Markets
ainvest Analysis: AI Agents Force Full Rerating of SaaS Giants — New Valuation Framework Emerging Around 'Agentic Work Units'
ainvest's April analysis documents how the SaaS index dropped 6.5% through 2025 while the broader market rose, with median revenue multiples falling from above 7x to below 5x. The new valuation framework emerging: investors pricing software companies on 'Agentic Work Units' and 'Performance Credits' rather than seats or ARR. AI-native platforms achieve first contact resolution at 55-70% at under $3/resolution — meaning incumbent CX companies face a choice between cannibalizing seat revenue or losing to AI-native entrants entirely.
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