Real Defense revenue hit $70M in 2025 with $25M in EBITDA. CEO Gary Gusev breaks down exactly how he got there. Gary bought Real Defense back in 2017 for under $7M when it was doing just $7M in annual revenue. Eight years later, Real Defense revenue has grown 10x through six acquisitions, a debt-funded roll-up playbook, and a platform that helps partners monetize their user bases through just-in-time marketing. We cover: — Real Defense revenue growth from $7M to $70M — How Gary used debt instead of VC to fund acquisitions — The EBITDA-to-debt math behind his $30M Sunflower Bank credit facility — Why someone offered him $350M and he said "possibly" — How to borrow against public company stock without paying taxes *Realdefense Key Metrics (2025)* - Revenue: $70M revenue 2025 - Customers / Locations: Consumer user base through partner platforms; ~300 employees globally - Product Scope: Consumer cybersecurity, privacy protection, VPN, device optimization, identity protection - Pricing Model: Tiered software subscriptions and partner monetization platform with cross-sell upsells - Funding: Debt financing and acquisition-led growth; previously raised equity during earlier company phase ---------------------------------------------------------------------------------------------------------------------------------------------------------------- *Apply for funding from my $150m SaaS fund:* https://founderpath.com/ *Subscribe on Spotify:* https://open.spotify.com/show/3AA9buFn8oxJf8WSDOUks5?si=61d5913030b244a9&nd=1&dlsi=24c670bfefdc43bb *Subscribe on Apple Podcasts:* https://podcasts.apple.com/us/podcast/saas-interviews-with-ceos-startups-founders/id1023761733 *Visit our Website:* https://www.getlatka.com ---------------------------------------------------------------------------------------------------------------------------------------------------------------- *How does Realdefense make money?* Realdefense monetizes partner user bases by licensing cybersecurity and privacy software products, then increasing revenue through telemetry-driven cross-sells, subscription upgrades, and bundled product offers. *How did Realdefense scale after 2017?* The company grew through six acquisitions, platform integration across security products, and a debt-funded M&A strategy designed to increase ARR, LTV, and cross-product monetization. ------------------------------------------------------------------ *Timestamps:* 00:00 – Realdefense cybersecurity platform and founder Gary Guseinov 01:05 – Buying back a declining SaaS company for under 1x ARR 02:10 – Consumer cybersecurity platform and telemetry monetization model 04:10 – Early traction and scaling Cyber Defender to $70M revenue 05:35 – SaaS pricing tiers and ARPU expansion strategy 07:20 – Equity dilution, founder ownership, and IPO lessons 08:20 – Self-listing IPO strategy and public company scaling 10:20 – Founder liquidity strategy and stock-backed loans 14:40 – Debt financing vs venture capital for SaaS growth 15:00 – EBITDA multiples and acquisition financing strategy 18:20 – Acquisition-led growth and product cross-sell synergies 21:00 – Scaling to $70M ARR and the future M&A roadmap #latka #saas #realdefense #revenue #ebitda