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 June 2023.

News

Smith Entertainment Group launches SEG Media, providing access to Utah Jazz games through free over-the-air broadcasts on KJZZ Channel 14 and a new subscription-based streaming service. 

Rio Tinto commits $920 million to revive underground copper mining at Utah’s Kennecott, aiming to strengthen the United States copper supply. The largest chunk of the funding—$498 million—will go toward the underground development and necessary infrastructure for an underground area of the mine known as the North Rim Skarn.

Dr. Susan Madsen and the Utah Women & Leadership Project launch “A Bolder Way Forward,” aiming to create positive change for Utah’s women and girls. The effort focuses on spokes like domestic violence, gender discrimination, leadership gaps and more, using a “systems approach” to educate the public and garner support.

After a process of more than three years in the making, Duke University selects Instructure’s Canvas as the university’s learning management system. With the Duke contract, Instructure can now count all of the U.S. News Top Ten universities as customers and users of Canvas LMS.

SLC International Airport breaks its previous passenger record in the 2022/23 fiscal year with over 26.4 million passengers, surpassing the 2019 record. International travel has notably increased by 22 percent, thanks to expanded services to Europe.

Ancestry digitizes over half a million records from the Chinese Exclusion Era, making them freely available. 

Salt Lake Community College receives a $100,000 annual grant from Johnson Controls for up to four years. The grant aims to train students in the building automation sector, including HVAC and security. The funding supports tuition for 30 students annually. 

Ivory Homes donates $75,000 to Southern Utah University, supporting female business students in rural Utah through the Ivory Women Student Success Initiative. This initiative provides scholarships to 10 business students for a Women Business Leadership Certificate.

Owlet’s wire-free sock device, BabySat, receives FDA approval, revolutionizing at-home, medical-grade baby monitoring. Available through prescription, it provides real-time heart rate and oxygen saturation level data, alerting parents to any irregularities. 

Delta breaks ground on a new pilot training facility in Salt Lake City—its first significant training facility investment outside of its Atlanta headquarters. This 47,000-square-foot facility is set to open in 2025. It will initially house four simulators, expanding Delta’s training capacity and supporting its operational growth in the Mountain West hub.

Funding

Recipient	Funding Amount	Led By
Limble	$58M	Goldman Sachs Asset Management
Oliver	$575K	Startup Ignition Ventures
Ovation	$4M	York IE, TIA Ventures

M&A Activity

Acquisitions of Utah companies

• VentureCount acquires AdminAssist
• Phoenix Copper Limited acquires Auric Laboratories
• Applied Value Group acquires ES Solar
• Silver Lake and Canada Pension Plan Investment Board acquire Qualtrics 
• Camping World acquires Carbon Emery RV

Acquisitions by Utah companies

• Woodside Homes acquires Hubble Homes
• Claravine acquires Netra
• Peterson Partners acquires IT Retail
• Leavitt Equity Partners acquires eCloud
• Overstock acquires Bed Bath & Beyond’s intellectual property
• Becklar acquires Eyeforce