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        <Name>IT Services M&amp;A Update</Name>
        <Summary>Updata Advisors IT Services Mergers &amp; Acquisitions News</Summary>
        <Description>&lt;p&gt;&lt;b&gt;In this issue:&amp;nbsp;&lt;/b&gt;&lt;/p&gt;&lt;p /&gt;&lt;ul&gt;&lt;li&gt;&lt;strong&gt;Overview: &amp;ldquo;Rationality&amp;rdquo;&lt;/strong&gt;&lt;br /&gt;While 2007 was a strong year for M&amp;amp;A activity in the IT Services sectors covered by Updata, it was also a year of marked contrasts&amp;hellip; &lt;a href="it_services/it_serv_jan08.asp#story1"&gt;&lt;font color="#0000ff"&gt;read more&lt;/font&gt;&lt;/a&gt;&amp;gt;&amp;gt;&lt;br /&gt;&lt;/li&gt;&lt;li&gt;&lt;strong&gt;2008 Outlook&lt;/strong&gt;&lt;br /&gt;While we expect to see the tempering impact of slow economic growth in 2008 across several Services subsectors, we also predict that M&amp;amp;A activity will remain reasonably strong&amp;hellip; &lt;a href="it_services/it_serv_jan08.asp#story2"&gt;&lt;font color="#0000ff"&gt;read more&lt;/font&gt;&lt;/a&gt;&amp;gt;&amp;gt;&lt;br /&gt;&lt;/li&gt;&lt;li&gt;&lt;strong&gt;2007 In Review&lt;/strong&gt; &lt;ul&gt;&lt;li&gt;&lt;u&gt;Repeat Services Acquirers&lt;/u&gt;: Certain Services companies have been extremely active buyers in recent years&amp;hellip; &lt;a href="it_services/it_serv_jan08.asp#story3a"&gt;&lt;font color="#0000ff"&gt;read more&lt;/font&gt;&lt;/a&gt;&amp;gt;&amp;gt; &lt;/li&gt;&lt;li&gt;&lt;u&gt;Deal Size Rose and the Roster of Publicly-Traded Firms Shrank&lt;/u&gt;: 2007 was notable for an above-average number of large Services M&amp;amp;A transactions... &lt;a href="it_services/it_serv_jan08.asp#story3b"&gt;&lt;font color="#0000ff"&gt;read more&lt;/font&gt;&lt;/a&gt;&amp;gt;&amp;gt; &lt;/li&gt;&lt;li&gt;&lt;u&gt;Premiums Paid in Certain Sectors&lt;/u&gt;: The deals presented in Figure 7 commanded much higher multiples than we traditionally associate with Services M&amp;amp;A averages&amp;hellip; &lt;a href="it_services/it_serv_jan08.asp#story3c"&gt;&lt;font color="#0000ff"&gt;read more&lt;/font&gt;&lt;/a&gt;&amp;gt;&amp;gt; &lt;/li&gt;&lt;li&gt;&lt;u&gt;Valuation Differentials by Subsector&lt;/u&gt;:&amp;nbsp; Using median metrics across a wide range of 2007 Services M&amp;amp;A transactions, Digital Marketing Services firms were at the top of the list of high&amp;hellip; &lt;a href="it_services/it_serv_jan08.asp#story3d"&gt;&lt;font color="#0000ff"&gt;read more&lt;/font&gt;&lt;/a&gt;&amp;gt;&amp;gt;&lt;/li&gt;&lt;/ul&gt;&lt;/li&gt;&lt;li&gt;&lt;strong&gt;Conclusion&lt;br /&gt;&lt;/strong&gt;As we enter 2008, our sense is that we have the makings of a good Services M&amp;amp;A year ahead of us&amp;hellip; &lt;a href="it_services/it_serv_jan08.asp#story4"&gt;&lt;font color="#0000ff"&gt;read more&lt;/font&gt;&lt;/a&gt;&amp;gt;&amp;gt;&lt;br /&gt;&lt;/li&gt;&lt;li&gt;&lt;strong&gt;Appendix: Updata IT Services&amp;nbsp;Stock&amp;nbsp;Performance Index&amp;nbsp;by Sub-Sector&lt;/strong&gt;&lt;br /&gt;Updata&amp;rsquo;s IT Services Publicly-Traded Stock Indices for seven sub-sectors vs. NASDAQ performance over 2007&amp;hellip; &lt;a href="it_services/it_serv_jan08.asp#story5"&gt;&lt;font color="#0000ff"&gt;read more&lt;/font&gt;&lt;/a&gt;&amp;gt;&amp;gt; &lt;/li&gt;&lt;/ul&gt;</Description>
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                  <Title>Updata Advisors IT Services Transactions</Title>

                  <Synopsis>Recent IT services mergers and acquisitions deals completed by Updata Advisors</Synopsis>

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