Welcome back to The SaaS CFO Podcast! In this special end-of-year episode, host Ben Murray is joined for the third time by Jim Williams, Managing Director at GLC Advisors, for an in-depth update on the state of the software M&A and capital markets. Ben Murray and Jim Williams dive into what's really happening in SaaS dealmaking, cutting through the social media noise to explore trends in deal volume, valuations, and what truly makes a quality asset in today’s market. 

They discuss why 2025 felt “steady but not spectacular,” how founders can position their businesses for attractive outcomes, and the continued importance of the fundamentals—think retention, growth, and profitability. Jim Williams shares what buyers are looking for, why clean financials and clear revenue models are deal breakers, and what to expect if you’re planning to sell in the near future. Plus, they touch on timely topics like the shifting impact of AI, earnouts, deal structures, and preparing for due diligence. 

Whether you’re a SaaS founder, CFO, or simply want a no-nonsense perspective on the M&A environment, this episode is packed with actionable insights and predictions for 2026—straight from the front lines of the software dealmaking world. Let’s jump in! 

Show Notes: 

00:00 "2025: Steady Market Trends" 

03:33 "Deferred Deals and Future Growth" 

08:38 "Evaluating Business Revenue Models" 

10:55 Evaluating Recurring Revenue Quality 

15:55 "Contextualizing Seasonal Business Metrics" 

19:10 Renewal Rate and Visibility Challenges 

20:50 "Clarity in Business Value Proposition" 

23:17 "Misaligned Business Metrics Unveiled" 

28:33 "Platform vs. Add-On Trends" 

32:46 "Fair Earnouts and Deal Terms" 

35:55 Equity Rollover and Founder Involvement 

39:19 "Deal Delays and Due Diligence" 

41:53 "Preparing Financials for SaaS Market" 

45:45 Strategic vs. Sponsor Buyer Perspectives 

50:25 "Achieving Product-Market Fit Fundamentals" 

51:41 "Early-Stage Funding Uncertainty" 

55:25 "Open, Accessible, and Supportive" 

Links: 

Jim Williams LinkedIn: https://www.linkedin.com/in/james-williams-5754953/ 

To learn more about Ben check out the links below: 

Subscribe to Ben’s daily metrics newsletter: https://saasmetricsschool.beehiiv.com/subscribe 

Subscribe to Ben’s SaaS newsletter: https://mailchi.mp/df1db6bf8bca/the-saas-cfo-sign-up-landing-page 

SaaS Metrics courses here: https://www.thesaasacademy.com/ 

Join Ben’s SaaS community here: https://www.thesaasacademy.com/offers/ivNjwYDx/checkout 

Follow Ben on LinkedIn: https://www.linkedin.com/in/benrmurray 

Welcome to The SaaS CFO Podcast! In this episode, host Ben Murray sits down with Aviv Frenkel, Co-Founder and CEO of Moonshot AI, to explore the fascinating journey from Israeli media personality to leading an innovative SaaS startup. Aviv Frenkel shares how his background as a radio DJ and television journalist ultimately inspired him to dive into the world of tech entrepreneurship. 

You’ll hear the inside story behind Moonshot AI—a generative AI platform that transforms e-commerce websites into self-optimizing “living organisms,” helping online brands boost their conversion rates without massive teams or endless guesswork. Aviv Frenkel walks us through the company’s rapid trajectory, including their recent $10 million funding round, the importance of building with strong design partners, and what it takes to achieve real product-market fit in a crowded space. 

The conversation covers the realities of founder-led sales, why Moonshot AI chose a straightforward subscription model, and the key operational metrics driving their growth. If you’re interested in SaaS metrics, startup fundraising, or the future of AI in e-commerce, this episode is full of actionable insights and candid startup wisdom. Tune in to learn more about Moonshot AI’s global journey and discover opportunities to join their growing team! 

