Axial’s recent closed education deals have ranged from roughly 3.3x to 6.4x EBITDA, although those deals skew smaller. Across Axial’s broader data, businesses with $5M+ of EBITDA have traded at a 4.4x median, while Technology & Software has been higher at 5.8x. GF Data is probably an even better size reference point here. For PE-backed transactions involving businesses with $5M–$8M of EBITDA, the average multiple was around 7.4x inredactedPublic education and EdTech comps have also generally been in the 7–9x range. Based on that, I’d probably think about roughly 6–8x normalized standalone EBITDA as a reasonable starting point. The big thing I’d want to understand is the EBITDA. $6M on $13M of revenue is a 46% margin, which is unusually strong. Since this is a carve-out, I’d want to know how much corporate overhead, personnel, systems, accounting, HR, etc. currently sit at the parent and would need to be recreated on a standalone basis. Then I’d look at growth, recurring or contracted revenue, customer concentration, retention, IP ownership, and how much of the business is actually software versus curriculum/content. Those factors could move the multiple quite a bit in either direction. If you ever need an actual valuation specialist to dig into it and give you a more defensible number, you can hire one on DueDilio. redacted