As much any of the other five continents where we have research customers, we see that Europe is particularly regionally inclined: small vendors flourish in their local markets, often keeping out larger global competitors. But perhaps moreso than the rest of western Europe (UK excluded), out of DACH has come come of the largest technology powerhouses in content management, from the likes of SAP and CoreMedia to Day (since acquired by Adobe) and e-Spirit, to open source projects such as Magnolia, OpenCMS, and Typo3