Like many small caps in the technology space, Ixia's (XXIA) customer base historically has shown significant concentration. In 1998, Ixia's first full year of operation, Cisco Systems (CSCO) accounted for 32% of total revenue. However, thanks to growth and acquisitions over the years, Ixia's customer base has broadened. In Q3 2012, Cisco, which remains Ixia's largest customer, accounted for 12% of revenue. The second-largest customer AT&T (T)