Thoma Bravo, co-founder Orlando Bravo, said that worries surrounding artificial intelligence wiping out software-as-a-service businesses have cooled, arguing that new AI capabilities are lifting, not crushing, many software vendors.

"The SaaSpocalyse is over.

It's finished, no more.

It wasn't a good term to begin with.

A lot of people have said a lot of strange things about investing lately, and that's one of the top ones," said Bravo.