With spending on software and IT services expected to outpace the other categories again in 2023 by an even bigger margin, the Gartner IT spending data are reflecting this fundamental shift to the software economy.

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As exponential technologies emerge, integrate, and converge, the pace accelerates, the effects of compounding become steadily more unpredictable, and the risks mount even as perceived value escalates. These vectors have significant implications for board members, executives, and almost all organizations.

On October 14, GitLab, a ten-year old coding platform company with just 1,350 employees, went public at a valuation of $11 billion. This is further confirmation that the world is now increasingly software driven.  With all companies now having to act like software companies the market for solutions that facilitate this transformation is growing rapidly.

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The Bureau of Economic Analysis announced on July 29, 2021 that real economic output of the US grew at an annual rate of 6.5% in the second quarter. Following on the heels of a strong first quarter, US GDP has exceeded its pre-pandemic levels in remarkably short order.

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In yet another sign that the world is software-driven, Prosus N.V., one of the world’s largest tech investment firms operating as the international Internet assets arm of South African multinational Naspers, announced on June 2 that it’s acquiring Stack Overflow, a global knowledge-sharing platform for developers and technologists, for $1.8B. Prosus already owns significant stakes in online education companies Udemy and Codecademy, in addition to a number of other tech companies—most notably, Tencent.

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Japanese industrial giant Hitachi Ltd. announced that it was acquiring GlobalLogic Inc., a privately held digital engineering services company based in Silicon Valley for $9.6 billion. The purchase price values the company’s shares at $8.5 billion, more than three times what they were worth just three years ago, with $1.1 billion allocated to paying off its debt. Canada Pension Plan Investment Board and Partners Group, the two largest shareholders in GlobalLogic, each stand to net $3.8 billion from the sale.

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