology developer; and ElevenLabs, an AI voice generator that conducted two offerings in less than a year.

The integration addresses a shifting dynamic in startup talent acquisition. Viswanathan argued that the standard recruiting pitch has lost some of its force because the number of billion-dollar companies has increased. He suggested that a tender offer serves as a signal to potential hires, stating it is "an opportunity to say you will also get liquidity in your journey with us."

Viswanathan expects the trend of companies remaining private to continue, noting that "The companies are staying private for 12 to 15 years. That's not changing." He argued that liquidity is necessary to prevent a talent drain from high-quality venture-backed companies to their public counterparts. The firms aim to widen the group of companies conducting these offers, viewing them as strong retention tools and morale boosters for staff who have little chance of cashing out before an exit.