What’s next for AI and B2B software? Discover key insights from Jean-Marc Prunet, Partner at Cathay Capital, on SaaS, AI disruption, and technology investing
Written by :
Clémence Bouffard
April 1, 2026
As AI continues to reshape technology markets, investors and executives are entering a phase of deep uncertainty, but also unprecedented opportunity.
In this new episode of our Insights from Tech Leaders series, Benjamin Forlani sits down with Jean-Marc Prunet, Partner at Cathay Capital, to explore how AI is transforming software, investment strategies, and the broader technology landscape.
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The conversation opens with a striking observation: while technology has long been seen as one of the most resilient and predictable sectors, recent months have challenged that assumption.
Valuations have compressed significantly, in some cases reaching levels below those seen during the COVID crisis. At the same time, AI is accelerating at a pace that makes traditional forecasting increasingly difficult.
This tension between short-term uncertainty and long-term transformation defines the current moment.
As Jean-Marc puts it:
“We’re moving from a beta play, where things evolve in a relatively linear way, to a world where you need a much more micro approach.”
In other words, broad market theses are no longer sufficient. Understanding what is happening at the level of individual companies, products, and teams has become critical.
From the very beginning of the AI wave, Jean-Marc describes a sense of both fascination and urgency.
Rather than adopting a wait-and-see approach, Cathay chose to actively engage, speaking with entrepreneurs, investors, and corporates across geographies to build a grounded understanding of what is actually changing.
The conclusion is not binary. AI is neither purely a threat nor purely an opportunity.
“This is a revolution similar to the Industrial Revolution, but for knowledge workers.”
What matters is not whether AI will reshape industries, but how companies position themselves within that shift.
Those who move early, learn fast, and adapt their models will benefit from a compounding effect. Those who hesitate risk falling behind.
One of the most debated narratives today is the idea that SaaS is coming to an end.
Jean-Marc takes a more nuanced view.
“Not all SaaS are equal. Some will be commoditized. Some will disappear. And some will win.”
The key differentiator lies in what he describes implicitly as structural advantages. Companies that have built strong positions around data, workflows, and customer context are not only more resilient, they are also better positioned to integrate AI effectively.
AI agents do not operate in isolation. They require structured environments, historical data, and governance layers. In that sense, many existing software platforms are not being replaced, they are becoming the foundation on which new capabilities are built.
Beyond the strategic layer, AI is also reshaping how software is experienced and monetized.
Interfaces are likely to evolve from static dashboards toward more dynamic, agent-driven interactions. Software will increasingly need to interact not only with users, but with other systems and autonomous agents.
At the same time, pricing models are being questioned.
While some narratives suggest a complete shift away from traditional SaaS models, the reality is more complex. Enterprises still require predictability, and procurement constraints remain very real.
What is emerging instead is a gradual evolution toward hybrid models, where pricing reflects both access and value delivered.
As Jean-Marc notes:
“If your service creates more value, you should be able to price it accordingly.”
This introduces a subtle but important shift. Revenue is no longer just a function of adoption, it becomes increasingly tied to actual usage and outcomes.
If there is one theme that stands out throughout the discussion, it is the renewed importance of execution.
For years, software investing benefited from strong structural tailwinds. Today, those tailwinds are still present, but they are no longer sufficient.
“Ideas and strategy are the easiest part. What is difficult is execution.”
As the cost of building software decreases, differentiation moves elsewhere, toward product quality, speed of iteration, and the ability to stay closely aligned with customer needs.
This also changes how investors approach due diligence. Beyond market size and product positioning, increasing attention is given to teams, culture, and the ability to navigate uncertainty.
In this context, CEOs are no longer just operators. They are, in Jean-Marc’s words, becoming “chief transformation officers,” responsible for driving continuous adaptation across their organizations.
While much of the discussion focuses on software, one of the most forward-looking insights concerns the broader impact of AI on services.
Software has historically been a tool to improve service delivery. AI takes this one step further by enabling the automation and scaling of tasks that were previously too complex or too contextual to digitize.
This opens up a significantly larger opportunity space.
“The TAM of services is many times larger than software.”
In practical terms, this means that the next wave of value creation may not come solely from traditional SaaS companies, but from new models that combine technology, data, and service delivery in novel ways.
The overarching takeaway from this conversation is not one of pessimism, but of increased complexity.
The software playbook is not disappearing, it is evolving.
Success now requires a deeper understanding of markets, a stronger focus on execution, and a willingness to operate in a more uncertain environment.
But for those who can navigate this complexity, the upside remains significant.
About the series
This interview is part of our Insights from Tech Leaders series, where we speak with leading operators and industry experts across global software markets.
At Dedale Intelligence, we support investors and corporates in navigating complex technology markets and building conviction in fast-evolving environments.
To go deeper, you can explore our latest report, AI Models & Architecture Overview, which maps the 5-layer AI ecosystem, from GenAI to AI agents, and highlights key innovation and investment opportunities across the stack.
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