It's not as if everyone is shifting away from IT, but there are some other sectors like alternative energy, business services, and outsourcing that have drawn a little bit of interest away from IT.

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M&A is a much more lucrative exit for them right now. It is hard to say whether a window will open up again where we'll see strong IPO activity, but I think M&A will remain the more popular exit in 2006.

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It was a pretty strong first quarter.

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