Kurt Schlosser

Timing is everything. That maxim is even more pertinent today as the economic storm lingers. Company valuations are plummeting. The IPO market is essentially dead. And corporate buyers are sitting on their hands, a sharp contrast from a few months ago.

I am sure a number of entrepreneurs around town are kicking themselves for not taking a buyout offer or venture deal when they had the chance. But not everyone is fretting. Some had the fortune -- sure, call it luck, good timing or whatever you want -- to cash out before the market collapse.

Here's a look at 10 Seattle area companies that sealed deals in the nick of time.

SnapIn -- In August, Bellevue mobile software startup SnapIn agreed to be sold to Nuance Communications for $180 million in stock. Investors and executives were pleased. But since the announcement, Nuance has lost more than half of its value. That's a risk in a stock deal. But given the $35 million or so venture investment in SnapIn, I am told investors still made a solid return. And I've heard there's a nice cash earn-out if SnapIn hits milestones in 2009.

M:Metrics -- Will Hodgman learned a lesson about taking stock as a currency when he sold AdRelevance during the Web 1.0 boom. So, this time, the serial entrepreneur got paid mostly in cash when he sold M:Metrics to comScore six months ago for $44.3 million.

Attenex -- Cash is king, as we just learned above. So the folks at legal software company Attenex must have been feeling good with the $88 million cash payout from FTI Consulting in June.

Farecast -- When Farecast sold to Microsoft for $115 million last April, there was some discussion about whether the Seattle online travel startup would have been better off waiting.  I don't hear anyone talking about that anymore.  

Imagekind -- Imagekind's decision to sell was driven more by big competitors moving onto the company's turf. Still, whatever the rationale, the rumored $15 million to $20 million cash/stock deal with CafePress is looking pretty sweet for the online art and framing marketplace. Would the Seattle company have gotten the same valuation today?

Big Fish Games -- The Seattle online gaming company announced its $83 million venture funding on September 12, just a few weeks before the stock markets crashed. The massive round -- the largest in the state so far this year -- provides a very nice cushion for the profitable game company. Big Fish now has plenty of cash on the hook to gobble up cash-starved minnows that weren't quite as lucky.

Pure Networks -- Good thing the Seattle home networking startup took cash in the $120 million deal with Cisco in July.  A big win for Ignition Partners, which has had its share of bad news this year.

Insitu -- The Bingen unmanned aircraft maker sold out to Boeing before the economic slump and before employees at the aerospace giant went on strike. The Oregonian put the purchase price at about $400 million, a hefty return for the spy plane maker.

Clearwire -- There are still plenty of challenges ahead for Clearwire. But the Kirkland broadband wireless company is almost certainly better off having orchestrated a complex $14.5 billion deal with Sprint's Xohm assets as well as Google, Comcast, Intel, Time Warner Cable and others. Just imagine trying to get that syndicate of partners together in this climate.

CleverSet -- The Seattle startup raised $3 million before selling out to Art Technology Group for $10 million in cash, a return that Chief Executive Todd Humphrey said in January was extremely positive. Now, the deal is looking even better. Humphrey, meanwhile, now must try to navigate a far trickier business maze at the helm of Seattle's Wishpot.

Those are some of companies that timed their exits just right. Are there any I missed? Anyone feeling bad about passing up an opportunity? Are the above deals more about luck, smarts or a combination of both?

[Flickr photo via Kurt Schlosser]