Oliver Wyman: AI Has Repriced Three Core Assumptions That Underpinned SaaS Valuations for Two Decades

Oliver Wyman·medium signal

Oliver Wyman's April 2026 investor guide identifies the three assumptions driving the SaaS valuation reset: (1) software is inherently protected because it's hard to build — now AI makes it cheap and fast; (2) seat expansion is an enduring monetization model — now agents reduce seat counts; (3) module expansion sustains pricing power — now agents collapse multi-tool workflows into single interfaces. Combined with the $2T+ in software market cap lost since January 2026, this framework explains why SaaS multiples hit decade-plus lows even as revenue grows. For builders, the implication is clear: value accrues to data moats and workflow depth, not UI or feature count.