Anticipating the growth in the market, valuations for focused IP communications companies have been established at above market and forward looking levels as evidenced in both the public and private market. The Enterprise Value of 8x8 (NASDAQ: EGHT) was recently 2.99x revenue and 26.99x EBITDA. In recent M&A transactions, one of the leading providers of cloud-based telephony, M5 Networks was acquired by Shoretel, a traditional facilities-based telephony provider, for 3.3x revenue and 45.7x EBITDA.