Private Markets, Angel and Secondary Investing, Sacra

Sacra

Private Markets, Angel and Secondary Investing

Bringing transparency to private markets so investors, founders, and employees can build on conviction. Sacra delivers deeply researched insights on the private companies shaping tomorrow's markets. By surfacing the data, context, and operator perspective that are missing from private markets today, we help secondary buyers and sellers price equity accurately and unlock liquidity for the people building these businesses.

Private Capital Markets

<ul><li>Sacra estimates that Statsig reached $40 million in annual recurring revenue (ARR) in May 2025.</li><li>As of September 2, 2025, OpenAI announced its agreement to acquire Statsig for $1.1 billion in an all-stock deal, marking one of the largest acquisitions in OpenAI’s history.</li><li>Statsig operates a B2B SaaS model with usage-based pricing that adjusts with customer growth and platform adoption.</li></ul>

Sacra estimates that Statsig reached $40 million in annual recurring revenue (ARR) in May 2025.As of September 2, 2025, OpenAI announced its agreement to acquire Statsig for $1.1 billion in an all-stock deal, marking one of the largest acquisitions in OpenAI’s history.Statsig operates a B2B SaaS model with usage-based pricing that adjusts with customer growth and platform adoption.

<ul><li>Guideline hit $120M in annual recurring revenue (ARR) in June 2024, up 35% year-over-year, after crossing $100M ARR at the end of 2023.</li><li>On August 27, 2025, Gusto announced its agreement to acquire Guideline, further consolidating its position in the small business retirement plan market.</li><li>Guideline has achieved a 10% market share among new 401(k) plans, indicating strong traction in the small business segment.</li></ul>

Guideline hit $120M in annual recurring revenue (ARR) in June 2024, up 35% year-over-year, after crossing $100M ARR at the end of 2023.On August 27, 2025, Gusto announced its agreement to acquire Guideline, further consolidating its position in the small business retirement plan market.Guideline has achieved a 10% market share among new 401(k) plans, indicating strong traction in the small business segment.

Employment Hero / Private Capital Markets

<ul><li>Employment Hero is defending its core market for HR & payroll while opening a North American beachhead via its acquisition of Humi in Canada.</li><li>Sacra estimates Employment Hero reached $163M in annual recurring revenue (ARR) in January 2025, up from $155M in December 2024 and $110M in December 2023.</li><li>Now geographic expansion has brought its competitors to Australia’s shores, with Deel and Rippling both invading Australia in 2024 going after Employment Hero's core geography where it serves 20% of all private companies.</li></ul>

Employment Hero is defending its core market for HR & payroll while opening a North American beachhead via its acquisition of Humi in Canada.Sacra estimates Employment Hero reached $163M in annual recurring revenue (ARR) in January 2025, up from $155M in December 2024 and $110M in December 2023.Now geographic expansion has brought its competitors to Australia’s shores, with Deel and Rippling both invading Australia in 2024 going after Employment Hero's core geography where it serves 20% of all private companies.

<ul><li>Sacra estimates Ramp reached $1B in annualized revenue in August 2025, growing 110% YoY.</li><li>Ramp’s 2x+ YoY revenue growth at scale lies in its strength at multiproduct and driving attach from cards & expense management (2019) to bill pay (2021), procurement and travel (2024), and treasury (2025).</li><li>Former partners have become frenemies, with Ramp’s competitive set expanding with each new product, from enterprise finance SaaS incumbents Coupa, Navan & Zip.</li></ul>

Sacra estimates Ramp reached $1B in annualized revenue in August 2025, growing 110% YoY.Ramp’s 2x+ YoY revenue growth at scale lies in its strength at multiproduct and driving attach from cards & expense management (2019) to bill pay (2021), procurement and travel (2024), and treasury (2025).Former partners have become frenemies, with Ramp’s competitive set expanding with each new product, from enterprise finance SaaS incumbents Coupa, Navan & Zip.

<ul><li>One out of three US workers now does some form of contract or freelance work on a 1099—up from 10% in 2005—a trend that has accelerated & gone “upmarket” as the rise of frontier model AI labs has created huge demand to hire physics PhDs, software engineers, lawyers & others on short-term data labeling contracts.</li><li>Standard back-office SaaS & payments tools (Chase Bill Pay, QuickBooks, Gusto) can handle 5-10 contractors fine, but at 50+ the operational burden explodes—insurance certificates need verification across dozens of formats, state-by-state compliance multiplies, and payment reconciliation becomes full-time work.</li><li>Payroll platforms, professional employer organizations (PEOs), and vertical SaaS platforms alike are all going after the opportunity to handle mixed W-2/1099 workforces to prevent churn & prevent payments leaking outside their platforms to Bill.com & Quickbooks, with the divergent approaches of building their own contractor rails (Rippling) vs. partnering with contractor payroll platforms like Wingspan (Insperity).</li></ul>

One out of three US workers now does some form of contract or freelance work on a 1099—up from 10% in 2005—a trend that has accelerated & gone “upmarket” as the rise of frontier model AI labs has created huge demand to hire physics PhDs, software engineers, lawyers & others on short-term data labeling contracts.Standard back-office SaaS & payments tools (Chase Bill Pay, QuickBooks, Gusto) can handle 5-10 contractors fine, but at 50+ the operational burden explodes—insurance certificates need verification across dozens of formats, state-by-state compliance multiplies, and payment reconciliation becomes full-time work.Payroll platforms, professional employer organizations (PEOs), and vertical SaaS platforms alike are all going after the opportunity to handle mixed W-2/1099 workforces to prevent churn & prevent payments leaking outside their platforms to Bill.com & Quickbooks, with the divergent approaches of building their own contractor rails (Rippling) vs. partnering with contractor payroll platforms like Wingspan (Insperity).

Anthony Mironov, CEO Of Wingspan, On Why 1099s Are Eating Payroll

United States

Workforce management software unifying HR, IT, and contractor payroll for global teams

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Rippling (RIPPLING US)

Primer: Statsig - 02 Sep 2025

Tool for product teams to run experiments and analyze feature impact with data

Sacra

Primer: Guideline - 30 Aug 2025

Software for small businesses to offer affordable, employer-sponsored 401(k) retirement plans

Sacra

$163M/year Gusto Of Australia

TL;DR: With Deel and Rippling invading Australia, Employment Hero is defending its core market for HR & payroll while opening a North American...

Sacra

Ramp At $1B/year

TL;DR: Growing 100%+ YoY every year from $50M through hundreds of millions in revenue scale, Sacra estimates Ramp reached $1B in annualized revenue...

Sacra

Anthony Mironov, CEO Of Wingspan, On Why 1099s Are Eating Payroll

Let's start with Wingspan and its evolution. You've definitely taken more on over time, going from a contractor-first platform, to helping...

Sacra

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)