OnlyCFO

Do things that don’t scale

Is SaaS dead? Here are my takes on the main bear case narratives driving the so-called SaaSpocalypse (1) Everyone will vibe code their own software. This is a ridiculous argument. Anthropic just bought Workday. Businesses should focus on what makes their beer taste better.

@NationSaas @RAreskoug @intercom Thanks! Great to hear from you btw! Been a while…I enjoy your comments

@RAreskoug @intercom @OnlyCFO This is a great breakdown. The decision to burn your boats was possible for Intercom because it was obviously existential. The decision for other categories will be harder. @OnlyCFO great article!

@RAreskoug great breakdown. Will be interesting to watch how companies react and where they are in 1-2 years

So, the way out of the SaaSpocalypse is to disrupt yourself. This all makes the @intercom story even more impressive. Great breakdown here from @OnlyCFO onlycfo.io/p/go-disrupt-y…

Have been in this situation. You have to make a lot of decisions with only a few leaders that don’t have complete context. You do the best you can, but mistakes will be made. Especially with a large layoff like this. Hopefully you can minimize it really small tho… In my case we just figured it out with consultants and existing team but in retrospect it would have been better to keep a few people that were laid off

@jasonlk Do you think there should be more buying from other software or AI companies who are in a better position? Or is it not worth it?

@OnlyCFO I see zero demand for struggling B2B companies from $10M-$10B in market cap

Honestly if Meta paid $14B+ to get the Alex + Scale team to reboot their AI strategy ... Someone should pick me and Amelia up for a mere $140m or so to help them with their AI Agent strategy It would be cheap

@LogicalThesis that's pretty crazy given the market cap...

People talking about $100 million+ insider purchases for $CPNG $TTD No one discussing the $100 million insider purchase in $SNDA

@Simonkhalaf @garrytan Interesting post. Thanks for sharing

@Simonkhalaf @garrytan Some HR companies are definitely better at this than others

This is what startups think of incumbent Systems of Records @garrytan @OnlyCFO

@pedroh96 @OpenAI

I’m incredibly proud to share that @OpenAI chose Brex to power their global spend and financial operations. When you're building at the frontier of AI and scaling global teams and infrastructure at an unprecedented pace like OpenAI is, Finance can't be the thing that slows you down. You need spend visibility the moment it happens, controls that enforce themselves, and agentic workflows that eliminate the manual work so your team stays focused on driving the business forward. We were so impressed by OpenAI’s rigor in evaluating every solution in the market, and whether they align to the agentic future OpenAI is building. Their decision to run on Brex is a huge testament to our AI roadmap and vision for the future of Finance. We started @brexHQ around a simple idea: companies shouldn't have to choose between speed and control. There's no company in the world where that tradeoff matters more than OpenAI. We are honored to support them as they build the future. The best AI companies in the world, including OpenAI, Anthropic, Cursor, Vercel, Granola, Sierra, and Mercor choose Brex over every alternative for that exact reason. If you want to understand who’s truly building the future of AI in Finance, follow the customers you admire the most – not the hype.

@YilengYao1 ARR is a pretty fudgeable number

@OnlyCFO Base44's ARR is verified because $WIX is a public company, the other ARRs are just fugazi.

Wix's acquisition of Base44 is one of the best acquisitions of all time... >Acquired for $80M ($170M after earnouts) >Went from $3.5M -> $100M ARR in 9 months If you look at other recent vibe coding platforms fundraising, it looks like Base44 could be a $2.6B biz. Wix's market cap is $5B...so it would be almost half of current valuation??? Maybe the private company valuations below are a bit optimistic, but either way, the acquisition was a home run for Wix

@DanKilpatrick3 @ba16216 @grok

@ba16216 @OnlyCFO @grok Remaining performance obligations. Essential contracted revenue that hasn't been earned yet

RPO breakdown of public software companies. High RPO = guaranteed future revenue (your customers are prisoners) Low RPO = you have to win your customers’ love much more frequently All else being equal, high RPO is better. But it can make you complacent…

@garrytan Post on it here… onlycfo.io/p/go-disrupt-y…

@garrytan they are sitting comfy with their high RPO...takes longer to disrupt yourself when you have lots of customers as prisoners for a long time

Recent earnings call, Aneel Bhusri of Workday says startups with AI agents are "parasites" This is what system of record incumbents really think of startups. The war is just beginning. The facts: the user data belongs to the users, not the incumbent software vendor.

@TheRealNole91 Exactly

@OnlyCFO And innovators dilemma. Legacy SaaS models need to be reworked asap and doing so risks impairment of legacy revenue streams.

@endowment_eddie Is there anything left to talk about?

Mrs. Eddie has new relationship rules: 1) <3 hours per week on X 2) No citing AI net new ARR at dinner 3) No new public SaaS positions 4) No asking h/c friends if they’re considering roll ups 5) No more talk of upstream energy at 2-3x cashflow I will be submitting comments.