????我在這里的建議是，看看你所在行業的上市公司，當他們還是貴公司的規模時，他們在什么位置。我們做了一張包括所有“軟件即服務”（SaaS）上市公司的圖，顯現從早期到現在的收入和增長曲線。這個工具在我們討論時很有用，特別是我們（增長率85%）與其他增長率25%的公司進行比較時。

估值對于并購交易的意外價值

????私營公司購買私營公司的股票有點麻煩。在我們的D輪融資后，我用現金加股票的方式收購了另外一家非公開交易公司Performable。這種收購最麻煩的部分是要搞清他們的股票值多少，我們的股票又值多少。好在我們剛剛結束了一輪相對后期的融資，至少我們這方有真實的數字可進行談判。如果雙方都沒有最近的數據，這樣的談判真得很難有結果。

????這些是我們在最近的夾層融資中學習到的意外經驗。在這方面，你還有任何灼見需要補充？敬請留言告訴我。

????布萊恩?哈里根是HubSpot聯合創始人兼首席執行官，HubSpot是一家總部位于馬薩諸塞州康橋的集客營銷軟件提供商。

????譯者：楊智

????My advice here would be to get your arms around the public companies for your industry, and where those companies were when they were your size. We built a chart that showed every public SaaS company and what their revenues and growth trajectories were from their early days to where they are today. It was a useful tool in our discussions, particularly when we were getting compared to public companies that were growing at 25% and we were growing at 85%.

Surprising value of currency valuation in M&A

????Private companies buying private companies with stock is a tricky business. After our Series D, we acquired another privately traded company called Performable with a combination of cash and stock. The trickiest part of deals like this is figuring out what their stock is worth, and what your stock is worth. The nice part about just having finished a relatively late stage, clean round is that at least our side had a real number to negotiate from. If neither side has a recent number, those negotiations are really tough to sort out.

????Those are some of the surprising things we learned in our recent mezzanine round. Am I missing any insights that you have on this topic? Feel free to leave a comment and let me know.

????Brian Halligan is co-founder and CEO of HubSpot, a Cambridge, Mass.-based provider of inbound marketing software.