Hansen Technologies' SaaSpocalypse Discount Meets an AI Winner Case

A mission-critical billing platform for utilities and telcos nearly halved in a broad software sell-off, even as fund managers argue AI is genuinely helping, not hurting, the business.

30 Sep 2026 · 3 min read

Hansen Technologies, a mission-critical billing software provider to utilities and telecommunications companies, was caught up in a broad-based SaaSpocalypse sell-off that saw the stock nearly halve over a year, even as fund managers argued the business is genuinely an AI winner with mission-critical, highly regulated customers who can't easily switch providers.

Buying back into weakness on a mission-critical thesis

Infinity Asset Management said it increased its position in Hansen Technologies back up to target following recent share price weakness.

A first-half result reveals a genuine AI winner

Investors Mutual Limited rated the stock a buy and a big holding, noting the broad-based sell-off in software, the so-called SaaSpocalypse, had caught up Hansen, but strongly feels after the first-half result that Hansen has shown it is actually an AI winner, already having AI products in market generating revenue. Hayborough Investment Partners agreed, also rating it a buy, noting Hansen's customers are big, complex businesses, often highly regulated, that don't move on from their software technologies simply, with Hansen doing a fantastic job utilising AI to enhance its product offering.

Ben mentioned the broad-based sell-off in software, the so-called SaaSpocalypse, and Hansen's been caught up in all that, but we strongly feel after the first half result that Hansen's shown that it's actually an AI winner. They've already got AI products in market that are generating revenue.

— Investors Mutual Limited, Article, April 2026

A mission-critical billing platform hard to displace

Investors Mutual Limited said Hansen's billing software and customer solutions are mission critical, since without their product you can't charge your customers, describing water utilities, electricity utilities and telecommunications companies that rely on that software to bill customers and maintain customer relationships, operating in very complex, highly regulated industries where you can't just switch and mix providers.

Billing software and customer solutions — if you don't have their product you can't charge your customers. Think water utilities, electricity utilities, telecommunication companies — they rely on that software to bill their customers and maintain customer relationships. This is mission critical software; they operate in very complex, highly regulated industries.

— Investors Mutual Limited, Interview, August 2026

A guidance miss on AI investment sends the stock down 18%

Investors Mutual Limited said Hansen fell 17.9 percent after guiding to lower than expected FY27 earnings due to investment in AI and a de-emphasis of one-off licence fees, viewing this as a temporary issue and remaining confident in the company's longer-term prospects under an incoming CEO. Forager Funds said Hansen Technologies was a new addition to its portfolio on the back of a result that disappointed the market, with real headwinds from currency, cost inflation and a problematic German acquisition, but with the share price having almost halved over the past year while the business remains very profitable and cash generative.

Hansen Technologies was a new addition to the portfolio on the back of a result that disappointed the market. The headwinds — currency, cost inflation and a problematic German acquisition — are real, but the share price has almost halved over the past year, and it remains a very profitable, cash generative technology business.

— Forager Funds, Article, September 2026

What fund managers say they are watching next is whether the AI investment translates into the product enhancements IML and Hayborough describe, resolution of the problematic German acquisition, whether the incoming CEO delivers on longer-term prospects, and whether the SaaSpocalypse discount continues unwinding given the mission-critical, hard-to-displace nature of the business.