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

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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

What It Takes to Go Public Today | Inside the IPO Process with RBC’s Federico Acabbi

Run the Numbers