Last month, at least 55 Internet companies closed their doors, a number that rivals February, which saw at least 58 closures, according to research and advisory company Webmergers.com.
At least 44 Web companies closed in March.
"We were very surprised because March gave us a little head fake and then it all came back like a lion in April," said Webmergers President Tim Miller. "It is a little depressing. I think one of the reasons we saw a bump in April is because some companies wanted to wait until after tax season to announcing closures."
All told, at least 435 Internet companies have shut down since January 2000, with nearly half coming in 2001, the company reported.
As the market slowdown continues, a new crop of leaner, more business-savvy companies will evolve, the report concluded.
Webmergers said buyers spent about $2.6 billion to acquire 115 Internet companies in April, the least spent so far this year on mergers and acquisitions. In comparison, 143 acquisitions totaling about $5 billion took place in March.