All Insights
Article

A Guide to Rethinking Software Pricing for the Agentic AI Era

Kristin Harris
Executive Director of Pricing & Packaging at Vista Equity Partners
September 30, 2026

Pricing has never been easy to get right. More than a decade ago, a survey of 1,600 executives found that flawed pricing strategies were a leading reason that 72 percent of new products failed to meet their revenue targets.1 And subsequent studies have consistently reinforced those findings.

Agentic AI is making this more complicated than ever.

Agents change how buyers use technology and how they expect to pay for it. For enterprise software companies, the revenue opportunity is enormous — but we believe capturing it requires a fundamentally new approach to measuring and pricing value.

One of the first steps is evaluating whether your existing pricing metrics are built to last. Here are three questions every enterprise software company should be asking to get started.

Question One: Can Your Price Metric Keep Growing?

A good price metric should grow alongside the value a customer receives. For years, seat-based pricing did exactly that: software usage and value scaled with the number of users.

With Agentic AI, that formula can sometimes break down.

Agentic products can work continuously and autonomously, allowing output to scale without a corresponding increase in human users. A price metric tied to headcount, therefore, may put a ceiling on your ability to monetize your customers’ organic growth.

Consider a Vista portfolio company that prices its products by developer seats. The company observed that developer headcount was falling across its industry, particularly at junior levels. A survey of more than 200 of its own customers confirmed the concern: buyers expected their development teams to grow just 2-3 percent annually over the next three years.2

Stagnant headcount would limit the company’s ability to grow revenue, even as its products delivered more value. Its pricing metric had to change. With Vista’s support, the company is now transitioning to a model that captures the full economic value of its products.

This opportunity isn’t universal. If you sell software to an industry that is less technologically mature, your buyers may still expect healthy team growth in the years ahead. But for many software companies, seat-based pricing metrics may no longer provide the same runway for growth.

Question Two: Can Your Pricing Adapt to How Customers Use Your Product?

Traditional software usage was often relatively predictable: similar users performed similar activities and generated relatively similar levels of value. Agentic AI can create much wider variation in both product usage and customer value.

Pricing for that variability requires flexibility. Companies need time and evidence to understand which agentic capabilities customers adopt, how intensively they use them and which measures of activity best correspond to value before selecting a durable long-term price metric.

Consider a Vista portfolio company that is introducing agents across its platform. The company is working with customers to update its terms and conditions, and is introducing a flexible credit consumption model, so that its pricing model can evolve as usage patterns for its new products become clearer.

As usage data accumulates, the company can better understand how customers use its agentic products, where they derive value and which measures of consumption most closely track that value. It can then transition from credit-based pricing towards a model that more directly aligns with the value customers are receiving, for example qualified pipeline generated or meetings booked for its sales enablement agents, to directly align what customers pay with the value they receive.

Question Three: Could AI Reduce Consumption of Your Price Metric?

Seat-based pricing isn’t the only model ready for reinvention. Under certain usage-based models, agents are changing how customers consume – creating an opening to realign pricing with the greater value they deliver.

A leading provider of asset management software illustrates this dynamic. The company has historically priced based on tokens, which customers consume each time they open a module across its product suite. More activity meant more tokens consumed and more revenue generated.

Agentic AI is changing that. The same customers can now run sessions continuously, reducing the number of times they need to open individual modules. They get more from the product while consuming fewer tokens.

Every software company with a legacy monetization model — whether seat-based or usage-based — needs to ask whether its new agentic capabilities could reduce consumption of its pricing metrics. Those that realign their pricing can turn greater customer value into greater revenue.

Capturing the Pricing Opportunity

These three questions are primarily a diagnostic exercise. Across Vista’s portfolio, we find that most enterprise software companies identify at least one area where their existing pricing strategy needs to evolve.

From here, companies need to build a monetization strategy equipped to capture the value Agentic AI creates. That means determining what customers value, how to measure that value commercially and how to guide customers through the transition.

None of this is easy. Pricing agentic products may require companies to rethink commercial models that have worked for years. But the difficulty reflects the size of the opportunity. We believe Agentic AI can dramatically expand the value software can deliver and, with the right pricing model, the revenue it can generate.

