(I don&#x27;t know any specifics on this case but speaking generally about this type of business)<p>It could well be that revenue figure includes &quot;pass through revenue&quot; (aka GMV) as the company isn&#x27;t public they&#x27;re not required to follow standard accountancy practices (GAAP, etc.) in reporting revenue.<p>For startups most of their burn rate tends to be salaries and burn rate tends to be greater than revenue. So assuming they have 20 employees and were break-even and an average revenue per employee of between 150-200k that would imply an actual revenue in 3m-4m range which would be in line with the acquisition figure.