Can you explain how you split the M&A funnel? What is BD, and what is execution?  

A typical deal at Constellation might involve approaching a business owner in Texas who runs a supply chain management software business with 150 customers and $2.5 million in net recurring revenue. This is a great target. Typically, the owner has been approached by Constellation, ideally by the same people from the organization and portfolio for the past five or six years. There's an established relationship, with meetings and familiarity with some of the businesses we own at Constellation. The owner is comfortable and knows we will never sell the company.