Agentic AI is changing everything – business models, valuations, investor strategies. What is Software-as-a-Service today will be Service-as-a-Software tomorrow. Why the era of ultra-multiples is ending – and where the opportunities now lie .
Why is Agentic AI becoming a game changer for the IT industry?
Agentic AI represents the next leap forward in artificial intelligence—moving away from supportive tools toward autonomous, self-acting agents. These systems do not merely replace human labor in isolated instances but take over entire processes. This creates a new level of efficiency and scalability—and with it, a new foundation for value creation and company valuations. For IT companies, this means that existing software models, particularly traditional SaaS approaches, must be reimagined.
What does this mean specifically for investors and business models in the tech sector?
The era of ultra-multiples for traditional SaaS companies is coming to an end. Business models based solely on license revenues and user numbers are losing relevance. It will be crucial whether companies are able to integrate Agentic AI and develop new, service-oriented models from it – in other words, to transform from Software-as-a-Service to Service-as-a-Software. For investors, this means that future success will be determined not only by capital, but also by technological understanding, transformation competence, and entrepreneurial foresight.
Which industries are particularly facing a major upheaval?
In addition to the software industry, manufacturing will be particularly hard hit. Open, agent-based automation systems will transform production processes and elevate the role of system integrators. At the same time, robotics is on the verge of a breakthrough—the “ChatGPT moment” for humanoid and task-specific robots is near. Overall, we see a tectonic shift: Companies that transform early can achieve new growth dynamics and valuation levels—all others will fall behind.