If they give us the projections for net income for the net five years, I can give you a valuation. Right now, at $20M projected loss for 2014 if sustained for the next 5 years will result in using up all the cash and consequently BK.
At the very least 3 x Sales + Cash that brings them to $80M x 3 + $100M = $340M or $13.6 per share.
Their SaaS and Maintenance revenues, i.e. recurring revenues are at $50M per year.
That is without selling a single new license. If someone buys Model N, and just keeps the SaaS and Maintenance and cuts everything else, the bottom line will be close to $40M in net profit.
Make your own calculations based on the maintenance and Saas revenues alone.
My guess the company can fetch a value of $300M no problem but it won't fly with the recent IPO pricing.