Show Notes: 

00:00 "AI-Powered Ecommerce Optimization" 

03:47 "Muncho: End-to-End Website Optimization" 

07:53 "Scaling Fast from MVP to Funding" 

12:21 Key Business Metrics Discussion 

15:06 Evolving CEO Roles and Priorities 

16:49 "Join Our AI-Driven Team" 

Links: 

Aviv Frenkel’s LinkedIn: https://www.linkedin.com/in/aviv-frenkel/ 

Moonshot AI’s Linkedin: https://www.linkedin.com/company/moon-shot-ai/ 

Moonshot AI’s Website: https://moonshot-ai.com/ 

To learn more about Ben check out the links below: 

Subscribe to Ben’s daily metrics newsletter: https://saasmetricsschool.beehiiv.com/subscribe 

Subscribe to Ben’s SaaS newsletter: https://mailchi.mp/df1db6bf8bca/the-saas-cfo-sign-up-landing-page 

SaaS Metrics courses here: https://www.thesaasacademy.com/ 

Join Ben’s SaaS community here: https://www.thesaasacademy.com/offers/ivNjwYDx/checkout 

Follow Ben on LinkedIn: https://www.linkedin.com/in/benrmurray 

Welcome to The SaaS CFO Podcast! In this episode, Ben Murray sits down with Michael Salorio, founder and CEO of Solentrex, an ambitious new player in the solar industry bringing an all-in-one, AI-driven ERP platform to residential solar companies. Michael Salorio shares his journey from a finance and wealth management background to building a cutting-edge SaaS product and highlights how Solentrex is streamlining operations for both solar installers and sales teams. 

Tune in as we explore the evolving solar market, dive into Solentrex’s product launch roadmap—including a soft launch and a major industry conference debut—and discuss the challenges and lessons learned from fundraising and onboarding early customers. If you're interested in vertical SaaS, ERP innovation, or the future of solar tech, this episode is packed with insights you won't want to miss! 

Show Notes: 

00:00 "Philantrix: Team-Driven Success" 

04:11 "Streamlining Solar Sales Workflow" 

08:30 Delaying Launch for Accuracy 

11:37 Solar Growth Through Relationships 

13:50 Key Metrics for Growth Focus 

17:24 "Streamlining Polar Industry Operations" 

Links:  

SaaS Fundraising Stories: https://www.thesaasnews.com/news/solentrex-secures-strategic-investment 

Michael Salorio’s LinkedIn: https://www.linkedin.com/in/michael-salorio-a55204108/ 

Solentrex’s LinkedIn: https://www.linkedin.com/company/solentrex/about/ 

Solentrex’s Website: https://solentrex.com/ 

To learn more about Ben check out the links below: 

Subscribe to Ben’s daily metrics newsletter: https://saasmetricsschool.beehiiv.com/subscribe 

Subscribe to Ben’s SaaS newsletter: https://mailchi.mp/df1db6bf8bca/the-saas-cfo-sign-up-landing-page 

SaaS Metrics courses here: https://www.thesaasacademy.com/ 

Join Ben’s SaaS community here: https://www.thesaasacademy.com/offers/ivNjwYDx/checkout 

Follow Ben on LinkedIn: https://www.linkedin.com/in/benrmurray 

Welcome to The SaaS CFO Podcast! In today’s episode, host Ben Murray welcomes John Glasgow, founder and CEO of Campfire—a fast-growing, AI-powered ERP solution built for modern finance teams. John Glasgow shares his background, from early days in finance at Adobe to leading partnerships at Invoice2Go and the inspiration behind starting Campfire. 

Together, they explore the challenges of building a next-generation ERP, the role of AI in streamlining finance workflows, and Campfire’s rapid rise—including raising $100 million and landing marquee customers in just two years. You’ll hear insights on current trends in CFO tech stacks, best practices for disciplined growth, and why accounting is becoming more strategic than ever. 

Whether you’re a SaaS founder, CFO, or just curious about the future of finance software, this episode is packed with honest lessons, actionable insights, and a look at what’s next for Campfire and the industry at large. 

