Research

SaaS in the AI era

Every time a new technology wave hits enterprise software, the first-order narrative is that "SaaS" gets disrupted as a bloc. That was the story with mobile, with the cloud shift itself, and now with agentic AI — software that doesn't just suggest an action but takes it. The reality is more interesting for a value investor: SaaS companies do not share one moat, they share a business model (recu…