Software and SaaS stocks

SAP's software model has meaningful recurring characteristics because subscription and license revenues form the core of its software segment, although the retrieved evidence does not provide a company-specific percentage.

SAP combines enterprise data platforms with European sovereign SaaS and cloud offerings, giving it meaningful potential to capture regulated cloud migration demand.

SAP's enterprise application and sovereign-cloud position can benefit from regulated organizations adopting governed AI workflows.

While pivotting to infrastructure, Oracle still derives significant revenue from legacy seat-based SaaS and database support.

Oracle relies heavily on its deep enterprise installed base and established licensing/subscription systems.

Oracle Corporation, a global technology giant, provides a comprehensive suite of enterprise information technology solutions worldwide. A core part of its portfolio comprises cloud-based software-as-a-service (SaaS) applications, including the Oracle Fusion Cloud suite covering enterprise resource planning (ERP), enterprise performance management (EPM), supply chain and manufacturing management (SCM), and human capital management (HCM). This also extends to specialized offerings like Oracle Advertising, the NetSuite application suite, and Oracle Fusion solutions for Sales, Service, and Marketing. Beyond these, Oracle develops cloud solutions tailored for various specific industries, alongside traditional application licenses and comprehensive license support services. Furthermore, the company's robust cloud and licensing business is underpinned by its infrastructure technologies. These include the flagship Oracle Database, the widely adopted Java programming language, and various middleware components such as development tools. Its advanced cloud infrastructure provides compute, storage, and networking capabilities, complemented by innovative services like the Oracle Autonomous Database, MySQL HeatWave, Internet-of-Things (IoT) platforms, digital assistants, and blockchain technology. Oracle also offers a range of hardware products and associated software. This encompasses Oracle engineered systems, enterprise servers, storage solutions, and specialized hardware for particular industries. Additionally, it provides virtualization software, operating systems, management software, and related hardware support. Complementing its product lines, Oracle delivers expert consulting and dedicated customer services. The company employs a direct sales model, reaching businesses across diverse sectors, government bodies, and educational institutions globally, while also leveraging an extensive network of indirect channels. Established in 1977, Oracle Corporation maintains its corporate headquarters in Austin, Texas.

Google Cloud is capturing massive increases in model consumption and API spend as companies shift processing workloads to high-volume model providers.

Google Cloud is one of the two identified marketplace platforms collecting distribution fees from Anthropic-routed sales.

Alphabet can benefit through Google Cloud consumption, AI infrastructure, and cloud-security controls as enterprise AI workloads expand. Its cloud platform is also a competitor to standalone security vendors because hyperscalers increasingly provide native AI workload protection and CNAPP capabilities.

Primarily a platform/software company (SaaS) where revenue is seat or transaction-based rather than billable hours.

ServiceNow receives a weak positive read-through from evidence that enterprise cloud adoption remains robust and contracted software demand is converting. The benefit is indirect because SAP’s backlog is concentrated in cloud ERP rather than ServiceNow’s workflow platform, and stronger suite consolidation could also compete for enterprise IT budgets.

Pure software model with high scalability; expansion into enterprise-wide systems supports strong margins.

Palantir Technologies Inc. engineers and deploys advanced software platforms primarily for the intelligence community, supporting counterterrorism investigations and operations across the United States, the United Kingdom, and internationally. One such product is Palantir Gotham, a sophisticated software system that enables users to uncover hidden patterns within diverse datasets, from signals intelligence to confidential informant reports. Gotham also facilitates the seamless handover between analysts and operational personnel, helping operators strategize and execute real-world responses to threats pinpointed within the platform. The company also offers Palantir Foundry, a platform that revolutionizes organizational operations by providing a central data operating system, allowing individual users to integrate and analyze their essential data in one cohesive environment. Additionally, Palantir provides Apollo, a software solution for delivering applications and updates across an enterprise, enabling clients to deploy their software in virtually any setting. Its Palantir Artificial Intelligence Platform (AIP) offers unified access to open-source, self-hosted, and commercial large language models (LLMs). AIP excels at transforming both structured and unstructured data into LLM-understandable objects, converting an organization's actions and processes into practical tools for human operators and LLM-driven agents alike. Founded in 2003, Palantir Technologies Inc. maintains its headquarters in Denver, Colorado.

