We are initiating a sector-wide “Sell” on legacy, seat-based software models. The software industry is currently undergoing a fundamental re-rating, transitioning from traditional licensing toward autonomous agentic platforms. This “SaaS Killer” thesis represents the end of software as a passive tool and the beginning of software as an active, autonomous participant in the workforce. This is not a cyclical correction; it is a structural decoupling where the economic value of professional labor is being transferred from human-operated SaaS tools to agentic ecosystems.