Generally, when private equity takes over software, it's a matter of doing the bare minimum to keep revenues stable while reducing costs. So very little ongoing development will be happening.
Strip the company into pieces and sell those is another option, that's what KKR did with NXP.
NXP is now again healthy, but that's thanks to a CFO who pulled all sorts of tricks to reduce the huge debt that KKR put on NXP.
They won't, unless they've identified a bigger sucker than they are. Private equity & software innovation don't mix.
Vista has done very well without flipping their companies.
KKR salvaged GoDaddy from shuttering completely and turned it profitable for the first time in its history. Sometimes it works.
I dont think GoDaddy survived by KKR hiring a top notch engineering staff and knowing what direction to take the technology in. They probably did some spreadsheet magic with debt and tricked some fools into thinking that was a value add.
Private equity's playbook is very, very transparent. They will take massive loans and use the money to try to create fake growth, maybe by buying a high growth unicorn. Then they will turn around and IPO it and sell it to retail suckers like mutual funds, and make a ton of money. They will get out, and then the company will collapse in a few years, taking down all the retail suckers who bought into it.
Or they'll make the company they bought take on unmanageable amounts of debt. The funds thus made available to the acquired company will be kicked out the back door to KKR as dividends.