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Unlike protesters, tech companies are not in a hurry to #OccupyWallStreet. Backed by Runa Capital and ABRT, Russian Acronis, which provides backup, recovery and security solutions for physical, virtual and cloud environments, is another company which has postponed its IPO.
According to RBK Daily, the company has initially planned to raise $ 1.5 billion as a result of the IPO on NASDAQ, however the plans were postponed due to unfavorable market conditions. Parallels, another company founded by Serguei Beloussov, the senior founding partner at Runa Capital, has also delayed its plans to go public earlier this year.
As shares of Yandex, which went public in May 2011, are currently traded below the offering price, public exits are few and far between. This year still stands out compared to the years followed the dotcom bubble in 2000 when 446 companies when public in the US. But those who go public are mainly mature companies, again a big difference compared to the IPO market 11 years ago. Yandex (NASDAQ:YNDX) was founded in 1997, LinkedIn (NYSE:LNKD) was created in the late 2002 (and I joined in 2003), Pandora (NYSE:P) is over 10 years old, and Bankrate (NYSE:RATE) operates since 1976.
Founders seeking to cash in find other options. The guys at AirBnB, for example, sold some of their shares to the investors as a result of the latest fund raising round. Others, especially clones, do well exiting via a trade sale (Slando selling to Naspers/Allegro, Russian Darberry selling to Groupon). The good news is that the private equity deals are 42% up again for the first half of 2011, compared to the last year, according to Reuters, and an interest from strategic buyers is also on the rise.
For the majority of companies I see on the tech scene in eastern Europe, a lot of work needs to be done before an exit is even an option. Let’s show some profit first.
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