The Library House database confirms that Europe has not seen a single venture backed company complete an IPO so far in 2008. This time last year, a total of seven IPOs had been completed, 10 per cent of the total number of IPOs in 2007. This reflects wider market conditions, with the number of admissions on AIM, a popular exit location for European venture backed companies, in January hitting their lowest values for almost four years.

There has been much talk in the venture capital community about whether the current global economic problems will affect the early stage funding environment. There is some evidence that investors in Europe may already be tightening their belts - Library House’s recently released Q4 2007 Quarterly Briefing showed that investment in the final quarter of 2007 dropped to its lowest level in over two years. If exit opportunities continue to shrink, levels of venture investment in Europe could fall even further.

Some of the European companies that told Library House they would be looking to exit via IPO in 2008 are listed below:

Revolymer is a University of Bristol spin-out company developing novel polymers. The company states its polymers could be used in a wide variety of sectors including paints, coatings and drug delivery. For its first product, Revolymer has combined hydrophilic and hydrophobic polymers to create a non-stick chewing gum. It hopes to take this to market in 2008. The company has received €4m in venture funding so far from investors including the IP Group, Swarraton Partners and Top Technology Ventures. In November 2007, Mr Roger Pettman (Chief Executive) told Library House that the company planned to exit onto the AIM market in 2008.

Innovacell Biotechnologie told Library House that they were looking to IPO either on AIM or in Vienna, in the first half of 2008. The stem cell company, based in Tyrol, Austria, specialises in tissue engineering and developing individually tailored cell therapies for patients. The company has raised a total of €6.8m in two rounds of venture capital from Horizonte Venture Management, Hypo Equity Management and Uni Venture Beteiligungs.

Silex Microsystems, a Swedish microelectromechanical systems (MEMS) foundry, manufactures more than 70 unique products for customers around the world, mainly from the medical, biotech, telecommunications and consumer electronics industries. Silex has received €15m of disclosed venture capital in four funding rounds since its 2000 incorporation. Investors in the company include CapMan Group, Startupfactory and Kreos Capital. In 2007, the company told Library House that it would IPO in 2008 to raise money to build a new foundry. Speaking to Library House recently, Jan Nerdal (Chief Executive) said that the company had planned to IPO on the Stockholm stock exchange on 11th February 2008, however this had been postponed until summer 2009 due to ‘unfavourable market conditions’.

In early 2007, MySQL, a Swedish open-source database developer, revealed plans to IPO in 2007/08. The blogosphere was awash with rumours regarding the date of its public listing throughout 2007. In January 2008 the company announced instead that it was to be acquired by Sun Microsystems for $1bn (€680m), surprising many commentators. Uncertain global market conditions were probably a contributor to MySQL’s change of strategy.

Along with the continuing problems in the public markets, there is some evidence that trade sales may be coming off the high plateau of the last few years. The question remains whether companies seeking to exit this year will manage to stick to their plans and exit successfully, or whether the entrepreneurs and investors behind them will experience delays realising their investments.

Sequans Communications, the France-based fabless semiconductor designer, has raised $28m (€19.1m) from CDC Entreprises, Naxicap Partners, Reliance Technology Ventures and Swisscom.  The investment will be used to expand the international customer support centres and launch the company’s latest semiconductor chip.  Sequans supplies subscriber station and base station chips for both fixed and mobile WiMAX.

Sweden-based Albireo, which specialises in developing therapeutic medicines for gastrointestinal problems, has raised $27m (€18.5m) from Nomura Phase4 Ventures, Scottish Widows Investment and TVM Capital in seed funding.  Albireo, which recently spun-out from AstraZeneca, intends to open a second funding round to raise $40m (€27m).

Seatwave, the UK-based fan-to-fan ticket exchange, has raised $25m (€17m) in a round led by Fidelity Ventures and joined by new investor Adinvest and existing investors Mangrove Capital Partners and Atlas Venture.  The capital will be used to expand Seatwave’s operations in Europe.

More companies' intelligence at www.libraryhouse.net

More companies' intelligence at www.libraryhouse.net

Hunter-Fleming, the UK-based biopharmaceutical company, has been acquired by Newron Pharmaceuticals for €8m in shares minus net debt.  The acquisition enables Newron to expand its pre-clinical pipeline, particularly in the area of neuro-inflammation.

Pentland Systems, the UK-based developer of signal acquisition technologies for military systems, has been acquired by two subsidiaries of the [[115216|Curtiss-Wright Corporation]] for $2.3m (€1.6m) in cash.

Ireland-based LeCayla Technologies, a developer of on-demand pricing software, has been acquired by OpSource for an undisclosed sum. The acquisition will allow OpSource to manage its billing structure more effectively and expand into Europe using LeCayla’s Dublin office as European headquarters.

More companies' intelligence at www.libraryhouse.net

More companies' intelligence at www.libraryhouse.net

Cityspace, the UK-based provider of digital urban networks, has appointed Andrew Fraser as chief executive.  Mr Fraser previously held the role of divisional managing director at Civica.  Cityspace offers a wireless broadband service to connect communities with services and information about the city they are in.

UK-based Skyscanner, which operates a search engine for cheap flights, has appointed John Nicholson as chairman, following investment from Scottish Equity Partners.  Mr Nicholson is currently chairman at Office-Shadow and holds board positions at Nallatech and VirtenSys.

More companies' intelligence at www.libraryhouse.net

More companies' intelligence at www.libraryhouse.net

Norway-based never.no, the developer of an interactive TV technology platform to enable audience participation and user submitted content, has informed Library House that the company intends to seek £500k in growth capital in Q1 2009.  Chief executive Lars Lauritzen said that the company intended to achieve profitability in 2010 and would seek an exit through a trade sale by 2011.

Germany-based ecolutions, which invests in climate protection companies or projects, has told Library House that it has postponed its planned IPO from Q4 2007 to Q3/Q4 2008, following the establishment of a strategic partnership with Theolia, who acquired 35 per cent of the company for €25m.  Mr Gunter Greiner, ecolutions’ investment director, revealed that part of the agreement was a postponement of the IPO.

dahlia TV, the Spain-based pay-TV provider, has informed Library House that the company will be seeking €107m in investment over the next three years.  Mr Fernando Ojeda, the company’s chief executive, said the current funding €40m round is due to close in May 2008.  This will be followed by a €67m round, due to open in Q1 2009.  The investment will be used to prepare for dahlia TV’s operational launch is due in Q2/Q3 2009.

 More companies' intelligence at www.libraryhouse.net

More companies' intelligence at www.libraryhouse.net