Hello Searchfunder community!
We are looking at small software companies and would like to hear the community's opinion on valuation. Companies we are looking at develop and license software to SMBs (not SaaS). Several targets are about $3M revenue, $350 EBITDA. Companies haven't historically had large annual growth, getting to only $3M revenue in 15+ years.

What do you all think the market valuation range is for a company like this?