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In past years, the end of a calendar year signaled “acquisitions season.” As the year ends and companies endeavor to take advantage of much needed tax breaks, the industry typically is flooded with news of mergers and acquisitions (M&A). In recent recession years, this seemed an indication of the security industry’s resilience and ability to thrive while other industries faltered. However, 2011 seemed quieter than others and we set out to find out why, while the industry continues to do well, merger and acquisition activity is down.