Show Notes: 

00:00 "From Finance to Founding Campfire" 

03:22 "Building the Modern ERP" 

09:58 "Accelerating Growth in ERP Space" 

11:44 "AI Growth and Rapid Funding" 

14:37 "New Logo ARR Growth Focus" 

17:21 "Building ERP: Focus and Conviction" 

23:31 Capacity Planning and Growth Strategy 

27:23 Finance Software Revolution Insights 

28:54 "Ember AI: Agentic Workflows Evolution" 

Links: 

SaaS Fundraising Stories: https://www.thesaasnews.com/news/campfire-raises-3-5-million-in-seed-round 

https://www.thesaasnews.com/news/campfire-secures-35-million-in-series-a 

https://www.thesaasnews.com/news/campfire-raises-65-million-in-series-b 

John Glasgow’s LinkedIn: https://www.linkedin.com/in/johnglasgow/ 

Campfire’s LinkedIn: https://www.linkedin.com/company/meetcampfire/ 

Campfire’s Website: https://campfire.ai/ 

To learn more about Ben check out the links below: 

Subscribe to Ben’s daily metrics newsletter: https://saasmetricsschool.beehiiv.com/subscribe 

Subscribe to Ben’s SaaS newsletter: https://mailchi.mp/df1db6bf8bca/the-saas-cfo-sign-up-landing-page 

SaaS Metrics courses here: https://www.thesaasacademy.com/ 

Join Ben’s SaaS community here: https://www.thesaasacademy.com/offers/ivNjwYDx/checkout 

Follow Ben on LinkedIn: https://www.linkedin.com/in/benrmurray 

Welcome back to The SaaS CFO Podcast! In this episode, Ben Murray sits down with Kelby Zorgdrager, CEO and founder of Tritami, and Dave Murphy, go-to-market expert, to dive into the rapidly evolving world of corporate and technical training. With decades of experience in EdTech and a track record of building and exiting successful businesses, Kelby Zorgdrager shares his journey from leading Develop Intelligence to reimagining instructor-led training with Tritami. Dave Murphy brings his expertise in enterprise sales and AI marketplaces to the conversation, highlighting the industry’s shift towards live, customizable, expert-led experiences. 

Together, they discuss how Tritami is leveraging AI and automation to streamline training logistics, empower engineering teams, and connect organizations directly with top-tier instructors—moving away from outdated, fragmented models. The conversation covers everything from their fundraising journey and building the initial MVP, to the importance of user-driven development, transparent pricing, and the growing demand for personalized learning in fast-paced tech environments. 

Whether you're a SaaS leader, an engineering manager, or simply curious about the future of EdTech, this episode offers an insightful look behind the scenes at an innovative startup working to redefine corporate training. 

Show Notes: 

00:00 Disrupting Corporate Training Market 

06:03 AI Tools Adoption Challenges 

09:38 Rapid Feedback-Driven Product Iteration 

13:06 "AI-Driven Training Automation Platform" 

17:24 Flexible AI Training Models 

21:11 Focus on User-Driven Development 

22:16 "Testing Ads for January Launch" 

Links: 

SaaS Fundraising Stories: https://www.thesaasnews.com/news/tami-software-raises-400k-in-pre-seed-round 

Kelby Zorgdrager’s LinkedIn: https://www.linkedin.com/in/kelbyzorgdrager/ 

Dave Murphy’s LinkedIn: https://www.linkedin.com/in/davemurf/ 

TryTami’s LinkedIn: https://www.linkedin.com/company/try-tami/ 

TryTami’s Website: https://www.trytami.com/ 

To learn more about Ben check out the links below: 

Subscribe to Ben’s daily metrics newsletter: https://saasmetricsschool.beehiiv.com/subscribe 

Subscribe to Ben’s SaaS newsletter: https://mailchi.mp/df1db6bf8bca/the-saas-cfo-sign-up-landing-page 

SaaS Metrics courses here: https://www.thesaasacademy.com/ 

Join Ben’s SaaS community here: https://www.thesaasacademy.com/offers/ivNjwYDx/checkout 

Follow Ben on LinkedIn: https://www.linkedin.com/in/benrmurray 

In this episode of The SaaS CFO Podcast, Ben Murray welcomes Duncan Barrigan, founder and CEO of Lunos, to share his story and expertise. Drawing on a decade of fintech experience—including scaling GoCardless into a multi-billion dollar company—Duncan Barrigan discusses his journey from consulting to launching his own venture. 

