Despite end of IPO drought, U.S. venture-backed liquidity market at 6-year low - Nashville Business Journal:

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Overall venture-backed liquidity fell 57 percentfrom $6.48 billion in the secon d quarter of 2008 to $2.8 billion in the most recentg quarter, the report said. Venture capitalistws generated $2.57 billion through mergers or acquisitionz of 67 portfolio companies in thesecond quarter, a 60 percentr decline from the $6.48 billion raised via 89 M&Asx in the same quarter in 2008 and the lowest quarterlt M&A deal total since 1999. Three venture-backed companiesz made public-market debuts in late May and June, raisinvg a total of $232 In the prior 13 months, only one other VC-backed companh completed an IPO, in August 2008.
The two largesy M&As of the quartefr belonged toSan Jose-based which bought San Francisco-based , a maker of digital for $590 million and Palo Alto-basefd , a maker of workloard management software, for $105 According to VentureSource, the overall median amounty paid for a venture-backed company in the seconds quarter of 2009 was just shy of $22 milliomn -- a 46 percent drop from the nearly $41 millionn median paid during the same period in 2008. The data showesd that, prior to achieving liquidity via a mergerr or acquisition in thesecond quarter, companies raised a median of $16.3 million in venture capital, 30 percent less than the $23.
4-milliobn median seen during the same period last In addition, the median amount of time it took to reac h liquidity via M&A was 4.5 years, 25 percentt less time than the 6-yeart median in the second quarter of 2008. The largest IPO belongecd to SolarWindsof Austin, which raised $113 million in its May IPO. The companyh makes network and performance management tools forthe