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20X revenue would be a really high valuation even for a SaaS business. 6-10X would be more likely in the long run.

When Twitter had ~$140M in revenue their price was ~50x revenue.

Source: http://www.quora.com/What-are-revenue-multiples-for-technolo...

The company is very hot right, basically selling expectations thus I think well above 10x. In any case $350m with these kind of numbers still seems very feasible. Won't you agree?

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