How to Find the Right Multiple for Your Company

In the UK, even if you're looking relatively small down in market cap, it's quite tough to find multiples that are a little bit more consistent. For example, I spent a lot of time looking at security companies, foreign security companies, which typically will have a disproportionate of their revenue that is contracted recurring revenue. And they had literally been offered six times from private equity companies. The math just gets a little complicated when you're trying to make an acquisition that's at a high multiple with less favorable debt terms.