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  "documentTitle": "ey connecting the dots m a deals in technology services in 2024",
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  "notes": "The slide uses a three-row structure to categorize market trends by ecosystem type (Hyperscaler, Enterprise Apps, Data/Analytics).",
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      "text": "Demand for D&A specialists remains strong, with activity holding up in leading ecosystems. PEs once again led most of the deals in the segment. We note broad-based demand from strategics, including incumbents and BPOs. Valuation mismatch remains a key headwind.",
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      "text": "Cloud modernization theme driving deal activity in the ERP segment, propelled by cloud adoption cycle in SAP and Oracle. Expanding opportunities in ITSM and CSM driving increasing ServiceNow interest. Salesforce activity is resilient despite a marked slowdown in discretionary spend, driven by PE-led lower middle market consolidation.",
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      "text": "Hyperscaler ecosystems continue growing as multi-cloud environments become an enterprise staple and data solutions drive demand. Strong demand for Microsoft stack owing to a comprehensive and integrated PaaS/SaaS and AI solutions suite as compared to peers.",
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      "text": "Source: MergerMarket, Cap IQ, PitchBook, EY research and analysis",
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