2027: The Year of Shift in Private Credit
The June 2028 macroeconomic report by CitriniResearch predicts and explains the evolution and consequences of the global intelligence crisis. In fact, rating agencies are downgrading several billion dollars' worth of debt related to software companies. The cause: sustained pressure on revenue, amplified by artificial intelligence. The first defaults are appearing rapidly. Loans granted to SaaS companies are starting to go unrecovered. Several companies are entering restructuring.
The Case of Zendesk
In 2022, the company was acquired for $10.2 billion by investment funds. The operation was based on a $5 billion debt. The model was clear: recurring revenue was supposed to ensure repayment. However, in 2027, this model collapsed. The report confirms that artificial intelligence is transforming customer service. Automated tools are gradually replacing human interactions. The ticket system, the core of Zendesk's activity, is becoming less relevant. The so-called "recurring" revenue is no longer truly recurring. It is decreasing.
Consequences
As a result, the company is no longer meeting its financial commitments. The loan has plummeted in value. This default has become the largest ever recorded in software-related private credit. Zendesk has become a symbol, and a question arises: how many other companies are in the same situation?
