During the 2010s there were two reliable ways to make a fortune. The first involved selling enterprise software, the countless computer applications that now dominate office life. Businesses subscribe to these applications, as you might a magazine, as opposed to buying them only once, as you would a book.
This “recurring” revenue explains the interest of private equity funds, the second great gold mine of that era. During the past decade, buy-out funds spent one in every three dollars on technology firms. As software ate the world, private equity drank champagne.
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The Economist