Deep Dive - Boring software is now worth its weight in gold: our tips for 2026
In a world where AI is becoming increasingly widely available, the structural qualities of vertical software companies are becoming more apparent. In this article, we explain why.
Last week, Tresor Capital made a substantive contribution to the first edition of the 2026 Guide for the Best Investor published by the Flemish Federation of Investors (VFB). The VFB regularly publishes comprehensive guides with analyses of a wide range of companies. These editions bring together in-depth contributions from leading Dutch and Belgian analysts and are highly recommended for any serious investor.
In this edition, partner and analyst Michael Gielkens wrote an extensive analysis of 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 rapid rise of artificial intelligence (AI) is currently dominating investor 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 the barriers to entry and competitive advantages of these companies.
At Tresor Capital, we do not share that conclusion. On the contrary: it is precisely in a world where AI is becoming increasingly widely available that the structural qualities of vertical software companies are becoming more apparent. In this article, we explain why.
