A $200bn software investor declares the ‘SaaSpocalypse’ over. Not everyone is convinced
Four months ago, AI looked like it might gut the software industry. This week, one of its biggest investors declared the threat over. The truth sits somewhere in between.
Speaking at the SuperReturn International conference in Berlin, Orlando Bravo, founder of Thoma Bravo, one of the world’s largest software-focused private equity firms with almost $200bn under management, told CNBC that the panic had passed.
“The SaaSpocalypse is over. It’s finished, no more,” he said, calling AI “an enormous tailwind for software companies.” Around half of the new revenue across his portfolio, he added, is now “AI revenue, agentic revenue,” and he expects software and AI to fuse into “a new agentic solution” for corporate customers.
The term he was burying was coined in February, when Anthropic’s Claude Cowork agent tools triggered a brutal selloff.
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