How Tomas Milar and Eqvista Are Bringing Real-Time Valuations to Private Companies

Private companies serve as major contributors to global economic growth, employing the majority of the world's workforce, driving innovation, and attracting significant venture capital and private equity. Despite their economic weight, many of these businesses operate without a clear, up-to-date understanding of their actual financial worth. Unlike public companies, which benefit from live share pricing, private firms have traditionally relied on periodic valuation reports that begin aging immediately after issuance.

To address this information gap, financial technology platforms are developing tools to provide continuous pricing data. Tomas Milar, the founder and chief executive officer of Eqvista, is leading efforts to establish real-time valuation systems for the private sector. According to Milar, establishing a trusted methodology for valuing private companies is a necessary precursor to functioning market liquidity.

The Path to FinTech Infrastructure

Milar’s career in the corporate services and financial technology sectors began in Hong Kong, where he launched Startupr, a company formation and secretariat services provider. He later relocated to San Francisco, where his focus shifted toward technology infrastructure, venture capital, and global markets. This transition allowed him to combine the operational discipline of his experience in Hong Kong with the market-building approach of the Silicon Valley ecosystem.

In addition to founding Eqvista, Milar acquired the US-based business incorporation provider IncParadise and launched the platform Cheqly in 2023. His management approach involves personally developing a working model of each business system before onboarding specialized expertise to scale operations, ensuring quality control across his various ventures.

Transforming Equity Management and Valuations

Eqvista was initially established with a focus on 409A valuations, which are IRS-approved fair market valuations that private companies must secure before issuing stock options. Traditionally a costly and time-consuming compliance requirement for startups, Eqvista designed a faster digital alternative. The platform has since expanded into a comprehensive equity management stack.

Today, Eqvista's services include cap table administration, Employee Stock Ownership Plan (ESOP) and vesting schedule management, board resolution tools, and secondary market transactions. It also provides various valuation services, such as ASC 820, gift and estate, software, and intellectual property valuations. The platform's signature service, Real-Time Company Valuation®, provides a continuously updated view of a company's stock value rather than a static, point-in-time report.

Over the past six years, Eqvista has completed more than 9,000 valuations, representing over $4 trillion in pricing quotations. The platform serves a client base of 25,000 companies and receives referrals from prominent venture law firms, including Cooley, DLA Piper, Goodwin, Orrick, Perkins Coie, Wilson Sonsini, and Nixon.

Balancing Artificial Intelligence with Human Expertise

While artificial intelligence is widely utilized across the fintech sector, Eqvista employs an "AI-powered and human-delivered" operational philosophy. The company uses automation to optimize data analysis, internal workflows, speed, and consistency. However, because valuation reports carry legal weight in tax filings, audits, equity grants, and acquisitions, every valuation is reviewed and signed off by a credentialed professional.

These professionals include NACVA-certified evaluators, Chartered Financial Analysts (CFAs), Certified Valuation Analysts (CVAs), and IRS-enrolled agents. This blended approach is designed to maintain accountability and rigorous review standards while handling sensitive client information for founders, chief financial officers, and finance teams.

To manage its large client base with a lean team, Eqvista has structured its internal workflows and data organization to support customization. Milar emphasizes that scaling effectively requires robust systems rather than simply expanding headcount, particularly when dealing with complex decisions regarding equity and ownership.

Future Outlook and Liquidity Goals

Under Milar's leadership, Eqvista has transitioned from a traditional valuation provider into a broader infrastructure platform for equity management and real-time pricing intelligence. The company currently holds top rankings in the equity management category on business software review platforms G2 and Clutch.

Looking forward, Milar has set a target for Eqvista to define how private companies are priced and valued by the year 2030. By establishing transparent, real-time pricing, the company aims to build a more reliable foundation for private market liquidity.