Utah Business is proud to present the 2023 year in review. This recap features notable news, M&A activity and closed funding rounds within Utah’s business community in February 2023.

News

Texas Instruments (TI) commits to an $11 billion investment in Utah, selecting Lehi for a new 300-millimeter semiconductor wafer fabrication plant. This facility, adding to TI’s existing operations in Lehi, is expected to create 800 new jobs.

The Utah Jazz hosts the 2023 NBA All-Star Weekend, resulting in an estimated $280 million in total economic impact—the largest in All-Star history. The event also drove more than $3 million in donations to local community organizations.

Avalanche Software in Salt Lake City creates “Hogwarts Legacy,” an acclaimed open-world RPG set in the 1800s Harry Potter universe. 

Boeing secures a $1.62 billion contract for Minuteman III Intercontinental Ballistic Missile guidance subsystem support. The contract work will be performed at Hill Air Force Base, Utah.

Mercato Partners closes Traverse Fund IV at $400 million, targeting high-growth tech and consumer brands. 

Salt Lake Community College establishes Utah’s first Minority Business Center with a $1.5 million grant from the U.S. Department of Commerce.

KLAS names R1 the market leader in Ambulatory Revenue Cycle Management Services. Cloudmed, an R1 company, was also ranked No. 1 by KLAS for Denials Management Services and Robotic Process Automation.

Utah entrepreneur Jenna White, owner of Empire Body Waxing, clinches a $50,000 cash prize at the NBA Foundation Pitch Competition during the 72nd NBA All-Star Weekend.

Utah tech veterans Adam Edmunds and Nico Dato launch the 4th Node podcast, delving into Utah’s pivotal tech history and innovation legacy.

Funding

Recipient	Funding Amount	Led By
Checkerspot, Inc.	$55M	ArrowMark Partners
Fortem Technologies	$17.8M	Lockheed Martin Ventures, Hanwha Aerospace, AIM13|Crumpton Venture Partners
Gauge	$5.3M	Maniv Mobility
Hypercraft	$6.5M	RevRoad Capital
Listo Global	$1.7M	Unnamed angel investors
Owlet, Inc.	$30M
PortalCX	$600K	Startup Ignition Ventures
R-Zero	$105M

M&A Activity

Acquisitions of Utah companies

• • • Standard AI acquires SKIP
    • Prosperity Behavioral Health acquires Elevated Billing
    • Williams acquires MountainWest Pipelines Holding Company
    • Flowers Foods, Inc. acquires Papa Pita Bakery
    • Corporate Visions acquires Primary Intelligence
    • Belmar Pharma Solutions acquires MedQuest Pharmacy, Inc.
    • Beacon Pointe Advisors acquires Ailsa Capital
    • Redemption Holding Company acquires Holladay Bank and Trust

Acquisitions by Utah companies

• PCF Insurance Services acquires Oak Point Risk Advisors
• FlexPak LLC acquires Preferred Packaging Products, Inc. 
• Intermountain Turbine Services, Inc. acquires Honeywell Aerospace’s LT101 engine line
• WorkforceQA acquires Corporate Medical Services