[alexmarcy]

I think their take is that the valuation is a BS metric. Sure it is a calculation based on the cash paid for the equity but that doesn't mean that someone is going to go in and pay the $X valuated for the 100% equity.

I imagine that 37 Signals is doing just fine with their revenues and all told will probably be laughing their way to the bank with their total lifetime value when all is said and done.