In fact, with all the cash that Google has it may be a surprise that there is not more buzz concerning acquisitions especially considering the favorable valuation environment that exists currently.

Reuters reports that the company has particular targets

Schmidt said, Google plans to focus on the cloud, mobile, and open source distribution of software in the next year.

Schmidt further clarified the philosophy

We primarily look for technology. Its a typical build versus buy. How long does it take us to build it with our engineers, versus there are already engineers in this other company that have built this thing.

This philosophy is taking a page from the Cisco Systems who has been purchasing smaller technology players who have developed a technology that makes sense in the grand scheme for the networking giant. Since its early days Cisco has made over 130 acquisitions. Will Google follow the same line of thinking?

To listen to Schmidt, what they are doing is just business as usual

We have been (looking to acquire), Schmidt said. We have been wandering around looking at all of the different companies. With the big ones we havent come across anything weve particularly liked. We are definitely talking to a number of smaller companies but weve done that routinely.

So if you are small company with a nifty technology that might be attractive to one of the most influential companies in the world, tighten up your preso and reach out to Mr. Schmidt. Of course, whether you catch him in Mountain View or Washington, DC may depend on where he can best advance the cause of Google the greater good.

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