I'm seeing that iPass has $48.6 million in annual revenues. Teum will generate $13-$14 million in Q4 for an annual run rate of $52 to $56 million. Adding in iPass' revenue gives TEUM an annual revenue run rate of over $100 million. Look at TEUM's valuation using a multiple of 13x revenues......
13 x $100.6 million ÷ 120 million outstanding shares (after iPass acquisition) = $10.90 per share of TEUM. Very good.
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