The last 12 months have been rocky for the pan-European players that service multinational corporations, and many providers are now suffering significant financial difficulties as they attempt to recoup their investments. As a result,companies have been forced to file for bankruptcy, retrench to their core business, or restructure in order to survive the new market conditions. This report analyzes the changes that have occurred in the market and evaluates the remaining pan- European players (see Exhibit 1). The analysis considers the key factors that contribute to the overall success of a company,such as financial stability,product portfolio, and network coverage.