Deep Dive – Boring software is exactly what's worth its weight in gold: our tips for 2026
In a world where AI is becoming ever more widely available, the structural qualities of vertical software companies are coming into sharper focus. In this article, we explain why.
Last week, Tresor Capital made a substantive contribution to the 1st edition of 2026 of the Gids voor de Beste Belegger (Guide for the Best Investor) of the Vlaamse Federatie van Beleggers (VFB, Flemish Federation of Investors). The VFB regularly publishes extensive guides containing analyses of a broad range of companies. These editions bring together in-depth contributions from leading Dutch and Belgian analysts, and are absolutely recommended reading for every serious investor.
In this edition, partner and analyst Michael Gielkens wrote an extensive analysis on the appeal of so-called "boring software": niche, mission-critical software companies that often operate under the radar, but precisely because of this have exceptionally strong business models.
The breakneck rise of artificial intelligence (AI) currently dominates the investment debate. While large technology companies are visibly benefiting from this on the stock market, companies in vertical market software (VMS) have lagged behind. Investors fear that AI will drastically simplify software development, thereby undermining these companies' barriers to entry and competitive advantages.
At Tresor Capital, we don't share that conclusion. On the contrary: it is precisely in a world where AI becomes ever more widely available that the structural qualities of vertical software companies come into sharper focus. In this article, we explain why.
This article was originally written in Dutch and automatically translated into English with the help of AI. In case of any difference, the Dutch original prevails.
