The Seat Is Dead. How Agentic AI Is Forcing a Complete Rewrite of Enterprise Software Pricing.

What the Brief Covers

• The five moves every existing SaaS vendor must make before the renewal cycle forces the conversation
• Primary analysis of Salesforce, SAP, ServiceNow, Atlassian, Workday, HubSpot, Microsoft, and Google using primary SEC filings and Q1 2026 earnings data
• The Medallia restructuring — $5.1B in equity wiped out on April 22, 2026, the first confirmed PE equity wipeout attributed in part to seat compression
• The private credit exposure layer — $600-750B in SaaS loans, $46.9B already at distressed levels
• The OBP Census — specific per-unit pricing from HubSpot, Zendesk, Intercom, HighRadius, Salesforce, and ServiceNow
• The SaaSpocalypse timeline — a dated event-by-event table from January through April 2026
• Implications for Seed and Series A founders building in this transition