Ernst & Young have tracked the steady increase in the value of technology M&A since 2008, with a 75% increase in the second quarter of this year. We are now in the third quarter and we have seen two real mega-deals: Googles grab of Motorola for $12.5bn, and HPs $10.2bn acquisition of Autonomy. These deals are well beyond those with which I deal, but the same underlying reasons apply. The larger technology companies have lots of cash (the 25 largest technology companies have $591bn, according to Ernst & Young) and M&A is normal business for acquiring new products, markets and patents. And during this mini-boom in M&A over the last few weeks, the public markets in US and UK have seen a 15% and more drop. Yes, these markets do impact the sentiment around deals, but they do not detract from the underlying reason why they happen. Corums clients are finding buyers and completing deals during the current public market storms: good deals at good prices. Yes, there is a risk that the larger technology companies will worry that they need to conserve cash to cope with a prolonged market downturn, but until that time, there are deals to be done.