Field Service, Facilities, and Construction Software Snapshot

The recent SaaS selloff, driven by Anthropic’s Claude Cowork launch, industry-specific plugin rollouts, and concern that agentic AI will erode seat-based pricing, has been largely indiscriminate, and field service management (FSM), facilities management, and construction software have not been spared. Since the start of 2025, FSM revenue multiples are down 48%, with Construction, Vertical Business Management, and Enterprise Business Management software down 26%, 30%, and 19%, respectively.

We think the market has painted with too broad a brush. Applying a four-axis AI vulnerability framework, these categories are positioned more defensively than most SaaS. Value is anchored in physical-world execution that agents must transact through rather than route around, proprietary operational data compounds with scale, and outcomes are naturally framed in measurable business terms.

That said, competition will intensify, and management teams willing to face short-term pain (e.g., cannibalize existing products, adapt to new pricing models, and ship specific AI roadmaps) will separate from the pack.
M&A has continued, clustered around AI acceleration, vertical specialization, expansion into adjacent products, and PE buy-and-build activity in fragmented European markets.

The full report includes our AI vulnerability framework, sector market map, recent transaction detail, and public comparables.

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