The IT Services and Enterprise Software sector includes companies that either sell packaged software applications to corporate customers or provide consulting and programming services to help these customers implement packaged software, write new applications or maintain existing systems. These segments, some of the largest in the technology sector, include IT Services firms such as Accenture, IBM and Infosys, while the larger enterprise software providers include Oracle, SAP, Microsoft and Salesforce.com. Sub-segments include firms with a particular vertical industry focus (such as telecom with the likes of Amdocs, Convergys and CSG), the India-based IT Services firms (such as Infosys, TCS and Wipro) and those offering software on a hosted “software-as-a-service” basis (including Salesforce.com and NetSuite). While we expect IT budgets will be down in 2009, in the long-term we expect the demand for software and IT Services will remain robust with the true innovators leading the pack.