The software sector’s dramatic repricing has become one of the defining market stories of 2026. Some have called it the SaaSpocalypse. Now, an equally ham-fisted counterterm is taking hold: the SaaSportunity.
Private equity firms have begun circling public software companies after a bruising selloff earlier this year brought valuations back within reach. Thoma Bravo has agreed to acquire Accelerant, while CCC Intelligent Solutions and Workday have emerged as potential take-private targets.
But the same uncertainty that created the opportunity is now complicating the syndication process.
“The lender community is going to remain skeptical,” Brian Gelfand, co-head of global credit at TCW, told 9fin. “We don’t have equity upside, so speculating on the recovery in multiples is not a creditor’s job. It’s the equity’s job.”
That skepticism could mean sponsors need to contribute more equity, accept tighter documents, and piece together the largest financings across several debt markets.
Picking winners
The early phase of the software selloff offered little differentiation between companies that may be disrupted by AI and those that could ultimately benefit from it. That indiscriminate repricing created an opening for private equity firms willing to make the distinction.
“This may simply be private equity identifying or trying...
