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 May 2023.

News

The AI International Film Festival makes its debut in Utah, screening 49 films from 20 countries and exploring the implications of artificial intelligence through art. 

Utah’s SB35 goes into effect, allowing immigrants to transfer their professional foreign credentials to Utah and begin work in their specialties. This legislation is expected to alleviate labor shortages in certain industries and integrate skilled professionals into the rapidly growing workforce.

The University of Utah’s David Eccles School of Business Executive Education program ranks No. 4 in the U.S. and No. 47 globally in its first appearance in the Financial Times executive education rankings for 2023.

Kizik opens its first retail store in Fashion Place Mall following a year of over 250 percent growth and nine figures in sales.

Tony Finau, a six-time PGA Tour champion, partners with Mo’Bettahs Hawaiian Style Food as the fast-casual restaurant continues its rapid expansion. 

Utah Community Builders, in collaboration with the Salt Lake Chamber, United Way of Salt Lake and Voices for Utah Children, releases “Family-Friendly Workplaces: A Guide for Utah Business Leaders.” 

Utah reaches a milestone of more than 20 Rural EDTIF projects being approved since the change of the program in 2021.

Salt Lake City Airport unveils half of Concourse A-east, showcasing five new gates and modern amenities.

Mountain America Credit Union awards $300,000 in Elevate Scholarships to support students pursuing higher education.

Shane Reese begins his tenure as BYU’s 14th president. Reese has served as BYU’s academic VP since 2019 and the dean of the College of Physical and Mathematical Sciences from 2017 to 2019.

Utah Valley University is designated as a Top 10 Military Friendly School by Military Friendly, earning a Gold rating and ranking fifth in the nation in the Large Public University category.

Funding

Recipient	Funding Amount	Led By
Holdings	$7M
Luminous	$2.1M	Serena Ventures
Spiff	$50M	Salesforce Ventures

M&A Activity

Acquisitions of Utah companies

• Foundation Software acquires AboutTime Technologies
• Allied Business Solutions acquires Total Business Solutions
• J.P. Morgan acquires Aumni
• Prairie Operating Co. acquires Fanexpo HQ
• MedVenture Health acquires Canyon Labs
• Setpoint acquires Resolute Diligence Solutions
• Pathos acquires Known Medicine
• ALKEME acquires Lincoln Insurance Group
• Outdoor Living Supply acquires C&R Stone World Inc., Stoneworld Utah L.L.C. and Cedar Stone Supply, Inc.

Acquisitions by Utah companies

• Hale Kenetics acquires Opedix
• MarketStar acquires Regalix Inc. and its subsidiaries, including Nytro.ai Inc.
• Peterson Partners acquires Oxlo Systems
• HireVue acquires Modern Hire
• Caseproof acquires WishList Member
• The Cynosure Group acquires Domani Wealth
• Nomi Health acquires I Am Wellness
• Recursion acquires Cyclica
• American Equipment Holdings acquires Ashley Sling, Inc. 
• Biomerics merges with Precision Concepts Medical