San Francisco - Thirteen U.S. venture-backed companies completed initial public offerings (IPOs) in the first quarter, raising $1.2 billion -- double the amount of last year -- according to new statistics from Dow Jones VentureOne.

Exits through mergers and acquisitions also remained strong. Although just 95 M&A transactions were completed in the quarter, down from 111, the total amount paid for the companies grew 11%.to $9.4 billion, the highest level since the fourth quarter of 2000.

"2007 is lining up to be a strong year for exits, with a significant level of IPO activity expected for technology companies and higher prices being paid to acquire other promising start-ups," said Stephen Harmston, the director of global research at VentureOne.

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