Snowflake Inc. delivers a cloud-centric data platform to customers across both the United States and international markets. The company's core offering, known as the Data Cloud, enables users to unify disparate data sources into a singular, reliable foundation. This unified data then facilitates the extraction of crucial business intelligence, the creation of innovative data-driven applications, and secure data sharing. This adaptable platform serves a wide array of organizations, encompassing various sizes and industries. Originating in 2012, the enterprise was initially recognized as Snowflake Computing, Inc., before officially rebranding to Snowflake Inc. in April 2019. Its principal operations are conducted from Bozeman, Montana.

Atlas Infinite directly monetizes elastic managed database deployment, and MongoDB Atlas automates provisioning and scaling.

GitLab directly monetizes AI-enabled software development and agentic workflows through its DevSecOps platform, and management attributed growth to those workflows.

Veeva is the dominant specialized vertical cloud with regulatory compliance embedded in its Vault platform.

Veeva is the dominant cloud provider for life sciences workflows. Asset Workflows' strategic move to diversify into life sciences and regulated clinical environments directly challenges Veeva's Quality Cloud and RIM (Regulatory Information Management) offerings.

Veeva is the direct beneficiary of the new information. Its quarterly beat and raised FY2027 outlook validate stronger demand for its life-sciences cloud platform, while record Vault CRM performance and additional top-20 biopharma wins support incremental subscription revenue, cross-selling, and operating leverage.

Paycom is a pure-play SaaS HR firm with intense exposure to employee headcount-based billing.

Paycom is a pure-play HCM software provider that can benefit from validation of enterprise spending on cloud-native, AI-enabled payroll and workforce automation. The effect is weaker than for Workday because Paycom serves a different customer mix and remains exposed to employee-count-based billing.

Paycom Software, Inc., established in 1998 and headquartered in Oklahoma City, Oklahoma, provides a comprehensive, cloud-based human capital management (HCM) platform. This software-as-a-service (SaaS) solution is specifically tailored for small to mid-sized businesses across the United States. It equips organizations with the essential functionality and analytical insights needed to oversee the complete employee journey, from the initial hiring process through to retirement. The robust HCM suite encompasses a wide array of applications across several critical HR domains. For talent acquisition and onboarding, it offers tools such as applicant tracking, candidate management, background checks, seamless onboarding processes, E-Verify compliance, and tax credit services. Time and labor management capabilities include precise time and attendance tracking, flexible scheduling with exchange options, efficient time-off request management, labor allocation, detailed reporting (including push reports), and advanced location-based features like geofencing, geotracking, and their proprietary Microfence Bluetooth technology. Payroll processing is streamlined through applications for improved employee transaction interfaces, comprehensive payroll and tax administration, direct payment options (Paycom Pay), expense management, mileage tracking (with fixed and variable rates), garnishment management, and GL concierge services. Talent development and performance management are supported by employee self-service portals, compensation budgeting, performance review systems, position management, Paycom learning modules, content subscriptions, and "my analytics" for predictive employment reporting. Furthermore, the platform integrates various other crucial functions. These include "Manager On-the-Go" for supervisors to approve time-off and expenses remotely, "Ask Here" for direct employee-to-HR communication, direct data exchange capabilities, and tools for document management and checklists. It also addresses compliance and benefits administration with features for government regulations, benefits enrollment (including carrier integration), COBRA administration, personnel action and performance discussion forms, surveys, and Affordable Care Act applications. A notable offering is "Clue," which provides a secure system for collecting, tracking, and managing employee vaccination and testing data.

Temenos is a major cloud and SaaS-focused banking platform provider, categorized as an agile challenger transitioning traditional systems into the cloud.

