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The software selloff has roiled a few private deals, but the fluctuation in valuations should create opportunities for private equity firms, Darren Abrahamson, partner at Bain Capital Tech Opportunities, tells Axios Pro.

The big picture: Software made up about 18% of U.S. private equity deal value last year.

This interview has been edited for length and clarity.

Axios Pro: What impact does the software selloff have on private equity?

Abrahamson: "I think the biggest impact is just how people are trying to price that in and thinking about valuation. We'll see how that translates over into the private markets." 

Which areas of software are more insulated, and perhaps more attractive to PE now?

"More regulated end markets are going to be slower-moving by nature, and therefore give incumbents more time to adapt and take advantage of new technologies.

[And] companies that are sitting on truly proprietary datasets that can be used to train models or deliver value through AI. A lot of companies say they have proprietary data. Not that many really do."

Could the market open up as older software firms look to add AI features?

"There's been a real premium for (private) companies who are viewed as more insulated from AI risk or actually benefiting from AI tailwinds, including companies who had bought smaller AI native businesses.

Conversely, there's been a number of companies who have been unable to sell and had to pull processes because they're viewed as more at risk or don't have that story. So I think you've already seen companies start to really look for ways to either organically or inorganically acquire AI revenue, AI capabilities, AI talent."

SaaSpocalypse puts temporary chill on PE dealmaking

The software selloff could spur buying opportunities as valuations fluctuate.

Photo illustration of Darren Abrahamson collaged with abstract shapes and images of cloud based apps.

Photo illustration: Axios Visuals. Photo: Courtesy of Bain

The software selloff has roiled a few private deals, but the fluctuation in valuations should create opportunities for private equity firms, Darren Abrahamson, partner at Bain Capital Tech Opportunities, tells Axios Pro.The big picture: Software made up about <a class="gtmContentClick" data-vars-link-text="18% of U.S. private equity deal value" data-vars-click-url="https://pitchbook.com/news/reports/q1-2026-pitchbook-analyst-note-private-equitys-exposure-to-the-software-reckoning" data-vars-content-id="c0ffd9e9-c817-4558-b958-7d017c2d5a8d" data-vars-headline="SaaSpocalypse puts temporary chill on PE dealmaking" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://pitchbook.com/news/reports/q1-2026-pitchbook-analyst-note-private-equitys-exposure-to-the-software-reckoning" target="_blank">18% of U.S. private equity deal value</a> last year.

SaaSpocalypse puts temporary chill on PE dealmaking

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