Goldman Sachs Declares 'Results-as-a-Service' Era — 49% of Institutional Allocators Increasing Software Exposure

FinancialContent / Goldman Sachs·medium signal

A February 2026 Goldman Sachs survey found 49% of institutional allocators plan to increase exposure to software — the highest net allocation intent since 2017. Goldman coined the term 'Results-as-a-Service' to describe the emerging model where enterprises pay for outcomes rather than software access. The return of institutional capital provides a floor for SaaS valuations as companies transition from seat-based to outcome-based monetization, with massive buyback programs reinforcing the stability signal.