Deep Dive - Software and AI: Opportunity or Threat?

The rise of artificial intelligence (AI) dominates conversations in boardrooms and at investor forums. The technological progress is undeniable and the potential impact on various sectors is immense. For investors in the software sector, and in particular in vertical market software (VMS), this raises a crucial question: does AI pose an existential threat to the sustainable, 'sticky' business models that characterize this sector, or is it a catalyst for a new growth phase?

In this article, we delve deeply into this matter. We analyze the views of leading CEOs such as Mark Leonard of Constellation Software, Jan Mohr of Chapters Group, David Nyland of Lumine Group and Robin van Poelje of Topicus.com. In addition, we integrate the insights of analysts and from the most recent shareholders meeting of Constellation Software of May 2025.

Our conclusion is clear: for high-quality VMS companies, AI is not a death knell, but rather a powerful new weapon in their arsenal to increase operational efficiency and create new value for customers.