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 March 2023.

News

Greater Zion Convention & Tourism Office and Utah Film Commission announce the production of Kevin Costner’s “Horizon, an American Saga” in Greater Zion during 2023. Benefits to the region include a projected $90M+ in economic impact and significant opportunities for local talent, businesses and students in Utah Tech University’s film program.

Kickstart announces a new $230 million fund, pushing its assets under management to nearly $500 million. The Utah-based venture capital firm will use this new fund to invest in startups throughout the Mountain West, with about half of it supporting Utah companies.

Utah becomes the first state to pass legislation supporting a second home co-ownership model with SB271.

Shaun White, Martha Stewart, and Chip & Joanna Gaines headline the Qualtrics X4 Experience Management Summit, sharing insights and experiences from their respective fields.

Northrop Grumman conducts the first full-scale test fire of the Sentinel stage-one solid rocket motor in Promontory, Utah. This key test for the U.S. Air Force’s next-generation intercontinental ballistic missile system is part of the modernization of the nation’s nuclear triad, replacing the Minuteman III missiles.

Utah introduces a specialized business court, aiming to efficiently resolve commercial disputes and enhance the state’s business-friendly reputation. The court promises expert judges and streamlined processes, catering specifically to the complex needs of businesses, and is expected to attract more companies to Utah.

Zions Bancorporation receives 14 Greenwich Excellence Awards for 2022, leading the nation in the middle market banking segment.

Funding

Recipient	Funding Amount	Led By
Consensus	$110M	Sumeru Equity Partners
Monarx	$6.1M	Signal Peak Ventures
Quadra	$1M	Fortify Capital Partners
Yoodlize	$800K	Alpine 100

M&A Activity

Acquisitions of Utah companies

• BluSky acquires ARS
• Trustpoint One acquires Inwhat Language
• Wurk Metal Products acquires Auto Twirler
• Media Well acquires Lux Premier
• NRG acquires Vivint
• Groome acquires Blasting Solutions
• KPM acquires Smart VisionWorks
• Security Service Federal Credit Union acquires Utah First
• J.P. Morgan acquires Aumni
• Camping World acquires Carbon Emery RV
• ATS acquires Triad Unlimited
• Curaleaf acquires Deseret Wellness
• Deep Medicine Acquisition acquires TruGolf

Acquisitions by Utah companies

• Western Equipment Solutions acquires Champion Equipment Sales
• Spectrum Solutions acquires Alimetrix
• Spectrum Solutions acquires MI Microarrays Inc.
• LimitBreak acquires Free NFT