What a load of rubbish. I actually work for a SaaS company with government customers. We have over ten times the annual recurring revenue of 1 page and the valuation isn't anywhere near the sky high stupidity of $250+ million.
The median valuation of saas companies in nyse are 10x recurring annual revenue.
The following was written by Fred Wilson regarding valuations they use, he was one of the first VC investors in Twitter, tumblr, zynga, Sound cloud, etsy .....etc etc
http://avc.com/2011/09/determining-valuation-multiples/