More Buying, SaaS Commentay
The SaaS-pocalypse and the Cost of Indiscriminate Fear There’s no denying it: we’re in the middle of a SaaS-pocalypse. The market is pricing many software companies as if they won’t exist by the end of the year. Multiples have compressed, sentiment is bleak, and anything even tangentially exposed to AI disruption is being treated as guilty until proven otherwise. But markets hate uncertainty more than they hate bad news. And when uncertainty peaks, discernment often disappears. Instead of separating which SaaS businesses have durable moats from those that don’t, the market is selling indiscriminately. The assumption seems to be that software is now trivial to replicate — that you can simply “vibe-code” your way to an enterprise-grade replacement. In my view, that dramatically understates how hard it is to build, deploy, and maintain software at scale, especially in mission-critical domains. Take cybersecurity. Replacing a core security platform isn’t like swapping out a produ...
