A four-part video series, from the Hardman & Co Private Company Valuation Forum, examining what AI is doing to software valuations, how M&A markets are responding and what it takes to get deals done in 2026.
Something is changing in the market for software businesses, and it is already showing up in valuations, deal volumes and the way buyers are approaching due diligence.
The term being used is the ‘SaaSpocalypse’: the impact of large language models on the value of traditional software companies. Some categories of software are significantly exposed. Others are more insulated. And understanding the difference has become one of the most important questions in technology M&A right now.
In this series, Hardman & Co brought together three practitioners who sit at the centre of these markets – Doug Lawson of MarktoMarket, Neil Blankstone of First Equity Limited, and Richard Angus of Hardman & Co – to examine what is happening, why it matters and what it means in practice for founders, investors and advisers.
The series runs across four episodes, each between 6 and 13 minutes. It is structured to work as a complete picture or as individual episodes depending upon your area of interest.
Part 2 goes deeper into the SaaSpocalypse itself. Which software categories are most at risk from AI substitution? Which are more insulated? And what does that mean for how you value a business today?
Part 3 is a Q&A between Richard Angus and Doug Lawson on what this is doing to M&A markets right now, including one counterintuitive finding: why strategic acquirers are, in some parts of the market, paying less than private equity.
Part 4 brings in Neil Blankstone from First Equity Limited for a panel discussion on the bigger picture: AIM, the PISCES framework, the FCA’s revised high net worth threshold, and what actually makes investors commit capital in this environment.
If you own or run a technology business and are thinking about its future value, Parts 1 and 2 are directly relevant. The SaaSpocalypse framework Doug introduces gives you a practical way to think about your own exposure, and how a buyer is likely to approach it.
If you advise on or invest in technology transactions, Parts 3 and 4 address what is changing in deal behaviour and why. The insight on PE versus strategic buyer pricing alone is worth the watch time.
And if you have a broader interest in the health of UK private markets, capital flows, public market sentiment and the regulatory environment, Part 4 covers the structural challenges in a way that goes beyond the usual commentary.
Doug Lawson is CEO and Co-founder of MarktoMarket, which tracks valuations and deal data across the UK and the US private markets. He presented the market data and led the discussion on AI’s impact on software valuations.
Neil Blankstone is Senior Investment Manager at First Equity Limited, which has been active in London’s smaller company market since 1987. He joined the panel for Part 4 to discuss UK capital markets and investor behaviour.
Richard Angus leads our private company work at Hardman & Co and hosted the series, conducting the Q&A in Part 3 and moderating the panel in Part 4.
Part 1 — Private Company Valuations in 2026: what the TMT deal data is actually telling us
Part 2 — The SaaSpocalypse: how AI is changing software valuations right now → COMING SOON
Part 3 — Why strategic buyers are paying less than PE: M&A in the age of AI uncertainty → COMING SOON
Part 4 — AIM, PISCES and the UK capital markets problem: what will make investors actually commit? → COMING SOON
