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 October 2023.

News

OxEon Energy celebrates its role in providing the solid oxide electrolysis stack for NASA’s successfully completed MOXIE program, which produced oxygen from Martian CO2. It marks the first and only instance in human history of producing a useful commodity from a raw material not originating on Earth.

Zions Bank celebrates 150 years of incorporation. Zions has grown to operate 121 full-service branches and nearly 200 ATMs throughout Utah, Idaho and Wyoming. 

Instructure acquires Parchment for $795 million, integrating the largest academic credentialing platform into its learning services.

RevRoad Capital announces the $61 million final close of its first fund, marking the largest debut early-stage venture fundraise in Utah state history and the fourth largest debut in the mountain region.

UTA wraps up TIGER grant projects, enhancing Utah’s transit infrastructure with $20 million from the Federal Transportation Administration and $11.8 million in local contributions. New pedestrian bridges, bike facilities and improved bus stops boost mobility for thousands along the Wasatch Front.

The Utah Aerospace and Defense Association rebrands to 47G. The association plans for Utah to be known nationwide as the world’s premier ecosystem for aerospace and defense companies.

The Larry H. Miller Company breaks ground on a new, privately funded ballpark for the Salt Lake Bees, the Triple-A affiliate of the Los Angeles Angels located within Downtown Daybreak in South Jordan, Utah.

Construction crews place the final beam atop the 41-floor Astra Tower, marking the completion of structural steel work on Utah’s new tallest building.

The University of Utah’s Kem C. Gardner Policy Institute releases a report on “The New Utah,” detailing the state’s changes in diversity, age, population density, affordability, birthrate and general success.

Northrop Grumman’s solid rocket motors power a successful Trident II D5 Submarine Launched Ballistic Missile test.

The Crimson Collective—an independent name, image and likeness (NIL) organization—provides every University of Utah scholarship football player with a free lease on a new 2024 Dodge Ram 1500 truck, each with a $61,000 value.

In conjunction with Utah’s Weber County Economic Development Office, Chromalox announces a major upgrade and expansion to its Ogden factory, investing more than $58 million in the project with EK Bailey Construction. When complete, the new building will be LEED Gold certified.

Aqua-Yield receives a $1.2 million grant from the USDA under the Fertilizer Production Expansion Program, propelling the company’s innovative Nanoliquid technology. 

Ancestry unveils a new feature in AncestryDNA Traits, revealing which parent influences specific personal traits without requiring parental DNA tests.

Funding

Recipient	Funding Amount	Led By
Alianza	$61M	Texas Capital Bank
Noodle Cat Games	$12M	Hiro Capital
Voze	$3M	Album VC

M&A Activity

Acquisitions of Utah companies

• Autodesk acquires FlexSim
• HORIBA acquires Process Instruments
• Atwell acquires the operations of Summit Engineering Group
• Trafilea acquires The Spa Dr.
• All-In Nutritionals acquires Agape Herbals
• FittingBox acquires Luna Solutions’ Ditto

Acquisitions by Utah companies

• Instructure acquires Parchment
• Mercato Partners and Nuvini announce business combination transaction 
• Leavitt Group acquires Bishop Insurance
• Clarus acquires TRED Outdoors
• GBS Benefits acquires 208 Benefits