Client Spotlight

MongoDB: Automating Equity
Tax Calculations

Explore how MongoDB adopted new functionality to streamline their equity plan management processes, boosting efficiency and saving their administration team time and resources.

Cross-departmental cooperation, and collaboration with Morgan Stanley at Work and KPMG, were critical to the success of this initiative. Our relationship with Morgan Stanley at Work gave us a level of comfort and resulted in an end product fully tailored to our needs.
Dineshni Anumala, Senior Manager, Stock Compensation

Easy Integrations Across Applications

  1. 1
    Phase 1:

    MongoDB decided to implement the KPMG Global Equity Tracker (GET) system to manage their global mobility tax calculations. In March 2021, they kicked off a pilot program. As part of this pilot, MongoDB leveraged standard KPMG templates to input data, which the GET system used to automate the company’s U.S. multi-state reporting and withholding tax calculations.

  2. 2
    Phase 2:

    By July 2021, the system was working so well that MongoDB decided to automate tax calculations for its entire U.S. equity population. To do so, they reached out to KPMG and Morgan Stanley at Work and were informed that an application programming interface (API) already existed between Morgan Stanley and KPMG. Thanks to this API, pre-formatted files could be sent from GET directly, allowing the company to easily settle taxes across jurisdictions. Suddenly, a process that had taken days only took a couple of hours.

  3. 3
    Phase 3:

    Over the next few quarters, MongoDB continued to expand their automation beyond their U.S. and international movers to cover its entire global population of equity holders and stock option participants (including employees who hadn’t relocated). The company even set up a termination from HR to be delivered to the platform automatically which cancels unvested grants when employees leave the company. This approach keeps the system updated.

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This case study is presented for illustrative purposes only. Each client’s situation is different and a client’s experience and any recommendations made to a client will vary depending on the specific facts and circumstances involved. Past performance is no guarantee of future results. These strategies do not guarantee a profit or protect against loss and may not be appropriate for all investors.

Employee stock plan solutions are offered by E*TRADE Financial Corporate Services, Inc., Solium Capital LLC, Solium Plan Managers LLC and Morgan Stanley Smith Barney LLC (“MSSB”), which are part of Morgan Stanley at Work. Morgan Stanley at Work services and stock plan accounts are provided by wholly owned subsidiaries of Morgan Stanley.

Morgan Stanley at Work stock plan accounts were previously referred to as Shareworks, StockPlan Connect or E*TRADE stock plan accounts, as applicable. In connection with stock plan solutions offered by Morgan Stanley at Work, securities products and services are offered by MSSB, Member SIPC. E*TRADE from Morgan Stanley is a registered trademark of MSSB.

All entities are separate but affiliated subsidiaries of Morgan Stanley. The laws, regulations, and rulings addressed by the products, services and publications offered by Morgan Stanley and its affiliates are subject to various interpretations and frequent change. Morgan Stanley and its affiliates do not warrant these products, services, and publications against different interpretations or subsequent changes of laws, regulations and rulings.

CRC#3534838 (05/2024)

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