????我在这里的建议是，看看你所在行业的上市公司，当他们还是贵公司的规模时，他们在什么位置。我们做了一张包括所有“软件即服务”（SaaS）上市公司的图，显现从早期到现在的收入和增长曲线。这个工具在我们讨论时很有用，特别是我们（增长率85%）与其他增长率25%的公司进行比较时。

估值对于并购交易的意外价值

????私营公司购买私营公司的股票有点麻烦。在我们的D轮融资后，我用现金加股票的方式收购了另外一家非公开交易公司Performable。这种收购最麻烦的部分是要搞清他们的股票值多少，我们的股票又值多少。好在我们刚刚结束了一轮相对后期的融资，至少我们这方有真实的数字可进行谈判。如果双方都没有最近的数据，这样的谈判真得很难有结果。

????这些是我们在最近的夹层融资中学习到的意外经验。在这方面，你还有任何灼见需要补充？敬请留言告诉我。

????布莱恩?哈里根是HubSpot联合创始人兼首席执行官，HubSpot是一家总部位于马萨诸塞州康桥的集客营销软件提供商。

????译者：杨智

????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.