If you look at gross profit (164.4 million for the first semester 2015) it's a much more comparable metric to what SaaS revenue would be. The problem with overa

If you look at gross profit (164.4 million for the first semester 2015) it's a much more comparable metric to what SaaS revenue would be. The problem with overall revenue in this market it that it's a low margin and more that half of it goes to the credit card companies. With ~328 profit per year, they are getting about 8X multiple - very comparable to Hubspot, Zendesk which are doing terrific in the public markets. For anyone getting stock options, expect as much as 6X-8X multiple on revenue if your gross margin is >60% and your year-to-year growth is >70% - the 10X-14X days are gone. Else, if year to year growth is below 70%, or gross margin less that 55%, expect 2X-4X.