  We study the AdS_5 x S^5 sigma-model truncated to the near-flat-space limit
to two-loops in perturbation theory. In addition to extending previously known
one-loop results to the full SU(2|2)^2 S-matrix we calculate the two-loop
correction to the dispersion relation and then compute the complete two-loop
S-matrix. The result of the perturbative calculation can be compared with the
appropriate limit of the conjectured S-matrix for the full theory and complete
agreement is found.
