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 Venture capitalists are watching LogMeIn Inc.'s expected IPO closely this week. If the remote-access software developer begins trading on the Nasdaq exchange under the ticker symbol LOGM on Wednesday as anticipated, it will be the sixth venture-based company to go public this year. (See chart below.)Exits are the VC industry's biggest concern of late, with nearly all the VCs who responded to a recent online survey conducted by Polachi Inc. indicating they were worried about the exit market for their portfolio companies. The recent flurry of activity, while heartening, follows a dismal period for the IPO market, with zero venture-backed companies going public in the fourth quarter of last year and the first quarter of this year. The National Venture Capital Assocation is expected to release data on IPO and M&A activity for venture-backed companies on Wednesday. In the meantime, last week's IPO of venture-backed Medidata Solutions Inc. (NASDAQ:MDSO) brought some good news to VCs, some of whom have been predicting that the end of the IPO drought is near. Medidata performed well for its VC backers -- Insight Venture Partners, Milestone Venture, Stonehenge Capital, GlobalNet Partners and Silicon Alley Ventures -- who made a combined $24.4 million profit in just the first day, with Insight's 33% stake giving it a $16.3 million profit. Investors in LogMeIn include Prism Venture Partners, Polaris Venture Partners, Technologieholding Central and Eastern European Funds, Integral Capital Partners and Intel Capital. Founded in 2003, the Woburn, Mass., software company plans to raise $100 million-plus in an initial public offering of 6.7 million shares at a price range of $14 to $16. Underwriters are led by J.P. Morgan Chase & Co. (NYSE:JPM) and Barclays plc's (NYSE:BCS) Barclays Capital. One force driving the current crop of IPOs is that as investment banks have moved away from leveraged deals, they have renewed their interest in underwriting. Also significant, VCs say there are many venture-backed companies ripe for IPOs in the pipeline. "There are lots of interesting companies ready to go public," says David Hornik, a partner at August Capital Management LLC, whose new $650 million balanced-stage fund is the biggest venture capital fund raised this year. "They have tens of millions of dollars in revenue," Hornik tells The Deal. "They're cash-flow-positive. They've built big businesses over the last decade." - Mary Kathleen Flynn
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From: George White,
We did, and this in indeed the logo on their website.
Posted on:
July 6, 2009 5:44 PM
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That isn't the company logo. Did you even visit their website?!?