Tune in to hear how Lunos is tackling the longstanding challenges of B2B payments and receivables. Duncan Barrigan explains how AI workers are reshaping the manual processes of accounts receivable, making it easier for businesses to get paid with less effort and greater speed. 

Whether you’re a SaaS CFO, finance professional, or startup founder, you’ll gain practical insights into fundraising, go-to-market strategy, and lessons learned from the trenches of building a fintech startup. Don’t miss this energizing conversation packed with actionable advice and real-world experience! 

Show Notes: 

00:00 GoCardless Growth Journey 

06:09 "Swinging Big with Venture Capital" 

10:06 "Similar Questions, Divergent Answers" 

13:07 "Direct Motion and SaaS Solutions" 

15:56 "Two-Model Service Approach" 

17:12 "Optimizing Onboarding and Efficiency" 

20:20 Instant Value via AR Scanning 

Links: 

SaaS Fundraising Stories: https://www.thesaasnews.com/news/lunos-ai-secures-5-million-pre-seed-round 

Duncan Barrigan’s LinkedIn: https://www.linkedin.com/in/duncanbarrigan/ 

Lunos AI’s LinkedIn: https://www.linkedin.com/company/lunos-ai/ 

Lunos AI’s Website: https://www.lunos.ai/ 

To learn more about Ben check out the links below: 

Subscribe to Ben’s daily metrics newsletter: https://saasmetricsschool.beehiiv.com/subscribe 

Subscribe to Ben’s SaaS newsletter: https://mailchi.mp/df1db6bf8bca/the-saas-cfo-sign-up-landing-page 

SaaS Metrics courses here: https://www.thesaasacademy.com/ 

Join Ben’s SaaS community here: https://www.thesaasacademy.com/offers/ivNjwYDx/checkout 

Follow Ben on LinkedIn: https://www.linkedin.com/in/benrmurray

Welcome to The SaaS CFO Podcast! In today’s episode, host Ben Murray sits down with Aleks Đekić, CEO and co-founder of Alguna, a startup that's reimagining revenue management for modern SaaS and fintech businesses. With a background deeply rooted in product, engineering, and commercial roles across leading fintech and accounting startups, Aleks Đekić dives into the pain points that inspired Alguna’s creation and why flexible, end-to-end revenue automation is becoming essential for scaling tech companies. 

Together, they explore Alguna’s journey from early frustrations with billing and quoting tools, through their acceptance into Y Combinator, to fundraising and building a team distributed across the US and Europe. Aleks Đekić shares insights on when SaaS companies should upgrade their revenue management stack, how Alguna’s hybrid pricing and billing platform addresses the needs of subscription and usage-based businesses, and why net revenue retention is his north star metric. Plus, they weigh in on industry trends, from the rise of AI and new software categories to the evolving landscape of revenue management and automation. 

Tune in for an engaging conversation about the future of SaaS finances, product-led growth, and lessons learned in building and scaling a next-generation SaaS infrastructure company. 

Show Notes: 

00:00 Founding Frustrations Spark AI Tool 

03:34 "Modern CPQ and Billing Solution" 

06:55 Scaling Challenges for Post-Series A Startups 

11:11 Raising $4M for Infrastructure Startup 

16:06 Focused Sales and Purposeful Growth 

17:42 Pricing Strategy and Customer Metrics 

20:48 AI Pricing and Monetization Challenges 

24:57 "Adapting Quickly to Market Needs" 

Links:  

SaaS Fundraising Stories: https://www.thesaasnews.com/news/alguna-raises-4-million-in-seed-round 

Alek’s Jekic LinkedIn: https://www.linkedin.com/in/aleksdjekic/ 

Alguna’s LinkedIn: https://www.linkedin.com/company/algunahq/ 

Alguna’s Website: https://alguna.com/ 

To learn more about Ben check out the links below: 

