The collapse in software publishers’ valuations: a crisis that looks like an opportunity

Between January and February 2026, the software sector experienced a dramatic loss of nearly $1 trillion in market capitalisation, with the S&P North American Software Index recording its sharpest monthly decline since 2008. This downturn, dubbed the “SaaSpocalypse,” impacted major players across the industry, including Salesforce, Adobe, Atlassian, and HubSpot, all of which saw significant share price drops. The trend was equally evident in Europe, where companies such as Dassault Systèmes and Planisware also suffered notable declines, despite in some cases reporting solid results. Overall, sector valuations have fallen to historically low levels, reflecting growing market concerns about a potential major disruption in the software industry.

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