Lately, time-multiplexed I/Os for multi-device implementations (e.g., multi-FPGA systems), have come into practical use. They realize multiple I/O signal transmissions between two devices in one system clock cycle using one I/O wire between the devices and multiple I/O clock cycles. Though they ease the limitation of the number of I/O-pins of each device, the system clock period becomes much longer approximately in proprotion to the maximum number of multiplexed I/Os on a signal path. There is no conventional partitioning algorithm considering the effect of time-multiplexed I/Os directly. We introduce a new cost function for evaluating the suitability of a bipartition for multi-device implementations with time-multiplexed I/Os. We propose a performance-driven bipartitioning method VIOP which minimizes the value of the cost function. Our method VIOP combines three algorithms, such that i) min-cut partitioning, ii) coarse performance-driven partitioning, iii) fine performance-driven partitioning. For min-cut partitioning and coarse performance-driven partitioning, we employ a well-known conventional bipartitioning algorithms CLIP-FM and DUBA, respectively. For fine performance-driven partitioning for the final improvement of a partition, we propose a partitioning algorithm CAVP. By our method VIOP, the average cost was improved by 10.4% compared with the well-known algorithms.