Believe it or not, it did actually makes sense at the time! PWC's share price had dropped dramatically because the market was going through a bad time, and they had to sell their consulting arm because of the Enron debacle and subsquent accounting scandals. IBM on the other hand wanted to broaden their focus on broader business solutions, rather than focusing purely on the tech side. They got PWC Consulting for pennies ($3.5m), when just a year before it had been valued at $18m. On paper it sounded like a sensible move - after all, the margins in Consulting are much higher than in the IT services arena. Customers feel more comfortable dealing with big players, and you would think that PWC's good consulting reputation combined with IBM's technological might would be a good combo. What they failed to take into account was the massive difference in culture and style between the two firms, and the PWCers have been feeling seriously disheartened by the steamroller approach of the IBMers - and as you say, a lot of the exPWC people are now either gone or looking to go. A cautionary tale!!