PandaThemes

Priced against revenue rather than profit, PandaThemes sold at 1.7× annual revenue, below the 2.3× median across the 277 deals with a disclosed revenue multiple. Revenue multiples run higher than profit multiples because they ignore the cost of running the business, so they are only comparable between businesses with similar margins.

The $80,000 sale price puts it in the upper half of the 623 deals with a disclosed price here, where the median is $21,000. Most indie acquisitions cluster well under the headline numbers founders read about, which is exactly why a real distribution is more useful than an average.

This database tracks 211 Developer Tools exits, and the ones that disclosed a price sold at a median of $25,000. Category matters more than founders expect: buyers apply different discount rates to a content business, a mobile app and a B2B tool even at identical revenue.