We expect less Technology M&A activity over the near-to-intermediate term given the recent pullback in the NASDAQ Composite (down 14% over the past two weeks). This is especially true for Public-Private M&A transactions. Private companies as a general rule lag public companies in terms of resetting internal valuation expectations. Should private technology companies be willing to absorb several downward turns on EBITDA multiples it would go a long way toward facilitating transactions.