Temenos's business model is geared towards SaaS, and its reaffirmed long-term guidance relies heavily on growing Annual Recurring Revenue (ARR) to $1.23 billion by 2028.

High visibility through multi-year EDA software subscriptions that are independent of end-chip demand.

Synopsys can monetize software-composition analysis, SBOMs, dependency tracking, and secure-build validation as enterprises investigate agent supply chains.

As AI-generated code enters payment and enterprise production systems, customers need software-composition analysis, provenance, SBOMs, dependency tracking, and secure-build validation. Synopsys is positioned to monetize that incremental software-supply-chain and remediation spend.

JFrog can capture software supply-chain, artifact management, and secure model-deployment spending as model usage expands, though it does not sell the underlying compute.

JFrog is a direct beneficiary of heightened enterprise demand for artifact repositories, registry firewalls, dependency curation, malicious-package detection, and software composition analysis after a trusted Rust registry distributed code-executing packages. The incident validates JFrog's Artifactory and supply-chain-security product category.

CyberArk can monetize expanding machine-identity, secrets, and privileged-access workloads, but its exposure is less directly tied to AI-agent usage than a metered cloud platform.

Autonomous-agent access to package and developer infrastructure increases the need to rotate exposed secrets, restrict privileged credentials, vault machine identities, and monitor token use. CyberArk can capture remediation and privileged-access-management spending.

Confluent is materially exposed to enterprise streaming and change-data-capture workloads that can substitute for or complement migration and replication tools.

Confluent provides data-integration and streaming infrastructure adjacent to the indexing and pipeline layer used by Google Cloud Web3. Expansion of real-time, multi-chain blockchain datasets can increase demand for streaming ingestion, event delivery, and data-movement tools. The retrieved evidence establishes category relevance but not a Confluent contract with Google, making the impact speculative and weak.

Atlassian is a seat-based collaboration and development-workflow provider, with no retrieved evidence of direct AI infrastructure monetization.

Atlassian’s collaboration and development-workflow products can face seat compression as developers consolidate work around integrated AI coding platforms. The Cursor access dispute increases attention on platform ownership and distribution, which may favor vertically integrated coding assistants over separate workflow tools.

Xero's business accounting SaaS products operate on high-margin subscription models, which are highly defensive and insensitive to discretionary consumer spending.

The proposal transfers output-VAT collection for qualifying marketplace sales to platforms, but sellers would retain other VAT and accounting responsibilities, including reclaiming input tax and handling direct or out-of-scope sales. Xero is identified as providing VAT reconciliation and accounting functionality for growing businesses, so greater channel-specific VAT and settlement complexity could support incremental software demand, partly offset by reduced output-VAT filing work for some sellers.

Zuora's entire platform is built for this, but it is a third-party tool, not 'native' to the core CRM/SaaS suites of its customers.

Zuora is a specialized billing platform that many Salesforce customers use to handle complex consumption and subscription models. Salesforce's acquisition of m3ter to provide 'native' high-scale consumption billing creates a direct, first-party alternative that threatens to commoditize Zuora's core value proposition within the Salesforce ecosystem.

Zuora is a direct competitive exposure because Intuit is adding revenue-management capabilities for usage, subscription, and milestone-based businesses in the mid-market. A more integrated ERP offering can displace standalone subscription-billing and quote-to-cash software, reducing Zuora’s addressable platform role in some customers.

Bill's entire platform is designed for automating back-office processes for SMBs.

Bill offers cloud-based financial automation for SMBs. As Intuit and Wix deepen native integrations for profitability and cash flow visibility within their own dashboards, the demand for third-party financial automation middleware like Bill may face headwinds.

Guidewire is a direct insurance SaaS, AI-analytics, and workflow-automation vendor, making it highly exposed to insurers’ modernization spending.

As an enterprise software company, E2open possesses a highly resilient software-as-a-service margin structure that easily absorbs physical cost shocks.

Disrupted supply chains and opaque intermediaries increase customer need for supplier mapping, origin verification and sanctions traceability software.

