Enterprise

In fact, this is a sector with plenty of consolidation still to go.

Some reasons why:

First, Microsoft has still to pounce. It has built from scratch a seat at the content management table through SharePoint, a product that grows like topsy through organisations that don’t even know it’s there a lot of the time. But Microsoft could use some experience in the "enterprise" aspect of enterprise content management and the remaining independents in ECM are in Big Green's usual price bracket for acquisitions.

Second, the big players won’t necessarily limit themselves to one-off entries. IBM bought FileNet, EMC bought Documentum and Oracle bought Stellent but that doesn’t mean their jobs are done. The desire for scale, customer base and additional licence revenue to buoy share prices will mean that more deals on top of earlier strategic moves are possible.

Third, Open Text may be feeling lonely. As the remaining unmarried ECM firm, the company must be thinking long and hard about its future and other companies will be thinking the same way.

Fourth, some companies haven’t made the ECM move. SAP, at least when Shai Agassi was there, was expected to make an ECM splash but has still not moved. An ECM deal would make sense given the German firm’s dominance of business applications.

More ECM M&A? Certainly.