 This is JSA TV, the newsroom for tech and telecom professionals. I'm Dean Perine, executive vice president at JSA. And today we're catching up with Mr. Dan Kenney. Dan is a managing director at QAdvisors. Dan, thanks for taking the time to speak with me today. I appreciate it. Yeah, thanks for having me, Dean. You got it. You got it. So Dan, for folks that don't already know, why don't you tell them a little bit about QAdvisors? Sure. QAdvisors is a boutique investment bank based out of Denver with additional offices in San Francisco and now more recently Munich, which we will talk a little bit more about. We currently have about 20 professionals based out of our offices. And we have been 100% TMT focused since the firm's founding in 2001. More recently, we've been heavily focused on managed IT, digital infrastructure, and unified communications as a service, among other subsectors. In terms of services, we are primarily sell side and buy side advisory, as well as providing private placements of debt and equity capital. We are at this point about 50% domestic and 50% international transactions, which we like to think differentiates us for our size. Excellent. Thanks, Dan. So as a follower of the industry, I have heard a great deal about QAdvisors, particularly in the last year or so, yeah, last year and a half. You guys have continued to grow, as you mentioned, with some of the international stuff. But you recently celebrated a relatively important milestone. You want to talk to us a little bit about that? Yeah, sure, Dean. 2020 was a tough year for many, both personally and from a business perspective. We feel extremely fortunate to be focused on the sectors that we focus on. And QAdvisors was actually, as a firm, able to close 17 deals in 2020, which is a record for the firm over the past 20 years. So we're pretty excited about that. And we continue to do a ton of work in Europe. The number of transactions we've been doing annually has been escalating pretty quickly in recent years. And we recently opened a new office in Munich and hired a new MD, Christian McCarter, who will be based out of that office and spearheading the continued growth and supporting that. Thanks, Dan. I appreciate that. And again, congratulations on those significant milestones. But let's talk about the sector, the industry, and your place within the industry in terms of where things are headed in the TMT space, specifically with regard to M&A. As you mentioned, it was a record year for you guys and lots of international work there in Europe. But where do you see things going in 2021? Existing ramping up of business in Europe, how about the industry in general? Yeah, look, despite the pandemic, 2020 was a really strong year for TMT M&A. And I think it's indicative of the importance of the sector globally. We don't expect much change in 2021. We expect it to continue to be hot. There's tons of capital out there chasing TMT opportunities. There are a number of subsectors that continue to be ripe for continued consolidation. Obviously there's been massive appetite for digital infrastructure and we don't see that changing anytime soon. The managed IT sector has seen a ton of consolidation in the past few years, but it remains highly fragmented. And so we expect the same level of M&A activity this year and years to come in managed IT. I think one other thing I would add is we've got some potential tax changes coming up in 2022. And this isn't unique to TMT, but we project that there could be an acceleration of some activity as business owners try and get their liquidity event in before the staff changes are impacted in 2022 and beyond. Yeah, so that's not something that I necessarily had given much thought to as far as the taxes. So you guys are looking at a number of different variables with regard to the industry. So interesting thoughts there. But is there any one thing or any maybe group of two or three things that you can point to as kind of being the overall catalyst for the amount of M&A that you guys, both that you have seen and the industry has seen in the last year and what you're predicting to be in 2021? Yeah, like it's hard to point to any single factor. It's easy to take a step back and look at the demand for bandwidth is not going away. And that impacts a lot of the sectors that we play in, right? COVID has only exaggerated that as everyone tries to figure out the work at home and kind of the go forward. Because I think there is going to be a new normal, which is not everyone back in the office. And that has been positive for many of the subsectors that we focus on, including infrastructure, unified communications, obviously. And so that's driven continued interest from both strategic and private equity capital investors in the space. Excellent. Thanks, Dan. And thanks for those insights on 2020 and what things look like for 2021. For our viewers that want to learn more about QAdvisors, where should they go? Sure. Our website is www.qllc.com. Awesome. Dan, thanks again for the time today. Have a great Friday. Thank you very much. Appreciate it. You got it.