Perspectives on enterprise software and the demand behind it.
What makes software revenue durable.
Recurring revenue alone does not make a good software company. What matters is why customers stay for the long term — whether through business-critical processes, deep integration or a clear economic benefit. These are precisely the factors we analyse before every investment.
Read the article →Why artificial intelligence is reshaping software.
Artificial intelligence is changing not only products but entire business models. Companies that integrate AI meaningfully into their software unlock new efficiency gains and strengthen their competitiveness. We watch this development closely and continually assess new investment opportunities.
The software that survives the budget review.
Software revenue is only as safe as the budget it draws on. We look for spend that has migrated out of the discretionary tier into the part of the cost base a finance function defends — because that, not delight, underwrites retention and pricing power.
From point tools to platforms: the discipline of consolidation.
Many software categories fragmented because each new need spawned its own tool. Consolidation works where those tools share data and workflow — but only for the owner with the architecture and patience to build a suite, not a roll-up.
The decisions you cannot unmake: owning a software company.
Good ownership of a software company concentrates judgement on the few early choices that are close to irreversible — which market to lead with, how the product joins together, how to price the value — because those calcify into the company's shape, and almost everything else is recoverable.
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