The software market remains highly competitive and our fourth quarter results were mixed by geography. We saw double-digit growth in the Americas, where we believe we gained market share in both the fourth quarter and full year. This was partially offset by weaker results in Europe.

Mark Loughridge

Growth Software

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We expect services revenue growth to accelerate throughout 2006 to achieve mid-single digit revenue growth in the second half.

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Ten-percent growth in software is a very good number. That's the kind of thing we want to see. That's where [Gerstner is] getting leverage. That's where he's cementing the future of the company.

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We have taken a number of very important actions to improve productivity and reallocate resources to the faster growing areas of the business.

— Mark Loughridge

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Our pipeline for the first quarter is up year-to-year, with particular strength in our long-term businesses.

— Mark Loughridge