Subscribe to Ben’s daily metrics newsletter: https://saasmetricsschool.beehiiv.com/subscribe 

Subscribe to Ben’s SaaS newsletter: https://mailchi.mp/df1db6bf8bca/the-saas-cfo-sign-up-landing-page 

SaaS Metrics courses here: https://www.thesaasacademy.com/ 

Join Ben’s SaaS community here: https://www.thesaasacademy.com/offers/ivNjwYDx/checkout 

Follow Ben on LinkedIn: https://www.linkedin.com/in/benrmurray 

On this episode of The SaaS CFO Podcast, Ben Murray welcomes Matt Blumberg, CEO of Markup AI, to discuss his remarkable journey through the tech startup world. With over two decades of leadership experience—including building moviefone.com, scaling Return Path to $100 million in revenue, and leading executive search disruptor Bolster—Matt Blumberg brings a wealth of insight into startup growth, business transformation, and adapting to evolving technology. 

In this conversation, Matt Blumberg shares the story behind Markup AI, a company redefining how businesses safeguard their content using AI-powered “content guardian agents.” He discusses the recent rebranding from Acrolinx, the impact of large language models on both product and customers, and their transition into a new API-first, consumption-based business model. Listeners will hear lessons about navigating private equity ownership, fundraising for transformative pivots, and crafting multi-pronged go-to-market strategies—from enterprise sales to developer-driven adoption. 

Tune in for an honest look at leadership, innovation, and what’s next for Markup AI in the dynamic world of SaaS and AI content management. 

Show Notes:  

00:00 "AI Guardian for Perfect Content" 

03:51 Acrolinx's AI Evolution 

09:33 "Defining AI Content Guardians" 

11:18 Private Equity Risks in Mid-Market 

13:57 AI Adoption Strategies in Enterprises 

18:44 "AI Growth and Rebrand Focus" 

Links: 

SaaS Fundraising Stories: https://www.thesaasnews.com/news/markup-ai-raises-27-5-million-in-funding 

Matt Blumberg’s LinkedIn: https://www.linkedin.com/in/blumbergmatt/ 

Markup AI’s LinkedIn: https://www.linkedin.com/company/markupai/ 

Markup AI’s Website: https://markup.ai/ 

To learn more about Ben check out the links below: 

Subscribe to Ben’s daily metrics newsletter: https://saasmetricsschool.beehiiv.com/subscribe 

Subscribe to Ben’s SaaS newsletter: https://mailchi.mp/df1db6bf8bca/the-saas-cfo-sign-up-landing-page 

SaaS Metrics courses here: https://www.thesaasacademy.com/ 

Join Ben’s SaaS community here: https://www.thesaasacademy.com/offers/ivNjwYDx/checkout 

Follow Ben on LinkedIn: https://www.linkedin.com/in/benrmurray 

Welcome to another episode of The SaaS CFO Podcast! This week, Ben Murray sits down with Albert Gozzi, the co-founder and CEO of Aleph, an innovative AI-driven FP&A platform transforming how finance teams operate. Originally from Argentina, Albert Gozzi shares his journey from Procter & Gamble to Bain, and later as a startup CFO, where he experienced firsthand the frustrations of spreadsheet-heavy workflows in finance. Together, they dive into the founding story of Aleph, its mission to streamline financial data and workflows, and how the company’s AI-powered solutions are empowering finance and FP&A teams to work smarter and faster. 

In this episode, you'll get insider insights on Aleph’s rapid fundraising journey—having recently closed a $30 million Series B and totaling $47 million to date. Albert Gozzi candidly discusses what investors look for at each funding round, the nuances of scaling go-to-market efforts, lessons learned from dozens of investor rejections, and why finding product-market fit is just the beginning. Plus, they uncover how Aleph’s unique approach to implementation and pricing is winning fans among CFOs in mid-market and private-equity-backed businesses. 

If you want a behind-the-scenes look at building and scaling a modern SaaS finance platform, this is the episode for you. Tune in to hear the latest on Aleph’s roadmap, practical advice for SaaS founders, and where the future of FP&A is headed. 

