A combination of private equity investment and acquisitions of EH&S software vendors by larger trade buyers has dramatically changed the competitive landscape over the last 2 years. Increasingly, software vendors who previously focused on the North American market will look for growth opportunities and acquisitions in Europe. At the same time, bigger players in the European market like Enablon (now owned by Wolters Kluwer) and SAP must invest to protect their home markets. Will the “grey squirrels” of the American continent successfully conquer the markets owned by the “red squirrels” of the European continent? Or will the Europeans protect their turf and make their own thrust into North America?