It all factors in but realistically with SaaS there is little in terms of fixed assets. Most likely a lot of the additional factors for the valuation multiple

It all factors in but realistically with SaaS there is little in terms of fixed assets. Most likely a lot of the additional factors for the valuation multiple calculation are going to be around efficient customer acquisition, sales cycle payback periods, and different income percentages (operating, net). X factor would be if other competitors of the acquirer are also bidding on the acquiree.