Other People's Money with Max Wiethe "The Best Time to Invest": How AI Disruption is Reshaping Software Valuations | Ben Topor | Titan Capital Partners
Apr 9, 2026
Ben Topor, founder of Titan Capital Partners and author of Decoding the Software Landscape, breaks down AI's reshaping of software valuations. He discusses why now may be the best time to invest, how secondaries provide liquidity, differences between US and Israeli tech, and how startups can build AI-proof moats through distribution and proprietary data.
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Establish A Killer Application Before Bundling
- Focus early on a single killer application to establish a wedge before expanding into a bundle; don't try to be everything at initial scale.
- Topor advises expanding only after proving product-market fit with a 10x improvement for the core customer group.
Valuation Reset Creates Buying Opportunity
- Current public software multiples have reset to low levels (around 4x ARR), creating an attractive entry point for private growth investors.
- Topor sees the valuation repricing plus AI-driven market shifts as the 'best time to invest' for new winners.
Use Secondaries To Stabilize Growth Trajectories
- Use secondaries to provide liquidity and reduce pressure on CEOs to seek premature exits; they can stabilize companies while enabling early shareholders to cash out.
- Titan targets insiders and funds, ensuring management endorsement so transactions help long-term company strategy.
