Microsoft CEO Steve Ballmer was in Silicon Valley last week to preside over the company's annual schmoozefest with venture capitalists. The day's comments have been well reported but in case you missed it, here are the key takeaways:

1) The software giant completed 22 acquisitions in the past 12 months, which is an increase from 9 over the previous 12 months. The fears of being labeled an all-powerful monopolist are no longer constraining Microsoft's corporate development efforts.
2) 8 of its 22 purchases were of venture-backed startups.
3) The pace of acquisitions is set to increase.
4) Acquisitions will likely be centered on new media and software as a service.

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