BigCommerce (CMRC) appears undervalued, with its Feedonomics segment alone potentially worth $300M-$350M, based on a 5x ARR multiple on an estimated $60M 2025 revenue run rate. This is significant given CMRC's current enterprise value of approximately $400M. The core CMRC business and MakeSwift are essentially "free" at current valuations, and historical acquisitions of smaller commerce platforms like Demandware and Magento suggest a much higher potential valuation for CMRC's core business in an acquisition scenario.