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One enduring theme in software rollups is investors mistaking thematic but loosely integrated, SMB focused aggregators for annuity-like plays, with upside. They are not. Companies that sell non specialized horizontal software to large, highly fragmented TAMs - think CRM for vet clinics or scheduling software for therapists - were highly exposed even before the advent of the AI. A year ago, we wrote about Upland Software, a listed rollup whose share price is down 90% from the peak: https://lnkd.in/dhGecB59 Next week, RollUpEurope will be taking a closer look at another recent casualty of this trend: Therapy Brands. A serial acquirer that went from a billion dollar buyout by KKR no less to having its debt downgraded to junk, all in the space of <3 years. Stay tuned!