Acquisitions will be tempered, at least in the U.S., by the kind of defensive postures that a lot of these IT firms have right now. They want to see which way the economy is going, and when is the IT marketplace going to start buying stuff again. There is no point in buying a company if its products or services are not being purchased.
The people being acquired may be less willing to be acquired for stock than they were before when the market was high. The depressed stock prices cuts both ways. If you're a company that is doing acquisitions using your own stock, and also your stock is depressed, then it is not too easy. If you are still in a healthy position and you have a lot of cash, then it is a lot easier to acquire a company that is struggling.
Some of the smaller consultancy firms are struggling for business. A lot of them were frustrated that they didn't manage to get on to this tidal wave of everybody getting rich a year or two ago, and so they might be willing to sell just because they are tired, or because they see that they just don't have the resources to expand their niche.