In this episode of Run the Numbers, CJ sits down with Federico Acabbi, investment banker at RBC, to break down what’s happening across cybersecurity, infrastructure, and the broader software market. They cover why horizontal software is under pressure while security spend holds up, what it really takes to go public today, and how the IPO process actually works behind the scenes—from diligence to pricing.
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SPONSORS:
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Abacum is a modern FP&A platform built by former CFOs to replace slow, consultant-heavy planning tools. With self-service integrations and AI-powered workflows for forecasting, variance analysis, and scenario modeling, Abacum helps finance teams scale without becoming software admins. Trusted by teams at Strava, Replit, and JG Wentworth—learn more at https://www.abacum.ai
Brex is an intelligent finance platform that combines corporate cards, built-in expense management, and AI agents to eliminate manual finance work. By automating expense reviews and reconciliations, Brex gives CFOs more time for the high-impact work that drives growth. Join 35,000+ companies like Anthropic, Coinbase, and DoorDash at https://www.brex.com/metrics
Metronome is real-time billing built for modern software companies. Metronome turns raw usage events into accurate invoices, gives customers bills they actually understand, and keeps finance, product, and engineering perfectly in sync. That’s why category-defining companies like OpenAI and Anthropic trust Metronome to power usage-based pricing and enterprise contracts at scale. Focus on your product — not your billing. Learn more and get started at https://www.metronome.com
RightRev is an automated revenue recognition platform built for modern pricing models like usage-based pricing, bundles, and mid-cycle upgrades. RightRev lets companies scale monetization without slowing down close or compliance. For RevRec that keeps growth moving, visit https://www.rightrev.com
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LINKS:
Mostly Talent: https://mostlymetrics.typeform.com/to/cLTxtAsN
Federico: https://www.linkedin.com/in/federicoacabbi/
rbccm.com
CJ: https://www.linkedin.com/in/cj-gustafson-13140948/
Mostly metrics: https://www.mostlymetrics.com
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TIMESTAMPS:
0:00 Preview and intro
2:36 Software investability right now
6:46 Cyber — CFO's #2 investment priority
8:17 AI turbocharging attacks
9:08 DevOps disruption
10:30 Sponsors — Rillet | Tabs | Abacum
13:55 IPO landscape overview
14:33 Revenue and market cap benchmarks
19:24 Founder share sales at IPO
22:28 Secondary market vs. IPO market
23:14 How many IPOs can the market digest?
24:20 Investor mix for larger vs. smaller IPOs
25:04 Sponsors — Brex | Metronome | RightRev
28:23 Role of mutual funds in IPOs
30:00 What banks actually do on an IPO
31:49 Book building and allocation
32:43 Research coverage
35:52 NDRs and testing the waters
38:59 Roadshow format — then vs. now
40:41 Direct listings explained
43:57 How banks make money on IPOs
44:56 Fee splits between banks
47:36 IPO vs. M&A — which is more attractive?
51:02 Junior banking story — Nokia and the Vespa
54:31 Craziest expense story
56:08 Credits
Run the Numbers