<p>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.</p><p>—</p><p>SPONSORS:</p><p>Rillet is an AI-native ERP built for modern finance teams that want to close faster without fighting legacy systems. Designed to support complex revenue recognition, multi-entity operations, and real-time reporting, Rillet helps teams achieve a true zero-day close—with some customers closing in hours, not days. If you’re scaling on an ERP that wasn’t built in the 90s, book a demo at <a href="https://www.rillet.com/cj"><u>https://www.rillet.com/cj</u></a></p><p>Tabs is an AI-native revenue platform that unifies billing, collections, and revenue recognition for companies running usage-based or complex contracts. By bringing together ERP, CRM, and real product usage data into a single system of record, Tabs eliminates manual reconciliations and speeds up close and cash collection. Companies like Cortex, Statsig, and Cursor trust Tabs to scale revenue efficiently. Learn more at <a href="https://www.tabs.com/run"><u>https://www.tabs.com/run</u></a></p><p>Abacum is a modern FP&amp;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 <a href="https://www.abacum.ai"><u>https://www.abacum.ai</u></a></p><p>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 <a href="https://www.brex.com/metrics"><u>https://www.brex.com/metrics</u></a></p><p>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 <a href="https://www.metronome.com"><u>https://www.metronome.com</u></a></p><p>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 <a href="https://www.rightrev.com"><u>https://www.rightrev.com</u></a></p><p>—</p><p>LINKS: </p><p>Mostly Talent: <a href="https://mostlymetrics.typeform.com/to/cLTxtAsN"><u>https://mostlymetrics.typeform.com/to/cLTxtAsN</u></a></p><p>Federico: <a href="https://www.linkedin.com/in/federicoacabbi/"><u>https://www.linkedin.com/in/federicoacabbi/</u></a></p><p><a href="http://rbccm.com/"><u>rbccm.com</u></a></p><p>CJ: <a href="https://www.linkedin.com/in/cj-gustafson-13140948/"><u>https://www.linkedin.com/in/cj-gustafson-13140948/</u></a></p><p>Mostly metrics: <a href="https://www.mostlymetrics.com"><u>https://www.mostlymetrics.com</u></a></p><p>—</p><p>TIMESTAMPS:</p><p>0:00 Preview and intro</p><p>2:36 Software investability right now</p><p>6:46 Cyber — CFO&#39;s #2 investment priority</p><p>8:17 AI turbocharging attacks</p><p>9:08 DevOps disruption</p><p>10:30 Sponsors — Rillet | Tabs | Abacum</p><p>13:55 IPO landscape overview</p><p>14:33 Revenue and market cap benchmarks</p><p>19:24 Founder share sales at IPO</p><p>22:28 Secondary market vs. IPO market</p><p>23:14 How many IPOs can the market digest?</p><p>24:20 Investor mix for larger vs. smaller IPOs</p><p>25:04 Sponsors — Brex | Metronome | RightRev</p><p>28:23 Role of mutual funds in IPOs</p><p>30:00 What banks actually do on an IPO</p><p>31:49 Book building and allocation</p><p>32:43 Research coverage</p><p>35:52 NDRs and testing the waters</p><p>38:59 Roadshow format — then vs. now</p><p>40:41 Direct listings explained</p><p>43:57 How banks make money on IPOs</p><p>44:56 Fee splits between banks</p><p>47:36 IPO vs. M&amp;A — which is more attractive?</p><p>51:02 Junior banking story — Nokia and the Vespa</p><p>54:31 Craziest expense story</p><p>56:08 Credits</p>