Acquisitions of startups dropped to the lowest level in ten years, the National Venture Capital Association said Wednesday in a report.

A total of 59 companies got acquired or merged in the second quarter, which represents a 30 percent drop compared with the same period last year and 29 fewer deals than the same period in 2007, when the NVCA reported 88 such transactions.

Thirteen of the 59 deals disclosed financial numbers--the lowest percentage in the last seven years--with an average deal size of $197.7 million compared with $126.7 million for the same period last year.

Five U.S. startups had initial public offerings this second quarter, far lower than the 22 IPOs for the second quarter of 2007. A sixth startup went public Wednesday. Woburn, Massachusetts-based LogMeIn soared 29 percent higher in midday trade, offering further signs of a thaw in the IPO pipeline.

"The fact that several venture-backed companies successfully entered the public markets and performed well is encouraging,” Mark Heesen, president of the NVCA, said in a statement.

LogMeIn, which offers remote connections to PCs, put for sale 6.7 million shares at $16 a piece--the high end of its expected pricing range--to raise $107 million.