Show Notes: 

00:00 "AI-Powered Financial Data Management" 

03:59 "Flexible Platform for Mid-Market" 

08:18 "Road to Series C" 

11:01 "Importance of Market Repeatability" 

16:19 "Fast Implementation Drives Success" 

20:24 "CAC Payback: A Cautious Metric" 

22:14 "Doubling Down on AI Advancements" 

Links: 

SaaS Fundraising Stories: https://www.thesaasnews.com/news/aleph-raises-29-million-in-series-b 

Albert Gozzi’s LinkedIn: https://www.linkedin.com/in/albertgozzi/ 

Aleph’s LinkedIn: https://www.linkedin.com/company/getaleph/ 

Aleph’s Website: https://www.getaleph.com/ 

To learn more about Ben check out the links below: 

Subscribe to Ben’s daily metrics newsletter: https://saasmetricsschool.beehiiv.com/subscribe 

Subscribe to Ben’s SaaS newsletter: https://mailchi.mp/df1db6bf8bca/the-saas-cfo-sign-up-landing-page 

SaaS Metrics courses here: https://www.thesaasacademy.com/ 

Join Ben’s SaaS community here: https://www.thesaasacademy.com/offers/ivNjwYDx/checkout 

Follow Ben on LinkedIn: https://www.linkedin.com/in/benrmurray 

Welcome back to The SaaS CFO Podcast! In this episode, host Ben Murray sits down with Nathan Gwilliam, the founder and CEO of PodUp, for an in-depth look at building and scaling a SaaS business in the ever-evolving world of podcasting. Nathan shares his journey as a serial entrepreneur, from launching his first business at BYU to building and selling three successful companies—including Adoption.com, the world’s most-used adoption platform. 

Nathan takes us behind the scenes of PodUp, a platform designed to streamline every aspect of podcast creation, growth, and monetization through a suite of over 60 integrated tools—including sophisticated AI features. He opens up about the inspiration behind PodUp, the challenges of integrating dozens of technologies for content creators, and how a focus on both software and done-for-you services (through Pod Allies) is redefining the podcasting ecosystem. 

Together, Ben and Nathan discuss PodUp’s fundraising journey, the nuances of working with angel investors versus VCs, and key metrics that drive sustainable SaaS growth. Nathan also offers practical advice for founders on raising capital, finding the right investors, and why bootstrapping a functional MVP can dramatically improve your fundraising odds. Whether you’re a creator, entrepreneur, or SaaS enthusiast, this episode is packed with firsthand insight and actionable takeaways for anyone looking to win big in the creator economy. 

Show Notes: 

00:00 "Integrated Platform Solving Time Constraints" 

06:23 "Comprehensive Content & Monetization Tools" 

07:40 Podcast Monetization Strategy Explained 

12:56 "Board Accountability and Updates" 

14:11 Bootstrap Before Raising Money 

18:13 DIY Software Market Challenges 

22:13 Key Metrics for SaaS Survival 

26:39 "Choosing SaaS Use Cases Wisely" 

27:26 "SaaS vs Service Business Valuations" 

30:37 "Start & Grow Your Podcast" 

Links: 

SaaS Fundraising Stories: https://www.thesaasnews.com/news/podup-raises-5-8-million-in-funding 

Nathan Gwilliam’s LinkedIn: https://www.linkedin.com/in/nathangwilliam/ 

PodUp’s LinkedIn: https://www.linkedin.com/company/poduppodcasting/ 

PodUp’s Website: https://podup.com/ 

To learn more about Ben check out the links below: 

Subscribe to Ben’s daily metrics newsletter: https://saasmetricsschool.beehiiv.com/subscribe 

Subscribe to Ben’s SaaS newsletter: https://mailchi.mp/df1db6bf8bca/the-saas-cfo-sign-up-landing-page 

SaaS Metrics courses here: https://www.thesaasacademy.com/ 

Join Ben’s SaaS community here: https://www.thesaasacademy.com/offers/ivNjwYDx/checkout 

Follow Ben on LinkedIn: https://www.linkedin.com/in/benrmurray