Intelligent Investor

Software after the fall

How to spot the rare SaaS businesses with pricing and staying power.
By · 9 Feb 2026
By ·
9 Feb 2026 · 10 min read

For the past decade, software companies were untouchable. Investors loved the recurring revenue and sticky customers that promised endless, predictable growth. Indeed, they fuelled the optimism by reframing software as an investment rather than an expense. Everyone was happy and valuations soared.

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