It's not exactly reflected in the valuation and Jason recognized that in the comments in the article:
"If you look at smaller acquisitions like mine (i.e. not like the $170m Mint acquisition), valuations like "N times revenue" or "N times profitability" is less correlated with sales, where as "N times number of founders" is closer to what happens."
"If you look at smaller acquisitions like mine (i.e. not like the $170m Mint acquisition), valuations like "N times revenue" or "N times profitability" is less correlated with sales, where as "N times number of founders" is closer to what happens."