Importers and marketplaces responding to the Shein-related customs and supply-chain pressures may need item-level classification, origin verification, formal customs documentation, and supply-chain mapping software. The revenue pathway is second order but tied to the required operating response.

Monday.com is heavily reliant on a subscription-based SaaS licensing model for diverse human teams.

General-purpose agentic coding and workflow orchestration can stitch together internal trackers and business processes, eroding the differentiation and seat-based monetization of lightweight project-management software.

Agent access to merchant accounts, order histories, payment workflows, and APIs increases demand for non-human identity governance, delegated authorization, least-privilege access, credential rotation, and lifecycle controls. Okta is an adjacent beneficiary of this identity-governance spending.

Okta is the direct beneficiary of the new information: its second annual revenue-outlook increase, prompted by stronger-than-expected subscription backlog, improves visibility into future subscription revenue and supports confidence in its identity-management demand.

Zoom may monetize security and governance controls within its own meeting platform, but the retrieved evidence establishes it primarily as a meeting-solutions vendor rather than a standalone compliance provider.

Zoom is exposed to enterprise platform evaluations and migrations, but its subscription model is less dependent on large implementation projects than infrastructure providers.

Higher machine-to-machine traffic and agent API activity can increase demand for edge security, bot controls, gateway policy, and runtime traffic inspection.

Cloudflare controls part of the technical delivery path through edge infrastructure but does not control consumer billing, app discovery, or wholesale pricing.

Cloudflare can monetize some additional edge inference, gateway, and routing activity as developers distribute workloads across providers.

EverCommerce Inc., along with its various affiliates, specializes in delivering comprehensive software-as-a-service (SaaS) solutions. These offerings are specifically designed to meet the needs of service-oriented small and medium-sized businesses (SMBs), operating both domestically in the United States and across international markets. The company's extensive portfolio encompasses a wide array of digital tools aimed at streamlining various aspects of business operations. This includes specialized management software for tasks such as efficient route-based dispatch, administration for medical practices, and oversight of gym memberships. Furthermore, EverCommerce provides robust billing and payment functionalities, offering features like electronic invoicing, mobile payment processing, and integrated payment gateway solutions. To foster stronger client relationships, they supply customer engagement applications, such as reputation management and secure messaging services. Their technology suite also extends to marketing, covering website development, hosting services, and strategies for digital lead generation. EverCommerce organizes some of its offerings into distinct product lines: EverPro caters to home services, EverHealth is dedicated to health services, and EverWell serves the fitness and wellness sectors. Beyond its software platforms, the company supports its clients with professional services, which include assistance with implementation, configuration, installation, and comprehensive training programs. Their diverse customer base spans home service professionals, from renovation contractors to maintenance technicians; healthcare providers, including physician practices and therapists; and personal trainers and salon owners within the health and wellness industries. Founded in 2016, the company was initially known as PaySimple Holdings, Inc. before officially rebranding to EverCommerce Inc. in December 2020. Its corporate headquarters are situated in Denver, Colorado.

Done.ai Group AB engages in the development and sale of software as a service (SaaS) solutions. The firm offers enterprise resource planning through cloud-based services to small and medium sized enterprises. Its solutions include project and time management, mobile, accounting, customer relationship management, reporting, integrations, and payroll. The company was founded on August 2, 2017 and is headquartered in Stockholm, Sweden.

Vitec Software Group AB (publ), established in 1985 and headquartered in Umeå, Sweden, is a leading developer and provider of specialized software tailored for a wide range of vertical markets. The company's reach spans Sweden, Denmark, Finland, Norway, and numerous other international territories. Its comprehensive suite of software solutions caters to an extensive and varied clientele. This includes public sector entities such as municipal culture and recreation departments, visitor facilities, social services, and educational institutions, alongside providers in the healthcare, church, and welfare sectors. Vitec also supports critical infrastructure and industries, offering software for banking and finance, information management within process and energy companies, electricity traders, and owners of electricity and district heating grids. Furthermore, its offerings extend to the automotive, transportation, and machinery industries, car dealerships and repair shops, and the construction and property management sectors. The company's specialized software also benefits businesses in the pharmacy market, hair and beauty salons, preschools, real estate agencies, golf courses, media companies, and both liability and general insurance firms, as well as organizations involved in building and facility management and private and municipal waste processing. It also serves local and national associations.

