Durable Software Value in the Generative Era.
In B2B enterprise software, durability is decided by workflow centrality and switching friction rather than headline growth. As buying cycles tighten and IT budgets consolidate, value concentrates in platforms that run core operations, hold the system of record, or carry a compliance obligation on the customer's behalf — and in the mid-market, where that durability is not yet priced. Assessing these assets means looking past ARR multiples to what decides enterprise value: net revenue retention, churn drivers, pricing power, switching economics, and whether growth and margin together clear the Rule of 40 — and testing the switching cost claim rather than accepting it.
Our practice pairs ex-MBB strategic rigour with ground-truth domain authority — enterprise software commercial leadership, product strategists, and pricing architects who have run monetisation transitions inside these categories. We work with private capital sponsors buy-side and sell-side, portfolio management teams, and corporate leadership. Every engagement rests on primary research with the customers who renew or churn, revenue quality testing, and quantitative market sizing rather than desktop synthesis or fragmented expert-network calls.
Domain-specific platforms running core workflows for a single industry, where the addressable market is bounded and the competitive set is small. The decisive question is whether the platform owns the industry's data layer or merely manages forms on top of it — the first is defensible, the second is now buildable in-house.
Middleware, database, and operational software connecting complex enterprise IT environments. Value sits with platforms carrying high technical switching barriers and deep integration. We evaluate where that integration is genuinely deep rather than merely long-standing.
Software carrying an audit, reporting, or clearing obligation on the customer's behalf. Switching risk sits with the customer's compliance function rather than its IT buyer, producing durable renewal and volume-linked pricing — alongside concentration exposure when regulation changes.
Platforms instrumenting enterprise AI itself — model monitoring, audit trails, and policy enforcement. Budget is moving here as legal and risk functions gate production deployment. We analyse whether the category will consolidate into adjacent enterprise risk and compliance (GRC) suites and whether pricing survives the efficiency gains the software itself enables.
Downstream consumer applications, point-solution software, tech-enabled services, and medtech sit outside our scope by design.