20VC: SaaS is Dead: Why Systems of Record Will Die in an Agentic World | What Revenue Multiple Will Software Companies Trade At? | From 7,000 to 3,000: We Need Less People Than Ever with Sebastian Siemiatkowski

**Sebastian Siemiatkowski** (0:00)
We used to be over 7,000 people, and we're now less than 3,000. And I didn't ask for a single dime to do all this. And the reason for that is because I've seen the acceleration of AI, and I know we can ship all these things on the existing organization. We've gone from 7,000 people, we're now below 3,000, we've shrank 50 percent. This is what I signed up for. It is stressful, it was hard as hell, but this is what I wanted. The next thing that's going to hit everyone bad is the switching cost of data.

**Harry Stebbings** (0:30)
This is 20VC with me, Harry Stebbings. Now we have an incredible episode today. Seb from Klarna is probably one of the leading figures in how to implement and use AI effectively, to shrink headcount and make your business way more efficient. This was one of the most wide-ranging conversations we've had. Seb was just awesome in the studio. It's a fucking great show. I love doing it. He was incredible. Let me know what you think. harry at 20vc.com I want this to be the best podcast that you listen to every week. But before we dive into the show today, as an investor, I'm always on the lookout for tools that really transform how I work, tools that don't just save time but fundamentally change how I uncover insights. That's exactly what AlphaSense does. With the acquisition of Tegas, AlphaSense is now the ultimate research platform built for professionals who need insights they can trust, fast. I've used Tegas before for company deep dives right here on the podcast. It's been an incredible resource for expert insights. But now with AlphaSense leading the way, it combines those insights with premium content, top broker research and cutting edge generative AI. The result? A platform that works like a supercharged junior analyst, delivering trusted insights and analysis on demand. AlphaSense has completely reimagined fundamental research, helping you uncover opportunities from perspectives you didn't even know how they existed. It's faster, it's smarter, and it's built to give you the edge in every decision you make. Twenty VC listeners don't miss your chance to try AlphaSense for free. Visit alphasense.com/twozero to unlock your trial. That's alphasense.com/twozero.
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**Sebastian Siemiatkowski** (4:18)
You have now arrived at your destination.

**Harry Stebbings** (4:21)
Sebastian, it is so good to have you in the studio, dude. We've done this before, but to have you here in person is fantastic. So thank you for joining me.

**Sebastian Siemiatkowski** (4:28)
I am so happy to be here. This is going to be a lot of fun.

**Harry Stebbings** (4:30)
Dude, this is going to be great. So this is also going to be the best show you've ever done. You've done a lot of shows. I'm telling you already. Dude, where the fuck is value in a world of anthropic and clawed code wiping billions of dollars off a stock market? How should I think about that?