 Welcome to JSA TV and JSA Podcast, the newsroom for telecom and data center professionals. I'm Lauren Oland coming to you from ITW 2020. Joining me today is Jerry Dehaven, partner at QAdvisors. Jerry, welcome to JSA TV. Hi, Laura. Good to be here. Well, Jerry, let's start for those who don't already know. Tell our viewers if you could about QAdvisors. I'll be surprised if many people don't know, but QAdvisors is a 20-year-old investment banking firm. We're based in Denver. There are 21 of us spread around our Denver headquarters office in San Francisco and in Amsterdam. We've opened up recently as well. The firm has been very much focused on the cloud communications, internet infrastructure, managed services space for years. We're a boutique firm, which means we're specialized. And those are really the subsectors that the firm has chosen to focus on the better part of the last six to seven years. And we continue to see, obviously, a lot of activity. What we do, we help our clients explore liquidity events like the sale. I'd say that's probably 60 to 65% of our transaction volume. And then the rest of what we do is some combination of helping raise capital and exploring other strategic buy side combinations. Jerry, we've been seeing QAdvisors continue to grow in 2020 with a recent strategic alliance and acquisition deals. Can you share any of the recent news or updates with us? Yeah, sure. We've been fortunate enough to get six transactions closed. We've worked on a number of other transactions, including closing TPX earlier this year in January. We were able to put together a transaction with an export tax and BCM-1, who's backed by Thompson Street, as well as a few others, which has been good given some of the events going on in the world. And as you mentioned, Laura, we've also memorialized a partnership with the folks at Acuity Advisors in London, who we've gotten to know a lot over the last six, 12 months, very similar in terms of culture, focus, size. And it's really helped us as we had expected to expand our European office before the COVID virus. And that's obviously impacted a lot of people's ability to travel. And we were going to pursue this partnership anyway, but it's become more timely and I think more strategic for us, given what's happened in the world as they're based in London and have offices around Europe. And we haven't been able to get there as much as we expected to so far this year. But it's been a busy couple months. There's certainly been some impact to us in terms of what's happening. But we continue to work and continue to see a fair amount of activity. What are some of the industry trends in the TMT space in regards to M&A that you're keeping your eye on? Well, given all the uncertainty in the world, we're really keeping an eye on what's happening in the debt markets. Because we focus a lot on companies that have recurring revenue in the cloud and internet infrastructure space, what we're fortunate is those are still highly attractive investment areas for both private equity and buyers. But having said that, there's still some uncertainty. We're still trying to get our arms around what the account receivable challenges are going to be for our clients. But we've also seen a huge uptake in new revenue and new demand as the world scrambled to get virtual in March and April. A lot of our clients actually hit some of their best months. That impacts M&A just because models that were in place in January and February have got to be re-scrubbed. We think that by the end of Q2, we'll start to really get our arms around what the net impact has been to a lot of our companies. But the cost of capital remains still cheap. Private equity firms still have a lot of money to put to work. I think we'll see a fair amount of restructuring. We continue to see a lot of cross-border activity, particularly between North America and Europe. And we're going to continue to do that. We haven't really seen a big shift in valuation expectations, obviously some of that as we go on. Some companies particularly exposed to some of the harder hit verticals will need to... Probably if they want to get a transaction done, the New York term has to shift their value expectations. But again, credit will be a little tighter in terms of how they assess. But as I said earlier, private equity still has a lot of money to put to work. Cloud and infrastructure sectors continue to be a very attractive place for private equity investment. We'll be watching those trends along with Q-Advisors. Jerry, where can folks go to learn more about Q-Advisors? We're at QLLC.com, and you'll see us on LinkedIn as well. All right, go check them out. Thank you, Jerry, for sharing with us. We appreciate your time. Happy to do it. Thank you, Laura. And thank you viewers for tuning into JSA TV and JSA Podcasts. Happy networking. Thanks.