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We began to get very serious about a few big acquisitions that we'd developed an appetite for. One was DoubleClick - the other was Donovan Data Systems. DoubleClick was the only company that met our strategic framework on the ad platform side. It had a huge position - approximately 65% on publishers and about 45% on agency desktops with DoubleClick for Publishers (DFP) and DoubleClick for Advertisers (DFA). Importantly, we started hearing about a new large project internally called the DoubleClick Exchange. We investigated and ultimately passed on acquiring Right Media at the end of 2006. We were now fervent in our belief in the OLX vision, which had matured over two years. OLX could be catalyzed by combining the supply from DFP with the demand from DFA, with Microsoft inventory as an anchor tenant. We'd have the opportunity to really take off. We saw Donovan Data Systems as a perfect fit in our strategy. It had a huge percentage of agency media buyers using its systems, and was a big Microsoft customer. Unfortunately as we neared a swing at DoubleClick, which would have been the centerpiece of our strategy, it ran a quick process and stepped into exclusivity with Google. We tried unsuccessfully to break them out of that exclusivity and were prepared to throw a ton of money at it - but Google prevailed. The alternative approach that Yusuf, corporate strategy, Joe and I came up with was less than optimal. We'd basically acquire and roll up several major assets. We bought AdECN to create a center of gravity around our OLX vision. We continued discussions with Donovan Data Systems and got very close to a deal. And we began conversations with aQuantive. Since aQuantive was based in Seattle, it was easy for our executive team, who hadn't been deeply ingrained in the strategic view so far, to step in and participate directly in conversations. And things accelerated quickly - so fast that negotiations moved beyond the pale of expectations - with the valuation of aQuantive eclipsing the next most expensive ...