Operating within Japan and across international markets, BPLATS,Inc. specializes in providing subscription-based solutions. A central component of its offerings is the Bplats platform, a comprehensive ecosystem designed to connect suppliers with sales outlets and facilitate all aspects of subscription management for large enterprises, encompassing everything from contractual agreements and transaction processing to billing. Furthermore, the company extends its services to include publishing and advisory functions. BPLATS, Inc. was established in 2006, with its corporate headquarters located in Tokyo, Japan.

Established in 1999 and headquartered in London, UK, Cerillion Plc is an international provider of specialized software solutions for the telecommunications sector. The company primarily focuses on delivering robust platforms for billing, charging, and customer relationship management (CRM). Cerillion operates across four distinct business areas: Services, Software, Software-as-a-Service (SaaS), and Third-Party operations, providing a comprehensive toolkit for communication service providers. Key offerings include the Cerillion Enterprise BSS/OSS Suite, an integrated, end-to-end CRM and billing system designed for mobile, fixed, cable, and multi-service operators. They also offer Cerillion Skyline, a cloud-based SaaS application tailored for managing contemporary subscription and usage-based billing models. Beyond these core platforms, their product portfolio features an enterprise product catalogue for orchestrating all products, services, tariffs, and packages; network inventory, an integrated system that enhances GE grid solutions; and Mediator plus, a solution for mediating various transactional data. Additionally, the company provides Business Insights, an embedded analytics platform for real-time data, and a range of customer management products. Operational tools include Service Manager, which facilitates order-to-cash processes for convergent telecom services, and Interconnect Manager, aimed at optimizing wholesale margins for multi-play communication providers. Cerillion's solutions are vital for strategic initiatives such as 5G monetization, subscription management, digital transformation, Internet of Things (IoT) integration, critical communications, total convergence, network asset management, and supporting broadband, multi-play, cable services, and MVNE/MVNO operations.

Paymentus Holdings, Inc. delivers cloud-native technological solutions aimed at streamlining bill payments. Through its Software-as-a-Service (SaaS) platform, the company equips organizations (referred to as "billers") with services for electronic bill presentation, digital payment processing, enhanced enterprise customer communication, and self-service revenue collection. Its clientele spans a broad spectrum of industries, including utility providers, financial institutions, insurance companies, government agencies, telecommunications firms, and healthcare organizations. The company was founded in 2004 and is based in Redmond, Washington.

PJSC Astra Group is a Russian-based firm specializing in crafting foundational software for IT infrastructure. Its portfolio includes key offerings like the Astra Linux operating system, alongside robust virtualization and backup solutions, comprehensive cloud platforms, and various other integrated IT tools.

The Sage Group plc, operating through its various subsidiaries, specializes in providing technology solutions and services specifically tailored for small and medium-sized businesses (SMBs). The company maintains a substantial global presence, with key operations spanning North America, Northern Europe, and other international regions. Its extensive product portfolio includes a suite of cloud-native offerings. These encompass Sage Intacct, a sophisticated cloud-based accounting and financial management software; Sage People, a comprehensive human resources and workforce management platform; Sage Accounting, designed to enable small businesses, accountants, and bookkeepers to remotely manage client data, financial accounts, and staff; Sage Payroll, for streamlined cloud-based payroll processing; and Sage HR, providing robust human resources management tools. Furthermore, Sage delivers cloud-connected and hybrid solutions. Among these are Sage X3, a powerful business management system, and the Sage 50cloud and Sage 200cloud products, which offer a range of integrated accounting functionalities with cloud capabilities. The company was founded in 1981 and is headquartered in Newcastle upon Tyne, United Kingdom.

