Kevin Stevens · 2 September 2026 · Industry Analysis

Software's Death Was Greatly Exaggerated

Kevin Stevens, Partner @ Energize

Public software company metrics—growth, retention, margins, and operating leverage—show the sector is healthier than recent "software is dead" narratives suggest; AI is expanding budgets and lifting margins, not cannibalizing legacy software, despite a minor multiple re-rating.

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Topics: Enterprise Software · AI (Horizontal)

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