The private "small-cap" market is way less liquid and companies are way less valuable according to the market. If you subscribe to FEI's newsletter you'll see t

The private "small-cap" market is way less liquid and companies are way less valuable according to the market. If you subscribe to FEI's newsletter you'll see that most young SAAS companies are actually finding buyers who are only offering about 2 years profit. It's also a lemon market, which is unfortunate. I recently sold a SAAS and got 2 years profit.