Investing.com -- Orlando Bravo, founder and managing partner of Thoma Bravo, said fears of an AI-driven "SaaSpocalypse" have ended, describing AI as an "enormous tailwind" for software companies.

Bravo told CNBC that software firms and AI tools will increasingly merge into new "agentic solutions" for corporate customers.

Software-as-a-Service stocks faced pressure in February when Anthropic unveiled advanced AI tools for its Claude co-working agent, triggering a rapid sell-off in names like Salesforce, Figma, Monday.com, HubSpot, ServiceNow, and others. The move fueled investor concerns about a potential "SaaSpocalypse" for the sector.

Bravo said investors are underestimating software companies' ability to adapt. The portfolio companies of his firm, which manages almost $200 billion in assets, generate around $35 billion in combined revenue and are mostly "booming" because of AI.

Speaking at the SuperReturn International private equity and venture capital conference in Berlin, Bravo said: "The SaaSpocalypse is over. It's finished, no more."

Bravo said software companies can reach a "completely new level" by automating certain aspects of human judgment and processes.

"Around 50% of our new revenue is AI revenue, agentic revenue," he said, predicting that software companies and AI will "come together" in a "new agentic solution" for corporate customers in the next few years.

Some software stocks have since recovered. The iShares Expanded Tech-Software Sector ETF rallied 21% in May, its strongest monthly performance since October 2001, and has advanced more than 9% on a three-month basis.

Bravo said the market is in a period of adjustment as investors and companies work through questions around governance, cybersecurity and returns on investment from newer AI agentic tools.