That would put their sell price at $10-$20 per user. Is that going rate for something like that? I'm pretty out of the loop on SaaS business pricing. Seems high, to me, since the vast majority of their users are using the free version. Certainly their paid users are worth a lot more than that (at $5/month, they're worth a couple hundred bucks). And, I guess growth also needs to be factored in; if they're on track to have, say, 20 million users next year, then the price starts looking more and more reasonable.

So, yeah, I guess it's not that outrageous, even if it is "just" a todo list app (it's a pretty nice one, though; I use it and mostly really like it).

> They have 10 million users

10 Million active users? Or like me, installed it, abandoned it; like most todo apps.