The term "exit" (or, more completely, "exit strategy") refers to the disposal of shareholdings held by venture capital providers - typically, they tend to hold on to their interests for something like three to six years, and then try to sell them at a profit. The exit is typically accomplished by way of an IPO (well, not at the moment, given market levels...), private placement or management buyout.

"Small cap" and "midcap" refer to the market capitalisation of the companies involved.