[cehrnrooth]

Current valuation should be based on future revenue projections. If you assume a 10X multiple they'd need $450M ARR to justify $4.5B which implies growing 22.5X ($20M * 22.5 = $450M).

Last report I saw pegged their number of customers at 10,000 which would mean a $2K average customer annual value. To get to $450M ARR they either need to grow to 225,000 customers or increase their average customer value (or a combination of both).

According to the US census there's over 2M companies with more than 5 employees which means they need to capture about 10% of the market.

Doesn't seem too unreasonable especially when you consider a company can stay with their platform even if they switch providers / plans every year (minimizing churn).