It all factors in but realistically with SaaS there is little in terms of fixed assets.
Most likely a lot of the additional factors for the valuation multiple calculation are going to be around efficient customer acquisition, sales cycle payback periods, and different income percentages (operating, net). X factor would be if other competitors of the acquirer are also bidding on the acquiree.
Depends on the business. Something like Zipcar or similarly asset-heavy would incorporate assets in an MnA valuation, but SaaS would not unless they're flush with valuable patents.
So once the accounting statements are reviewed, then most of the acquisition talk is just a discussion over a multiplier?