Capital One just announced they are acquiring Brex, a provider of spend management software and corporate cards, for $5.15 billion. Recent media reports suggest annualized revenue run-rate of $700 million for Brex, implying a revenue multiple of >7x. Meanwhile, BILL Holdings, a competitor to Brex, is sporting a $4.7 billion market cap with revenue of >$1.6 billion, less than 3x. I believe BILL could fetch a (very) nice premium if they ultimately decide to sell, which they are actively considering.