Personally, I think valuation is valuation regardless of Public or Private. Also, remember this has a very minimal float. Probably the most important thing is that they have a great name "Quepasa" for the Latino market and they are #1 Latino based website in that market. That has got to be worth something. Kind of like Baidu in China. Sure, you have Google but Baidu in China is #1...and Google will be good but always #2 in China for search.
Similarly, I think QPSA will be #1 with Latino's and it may be best to buy them that try to build a new presence with another name.