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Concerns that IT buyers would switch to AI and spend less on enterprise software subscriptions have weighed on the shares of Salesforce, ServiceNow and Adobe Systems. Those companies’ shares are all down at least 30% since the start of last year, and the decline accelerated this month after the introduction of Anthropic’s latest product, Claude Cowork.Such stock declines underscore the threat AI poses to enterprise software firms, including ones owned by PE firms, said Raphaëlle D’Ornano, a financial consultant for venture capital and PE firms.
“There’s going to be a massive wake-up call in enterprise software in private equity, because the problem is not just on the public markets,” she said.
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