Recurring B2B product with long operating history
A believable multiple at ~1.8x annual revenue — not suspiciously cheap, not stretched — on a real product with a decade of operating history rather than a recent AI wrapper. Recurring B2B income, not speculative traction.
Why it surfaced: Established recurring revenue. Long operating history. A clean, defensible multiple in a range small-capital buyers can actually act on.
What’s attractive: The economics appear grounded, the asset has a real operating history, and the profile is more defensible than a thin recent wrapper.
Honest catch: An 11-year-old codebase carries stack-age, migration, and tech-debt risk. “Long-term customers” is not enough without concentration numbers.
What to verify: Revenue evidence, customer concentration, churn, codebase health, seller workload, support burden, and whether the product is still actively maintained.