acquisition valuation

Seeking views on what QTG is worth.
I was reviewing the figures to get an idea of how much that QTG is worth.The first figure I looked at was how much they paid for API which was $13.92million in Sept 10.If you look at the QRS side of the business it has roughly the same revenue as API so it may be worth $13 million.So the total could be $27million.They mentioned the net assets was $8.7million or 4.4c.So it could actually be worth a lot higher than the 4.4c net assets and you would think so.Any views welcome.