Commerce.com, Inc. delivers a global e-commerce platform via a software-as-a-service (SaaS) model, assisting brands and retailers across the United States, the Americas, Europe, the Middle East, Africa, and the Asia Pacific region. This comprehensive platform empowers businesses to establish and expand their online presence. Its features span storefront design, product catalog administration, hosting services, streamlined checkout processes, order fulfillment management, and detailed reporting. Crucially, it offers pre-integrated access to vital third-party functionalities, such as payment gateways, shipping solutions, and accounting software. The company's offerings serve a wide array of online stores, accommodating various sizes, product categories, and transaction models, encompassing both business-to-consumer (B2C) and business-to-business (B2B) operations. Founded in 2009 and headquartered in Austin, Texas, the entity currently known as BigCommerce Holdings, Inc. is scheduled to officially rebrand as Commerce.com, Inc. in July 2025.

The newly qualified platform is explicitly designed for government bodies and regulated industries, making regulated workloads the direct demand source.

OVHcloud provides physical cloud infrastructure but generally monetizes hosted regional capacity rather than customer-owned on-premises database deployments.

The technology and AI dimensions could increase demand for European-controlled cloud, secure data hosting, and sovereign infrastructure. OVHcloud is an identified European sovereign-cloud provider and could benefit as public and strategic customers favor regionally controlled alternatives.

DigitalOcean Holdings, Inc., through its various operating entities, provides a global cloud computing environment with reach across North America, Europe, Asia, and beyond. This adaptable platform delivers on-demand infrastructure and essential developer tools, specifically designed for individual developers, new start-ups, and small to mid-sized businesses. The company offers fundamental infrastructure components such as computing power, storage, and networking capabilities, while also enabling developers to expand their cloud solutions using a range of fully managed offerings for applications, containers, and databases. Its clientele is diverse, including software engineers, academic researchers, data scientists, system administrators, students, and personal project enthusiasts. Customers from various industries utilize the platform for a multitude of applications, including the development of web and mobile applications, website hosting, e-commerce solutions, media and gaming platforms, personal online projects, and managed services, among others. DigitalOcean Holdings, Inc. was founded in 2012 and has its corporate headquarters situated in New York, New York.

ZenaTech, Inc., an enterprise software technology company, develops cloud-based software applications in Canada. It provides cloud-based enterprise software solutions for the medical records industry; software solutions for the automated facility management and center industry; safety and compliance management software and mobile solutions; field service management software and mobile solutions; browser-based enterprise software applications for public safety; and quantum computing solutions. The company also engages in the manufacturing, sale, and distribution of drones. ZenaTech, Inc. was formerly known as ZenaDrone, Inc. and changed its name to ZenaTech, Inc. on October 5, 2020. The company was incorporated in 2017 and is based in Vancouver, Canada.

Divio Technologies AB (publ) develops and markets software platforms that enable companies to construct, operate, and maintain sophisticated websites within a cloud-based environment. This platform empowers enterprise IT departments to create diverse websites and dynamic web applications by streamlining cloud infrastructure management, providing solutions that are flexible, secure, high-performing, and readily scalable to meet evolving business demands. The company also oversees the migration and ongoing management of both external and internal web applications within cloud services. Divio Technologies was established in 2016 and operates from its headquarters in Stockholm, Sweden.

Boost Run, Inc. delivers a highly scalable cloud infrastructure meticulously engineered to meet the intensive requirements of enterprise-level artificial intelligence and high-performance computing (HPC) workloads. This advanced platform provides crucial components such as powerful GPU and CPU compute instances, streamlined managed Kubernetes orchestration, and extensive shared storage. Clients can effortlessly manage and provision these services using either an intuitive management console or a robust API, allowing them to quickly deploy and expand resources across thousands of nodes within minutes. Boost Run, Inc. was established on September 5, 2025, and its main office is located in Northbrook, Illinois.