Its offerings in the professional services market are going to be a bigger help in Europe, where Deltek wants to grow. Maconomy operates in Denmark, the U.K., Sweden and the Benelux countries. The purchase of Maconomy would significantly expand Deltek's income, since the latter had $265.1 million in 2009 revenue. While Deltek says it will use cash on hand for the purchase, the May 3 issue of this newsletter pointed out the company had filed a $200 million shelf registration for a mixed bag of securities, for which M&A was a likely use. The company doesn’t have to issue any or all of the $200 million. But the fact it is spending less than half of that has me surmising Deltek may make another acquisition in the next few months. Maconomy’s 2009 annual report talked about European expansion and noted “Additionally, no American specialist providers have managed to establish themselves on the European market.” Maconomy’s report also talked about the effort to establish a local presence in the U.S., which seems either easier or less necessary, depending on where its product gets niched.