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How private equity’s big bet on software was derailed by AI

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The Financial Times

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Dealmakers and lenders are facing a ‘Darwinian moment’ as digital services risk being made obsolete by new technologies.

12 February, 2026 by Antoine Gara and Eric Platt in New York

On paper, Thoma Bravo’s $2bn deal to buy a specialist software company for call centre workers last year was not especially noteworthy. But in the months since, its acquisition of Verint has come to be seen as a bellwether moment.

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