Last month, Gusto, a payroll and HR software company, announced that it agreed to acquire Guideline, a startup offering retirement plans to small and medium businesses.

The terms of the deal weren’t disclosed, but Gusto paid approximately $600 million, according to a source familiar with the deal, although TechCrunch could not confirm how much of this was cash and how much was stock.

Guideline was last valued at $1.15 billion in 2021 when it raised a $200 million Series D funding round. Since its founding in 2015, it has raised a total of $340 million. While the acquisition price is below the startup’s private valuation, the company’s early-stage investors, including Felicis, Tiger Global, and NEA, will likely realize a return. General Atlantic, which led the company’s Series D, is

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