Utah Deal Intelligence - October 2023

This report is prepared as a courtesy to the Utah business community by Columbia West based on our research and information collected by our firm. Despite our dedicated efforts, occasionally a deal might be missed or appropriate credit not given to legal or financial advisors. Please feel free to contact us if you have information on a transaction that you want to ensure is included and credit attributed to appropriate advisors. Also, feel free to forward to others who may have interest; they can be added to the regular distribution by contacting our office. Our contact information is below.

M&A - Strategic

10/2/2023 Alliance US Holding, LP acquired DiscountCell, LLC. The terms of the transaction were not disclosed. DiscountCell engages in the online retail of cell phone and tablet accessories and is based in Provo. Rathbone Law served as legal advisor to DiscountCell.

10/2/2023 Health Catalyst, Inc. (NasdaqGS:HCAT) acquired Electronic Registry Systems, Inc. for $12.8 million. Health Catalyst provides data and analytics technology and services to healthcare organizations and is based in South Jordan.

10/2/2023 ICAPE Group acquired the operating assets of PCB Solutions, USTEK Incorporated, and Nujay Technologies Inc. The terms of the transaction were not disclosed. PCB manufactures printed circuit boards and is based in Lehi.

10/2/2023 Association Member Benefits Advisors, Ltd. acquired assets of Oozle Media and Beauty as a Business. The terms of the transaction were not disclosed. Oozle is a digital marketing agency and is based in South Jordan. Beauty as a Business, Oozle's sister company, is an interactive, online digital marketing curriculum designed specifically for beauty schools and is based in South Jordan.

10/2/2023 HORIBA, Ltd. (TSE:6856) acquired Process Instruments, Inc. for $13.0 million. Process Instruments is a developer and manufacturer of Raman process spectroscopy for environmental and process markets and is based in Salt Lake City.

10/3/2023 Atwell, LLC acquired Summit Engineering Group, Inc. The terms of the transaction were not disclosed. Summit operates as a construction and engineering company and is based in Heber City.

10/5/2023 MyDigitaloffice.com LLC acquired SNN Analytics LLC, dba HelloGM. The terms of the transaction were not disclosed. HelloGM develops a centralized data analytics and automation platform for the hospitality industry and is based in South Jordan.

10/5/2023 ie Digital Limited acquired Connect Financial Software Solutions, LLC. The terms of the transaction were not disclosed. Connect develops, operates, and manages banking software solutions for the credit union sector and is based in Salt Lake City.

10/6/2023 Central Utah Telephone Inc., dba CentraCom Interactive, agreed to acquire Manti Telephone Company (MTC) and its sister companies Manti Tele Communications Company and AFConnect. The terms of the transaction were not disclosed. CentraCom provides telecommunications and broadband services and is based in Fairview. MTC is a provider of landline telephone services and is based in Manti. AFConnect is an internet service provider based in American Fork.

10/9/2023 Ipsos SA (ENXTPA:IPS) acquired New Vehicle Customer Study (NVCS) from InMoment, Inc. The terms of the transaction were not disclosed. NVCS provides detailed insights into consumers’ vehicle buying patterns and preferences for industry professionals and is based in South Jordan. InMoment develops and offers the InMoment XI Platform, a cloud-based customer experience optimization platform that helps brands tell customer stories to inform business decisions and create relationships with their customers and is based in South Jordan.

10/10/2023 Trafilea Tech E-commerce Group acquired The Spa Dr., LLC. The terms of the transaction were not disclosed. The Spa Dr. manufactures and sells skincare products and is based in Park City.

10/17/2023 Phlebotomy Training Specialists, LLC acquired PositivePsychology.com B.V. The new combined company will rebrand as Intelvio. The terms of the transaction were not disclosed. Phlebotomy offers post-secondary education services in the healthcare sector and is based in Lehi.

10/18/2023 GBS Benefits, Inc. acquired 208benefits, LLC. The terms of the transaction were not disclosed. GBS provides insurance and employee benefits solutions and is based in Salt Lake City.

10/19/2023 White Mountains Insurance Group, Ltd. (NYSE:WTM) agreed to acquire a majority stake in Bamboo Ide8 Insurance Services, LLC. White Mountains expects to invest approximately $285.0 million, including primary capital to support Bamboo's growth, and to acquire approximately 70% of Bamboo basic shares outstanding. Bamboo operates as an insurance agency that underwrites residential property insurance and offers insurance products through its partners and is based in Midvale. Willkie Farr & Gallagher LLP served as legal advisor to Bamboo.

