Artificial intelligence is changing the rules – not only technologically, but economically.
What we are witnessing is not an evolution of existing software models, but a paradigm shift: Agentic AI will fundamentally transform the way companies operate, scale, and are valued.
The End of the Classic SaaS Era
For years, Software-as-a-Service (SaaS) has been the success model of the technology sector. Scalable licensing, recurring revenues, and high margins drove impressive valuations. But that logic is reaching its limits.
With Agentic AI, productivity is no longer driven by human efficiency, but by autonomous AI agents executing tasks independently. Revenue will no longer depend on the number of employees, but on the performance of intelligent systems. The high multiples of classic SaaS will no longer be sustainable.
“Service as a Software” – The Next Stage of Value Creation
The future lies in *Service as a Software*: companies that put AI agents at the core of their processes will evolve from tool providers to service providers – fully digitizing entire value chains. They act autonomously and goal-oriented, while humans monitor and optimize. The result: new levels of efficiency, scalability, and profitability – highly relevant for investors and markets alike.
What This Means for Investors
The Agentic AI era marks a turning point for Private Equity and Venture Capital. Capital and operational efficiency alone will no longer suffice. What matters are technological expertise, transformational capability, and the willingness to rethink business models.
Investors must identify companies ready to transition from traditional service delievery to AI-driven services – and actively support this journey.
Industry and Robotics: The Next Disruption
Manufacturing is entering a similar transformation. Closed, hierarchical automation systems are giving way to open, agentic architectures capable of real-time learning and communication.
System integrators will play a key role in orchestrating complex value networks. With the upcoming “ChatGPT moment” in robotics – the breakthrough of general-purpose humanoid systems – a market is becoming the engine of a new industrial era.
Conclusion: Transformation is Mandatory
The era of ultra-high multiples for classic SaaS is over.
Future success will depend on the ability to rethink technology and service models, embrace transformation, and invest in capability – not just capital.
Agentic AI is not a trend. It is the next great technological and economic cycle.
For companies and investors alike, now is the time to reposition – entrepreneurially, technologically, and strategically.