AI Impact on Technology M&A — Post Hype, Deployment Era

Lazard's Technology Advisory team returns with an updated version of AI Impact on Technology M&A, examining how markets are navigating a structural reckoning over AI's impact on the software ecosystem, the emerging divergence between "AI Beneficiaries" and "Systems of Record" versus "Workflow Wrappers" facing existential risk, and an updated framework for the Agentic Era — where value is defined by proprietary data, workflow complexity, domain expertise, deterministic models, and business model adaptability.

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