SaaS is dead. Long live SaaS. In the age of AI and agents, most software companies are still clinging too tightly to their past. Their demise will come quick if they do not embrace and build the technologies that are destined to disrupt them. However those who have already done so must recognize the reality of the world we still live in today. That world still has the majority of its work done by humans who still need workflow tools and technology to get their work done. While we pivoted hard to AI and agents with Fin, which will become the majority of our business quite soon, we recognize the importance of the software our customers use and so have also decided to double down on our investment in Intercom, the world's best help desk and customer service system for how customer service is done at this age. We've reinvented it and rebuilt it to work perfectly alongside your new customer agent systems and we're announcing 60+ new customer features that comprise Intercom 2 today. intercom DOT com SLASH intercom2

SaaS is repricing from per-seat to per-outcome. AI agents don't need seats. Traditional SaaS trades at 8-15x revenue because recurring per-seat revenue is predictable. Outcome-based services businesses trade at 2-4x. That multiple compression is the selloff. The disruption is being forced by AI agent startups. They're small, early, and have zero legacy revenue to protect. They're pricing on outcomes from day one because they have no seat-based revenue to cannibalize. But the public SaaS companies with real moats (proprietary data, embedded workflows, and high switching costs from years of customer data locked in their systems) can choose to disrupt themselves first. If they shift to outcome-based pricing, they're not shrinking. They're going from selling software seats to eating into the massive global services market, which is multiples larger than their current TAM. The catch: it requires tanking your near-term stock to win the long game. Most management teams and boards won't stomach that. The ones that do will own a much bigger pie. The ones that don't will get eaten by startups that never had a pie to protect.