How AI is impacting M&A activity in Saas | Ep. 29

What separates a SaaS business worth a real exit from one that buyers quietly walk away from in 2026?ㅤDaniel Kazani, co-founder of Softup, sits down with Dirk Sahlmer, partner at FE International, to talk about how AI is reshaping SaaS M&A. After six years on the buy side at saas.group, Dirk now advises founders through sell-side exit processes, and he's seen both ends of how exit value gets won or lost.ㅤThe conversation goes long on retention as the new growth signal, why a lot of AI-hype revenue has rotting cohorts under it, and the valuation misconceptions most founders carry into their first exit conversation. Dirk also breaks down what real AI defensibility looks like, why a fifteen-year-old "boring" SaaS can still command a strong multiple, and the one question every founder needs to be ready to answer before a buyer asks it.ㅤ👤 Guest BioㅤDirk Sahlmer is a partner at FE International, where he advises SaaS and tech founders on competitive auction exit processes.ㅤBased in Germany, Dirk trained as an engineer before co-founding his own SaaS company, then spent close to six years building the deal origination function at saas.group as their first full-time hire, evaluating thousands of SaaS businesses and leading multiple buy-side acquisitions. In late 2025, he moved to the sell-side at FE International. He also writes the saas.wtf newsletter on SaaS metrics, valuations, and exit readiness, followed by thousands of founders and investors.ㅤ📌 What We CoverWhy retention has become the metric buyers watch most closely in the current AI hype cycleThe biggest mistakes first-time exit founders make: no sparring partner, no clean numbers, no realistic sense of what the business is worthHow private equity and financial buyers really think about boring SaaS that survives the next ten to fifteen yearsWhat separates a real AI business from a chatbot bolted onto a websiteWhere AI defensibility actually lives: unique data, deep workflow integration, vertical focusWhy a fifteen-year-old SaaS can outperform a hype-stage AI-native startup in an exitWhy simple products like Calendly probably don't get replaced by your afternoon hackThe question every founder should answer before a buyer asks it: how is AI both an opportunity and a threat to your business?ㅤ🔗 Resources MentionedㅤFE InternationalCalendlyPersonioSlackAsanaHubSpotMonday.comAWSMicrosoft Azuren8nClaude CodeChatGPTDirk's email: [email protected]