10/19/2023 VensureHR, Inc. acquired Resource Management, Inc. The terms of the transaction were not disclosed. Resource provides human resources management services and is based in Salt Lake City.

10/23/2023 Autodesk, Inc. (NasdaqGS:ADSK) agreed to acquire FlexSim Software Products, Inc. The terms of the transaction were not disclosed. FlexSim develops simulation software solutions for Fortune 500 companies and is based in Orem.

10/24/2023 Kestra Private Wealth Services, LLC acquired Catalyst Retirement Solutions. The terms of the transaction were not disclosed. Catalyst is a financial planning firm based in Salt Lake City.

10/26/2023 Leavitt Group Insurance of Vernal, Inc. acquired Bishop Insurance Group, Inc. The terms of the transaction were not disclosed. Bishop provides aviation insurance agency services and is based in Stansbury Park. Leavitt offers insurance brokerage services for home insurance, car insurance, and business insurance to the oil and gas industry and is based in Vernal.

10/30/2023 Instructure, Inc. agreed to acquire Parchment LLC for $835.0 million. Instructure provides a learning platform that organizes and automates the learning lifecycle and is based in Salt Lake City. Kirkland & Ellis LLP served as legal advisor to Instructure.

10/30/2023 PrimeOne Insurance Company agreed to acquire Windhaven National Insurance Company. The terms of the transaction were not disclosed. PrimeOne is a property and casualty company and is based in Salt Lake City.

Private Placements

10/5/2023 SlipStream Medical, LLC announced its Series A funding round led by new investor MedVenture Health, LLC. Slipstream is the manufacturer of the Stiletto™ Extended Dwell Catheter, a novel guidewire-free extended dwell catheter designed to enhance the patient experience, improve outcomes, and reduce overall provider costs, and is based in Salt Lake City. MedVenture is a private equity and venture capital firm based in Salt Lake City.

10/6/2023 Agility announced that it will receive $12.0 million in funding from one investor. Agility is a provider of digital marketing and advertising services and is based in Draper.

10/17/2023 Hallmark Health Care Solutions, Inc. announced that it has received a round of funding led by new investor Summit Partners, L.P. with participation from returning investor Enhanced Healthcare Partners and the management of the company. Enhanced is a private equity firm based in Salt Lake City.

10/17/2023 PDQ.com Corporation announced that it has raised a round of funding from new investor Berkshire Partners LLC and existing investor TA Associates Management, L.P. PDQ.com develops deployment software and system administrator tools and is based in South Salt Lake.

10/17/2023 Foldax, Inc. announced that it will receive $7.0 million in funding from 10 investors. Foldax designs and manufactures heart valves for people with aortic, mitral, and tricuspid valve disease and is based in Salt Lake City.

10/18/2023 Hayden AI Technologies Inc. announced it closed its $53.0 million Series B funding round which included participation from Tiger Grass Capital, LP. Tiger Grass is a private equity firm based in Park City.

10/20/2023 Noodle Cat Games Company announced that it has raised $12.0 million in a round of funding led by new investor Hiro Capital 1 LLP with participation from new investors KRAFTON, Inc., Sony Ventures Corporation, and returning investor Makers Fund. Noodle Cat owns and operates a gaming studio that develops games and is based in Herriman.

10/23/2023 3Helix, Inc. announced that it will receive $6.0 million in a round of funding. The transaction included participation from new investor BASF SE (XTRA:BAS). 3Helix develops health care technology and is based in Salt Lake City.

10/31/2023 Kasa Living, Inc. announced that it has received $70.0 million in a round of funding co-led by Citi Ventures, Inc. and FirstMark Capital, L.L.C. with participation from RETV Management LLC and other investors. RETV is a venture capital firm based in Park City.

10/31/2023 Alianza, Inc. announced that it has received $61.0 million in a round of funding that included participation from a syndicate of undisclosed institutional investors, as well as strategic partners for equity and new lender Texas Capital Bank for debt. Alianza develops a cloud-native, carrier-grade communications platform for service providers, including cable operators, mobile operators, telephone companies, and other broadband providers and is based in Pleasant Grove.

10/31/2023 PhotoPharmics, Inc. announced that it will receive $17.9 million in funding. As of November 1, 2023, the company received $16.1 million in its first tranche from 24 investors. PhotoPharmics, a medical device company, researches and develops Chrono biological treatments for Parkinson's disease and is based in American Fork.