Mergers and acquisitions involving US venture-backed companies soared to their highest level in five years in the first quarter, when 95 firms were acquired for a value of almost $5bn (€4.1bn). Just 10 venture-backed companies floated in the same period.

The figures, from Thomson Venture Economics and the US National Venture Capital Association, said M&A activity involving venture backed firms was at its highest level since the first three months of 2001.