The piece examines the evolving role of systems of record in enterprise software against the backdrop of AI advancements. The author argues that while systems like Salesforce and Workday remain critical, their value proposition is shifting. As AI-driven agents emerge, these legacy systems risk losing control over the "front door" — the primary interface through which users interact. The analogy drawn is with the travel industry, where Global Distribution Systems (GDSs) once dominated. Although GDS platforms like Sabre and Amadeus still exist, they ceded much of their economic power to online travel agencies like Booking.com and Expedia as consumers gained direct access. The author highlights that the main question isn't whether these systems will survive; it's about who will control the new front door. The GDS model illustrates how a reliable source of truth can persist even as value shifts to new players. The post hints at a potential future where legacy systems either innovate to reclaim their front door or become low-margin infrastructure beneath new platforms that capture most of the value. The author expects many legacy systems to adopt defensive measures, such as charging egress fees to limit data access. In the latter part, the article discusses SaaS valuation, emphasizing that revenue multiples are the primary metric for assessing these businesses. The overall median revenue multiple stands at 4.6x, with high-growth companies averaging 13.8x. The analysis suggests that growth expectations significantly impact valuations, highlighting the importance of understanding how these dynamics affect the enterprise software landscape. The author proposes a follow-up to explore the strategic responses of legacy systems as they navigate these challenges.