"The Best Time to Invest": How AI Disruption is Reshaping Software Valuations | Ben Topor | Titan Capital Partners
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Welcome to Other People's Money. I'm Max Swethe, and I am joined today by Ben Topor, founder and managing partner of Tiger Seated growth and equity secondary investment firm, Titan Capital Partners. Thank you for joining me today, Ben.
Thank you, Max. I look forward to the conversation today.
So we're going be getting into the software landscape. But before we do, why don't you tell me a little bit about Titan and your background and what exactly you do?
Titan is a growth equity firm with dual offices in The US and Israel. We focus on backing companies that define the software markets. We focus on key three areas. One is backing scale ready leaders in software. Secondly, providing liquidity to early investors, founders and employees. And thirdly, helping those companies make strategic decisions with competitive insights and frameworks.
In addition to your investing with Titan, you've also authored a new book, Decoding the Software Landscape. That's where I'd like to begin. The narrative right now is that the software landscape is rapidly shifting beneath our feet. How do you define the software landscape and map it out? And in what areas is this narrative of a shifting landscape the most true?
So I define the software landscape as a continent that is derived to different areas. One is mission critical land. One is value creating land. Mission critical land are types of software that are indispensable for organizations day to day. Think about the sources of truth, think about the core processes, think about the security of the organizations. The organisations cannot live with those types of software without those software products, even a single day. That's mission critical. The other types of software is value orienting, in a sense that there's revenue increasing software, cost cutt
There's quite a bit of nuance that needs to be understood to really unpack the impact of AI. To what degree are those eight areas within the software landscape being impacted differently?
Sure. So I think the most notable impact is in one of the city states that I call Fugalia, which is cutting costs. I think there's a big industry in software for streaming line operations, automation. A lot of front looking application layers that are helping organizations just to execute and cut time and cut costs. So that layer of software I think is being majorly affected. Now the time to produce software has shortened significantly. And you know there was one of the barriers to entry to software before AI was having a large software footprint. That is not longer, I think, a significant bar
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