TheDeal.com - Graceful exits

'Right now we have upwards of 90% of companies going the M&A route, rather than the IPO route,' said Mark Heesen, president of the National Venture Capital Association, who posits that M&A is driving nearly all exits during the current drought of tech IPOs.

'We haven't seen those kinds of percentages in 20 years,' Heesen continued.

"'You cannot make a grand slam off of an acquisition,' commented Heesen 'You can't have a Google [Inc.] off of an acquisition, and VC funds sometimes are made on the success of one or two companies.' "