IBM Corp. has the in-house deal expertise to handle acquisitions without an investment banker, and over hundreds of deals, it has chosen to go without an outside financial adviser. That could be changing, according to Elias Mendoza, vice president of corporate development and a former Morgan Stanley banker. Mendoza says as IBM navigates in a fast-evolving competitive landscape and expands its presence in global markets, i-bankers can offer insight and connections that complement the capabilities of IBM's in-house deal team. - Suzanne Stevens