Sources

1. https://hbr.org/2014/09/the-silent-killer-of-new-products-lazy-pricing

2. Vista Portfolio Company as of June 2025. The investments presented herein are provided solely for illustrative and informational purposes and have been selected to demonstrate examples of investments previously pursued by Vista. These examples do not represent all investments made by Vista-managed funds and are not intended to be representative of any particular fund’s portfolio. A complete list of investments is available upon request. It should not be assumed that investments made in the future will be comparable in quality or performance to the investments described herein, or that any such investments will be profitable. References to specific investments should not be construed as a recommendation of any particular investment or security. Certain information contained herein, including operational metrics and company-level data, and the impact of AI has been selected by Vista on a subjective basis and is provided solely to illustrate aspects of the investment or the company’s business. Such information is incomplete, may not reflect overall performance, and has not been independently verified.

This document does not constitute an offer to sell any securities or the solicitation of an offer to purchase any securities. This document discusses broad market, industry or sector trends, or other general economic, market or political conditions and should not be construed as research, investment advice, or any investment recommendation.

Statements contained in this document (including those relating to current and future market conditions and trends in respect thereof) that are not historical facts are based on current expectations, estimates, projections, targets, opinions, beliefs, and/or assumptions Vista considers reasonable. Such statements involve known and unknown risks, uncertainties and other factors, and undue reliance should not be placed thereon. In addition, no representation or warranty is made with respect to the reasonableness of any estimates, forecasts, illustrations, prospects or returns, which should be regarded as illustrative only, or that any profits will be realized. Certain information contained herein constitutes “forward-looking statements,” which can be identified by the use of terms such as “may”, “will”, “should”, “expect”, “project”, “estimate”, “intend”, “continue”, “target” or “believe” (or the negatives thereof) or other variations thereon or comparable terminology. Due to various risks and uncertainties actual events or results may differ materially from those reflected or contemplated in such forward-looking statements. No representation or warranty is made as to future performance or such forward-looking statements.

Certain information contained in this document has been obtained from published and non-published sources prepared by other parties, which in certain cases have not been updated through the date hereof. While such information is believed to be reliable, Vista does not assume any responsibility for the accuracy or completeness of such information and such information has not been independently verified by it. Except where otherwise indicated herein, the information provided in this document is based on matters as they exist as of the date of preparation of this document and not as of any future date and will not be updated or otherwise revised to reflect information that subsequently becomes available, or circumstances existing or changes occurring after the date hereof, or for any other reason.

No representation or warranty, either express or implied, is provided in relation to the accuracy or completeness of the information contained herein.

Artificial intelligence technology models (“AI”), including generative artificial intelligence and similar technologies (“GenAI”), can pose risks to Vista, the Funds, and their investments. AI is an emerging and rapidly evolving technology and therefore it is difficult to fully assess the risks associated with it and those posed to Vista, the Funds, and/or the Funds’ investments. Vista endeavors to evaluate AI models and related risks before using them in its business. However, there can be no assurance that it will do so successfully, and the use of AI may adversely affect Vista and the Funds and/or the Funds’ investments. Vista is exposed to the risks of these developing and evolving technologies, including in situations where AI is used by third-party service, data, or information vendors, or by companies where the Funds have or are considering an investment. Use of AI implicates risks resulting from inaccuracies in data input and output or signals, modeling, and information security and related regulatory developments, among others. Vista and/or the Funds could incur liability or expenses in connection with claims of infringement or similar claims by third parties related to information which Vista receives through GenAI. As a result, these risks may subject Vista to potential litigation (particularly trademark, licensing terms of use, and copyright claims), conflicts of interest, and/or other legal or operational risks. It is possible that new regulations may emerge in this area which impedes or hinders Vista’s ability to use AI in the future. The adoption of proposed regulatory rules regulating AI and other similar systems may also impose additional obligations and expenses on Vista. Vista’s practices regarding the use of AI could potentially disadvantage Vista competitively and there can be no assurance that Vista’s anticipated use of AI will be able to continue without restrictive regulatory requirements. Any of the foregoing factors could have a material and adverse effect on Vista, the Funds and the portfolio companies. As referenced herein, “Agentic AI” refers to AI systems capable of understanding a broader goal and coordinating, to varying degrees, the steps and decisions needed to pursue it and “AI Agent” refers to an AI-powered component that can perceive context, reason about next steps, and take actions toward a specific task, either independently or as part of a larger agentic workflow.

For additional information, please visit https://www.vistaequitypartners.com/disclosures. ©2026

Join Our Mailing List

Media Relations Inquiry

Institutional Investors Inquiry

Get in Touch with Our Private Wealth Solutions Team

Get in Touch with Our VistaOne Team