Utah Deal Intelligence - April 2019
This report is prepared as a courtesy to the Utah business community by Columbia West Capital 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
4/2/2019 ClearFoundation Limited acquired Daplie, Inc. The terms of the transaction were not disclosed. Daplie develops physical cloud devices for protecting, storing, sharing, and streaming digital information and is based in Provo.
4/5/2019 Instructure, Inc. (NYSE:INST) agreed to acquire MasteryConnect, Inc. for $42.5 million. MasteryConnect operates an online community for educators and is based in Sandy. Instructure provides applications for learning, assessment, and performance management and is based in Salt Lake City.
4/11/2019 HealthEquity Inc. (NASDAQ:HQY) agreed to acquire WageWorks Inc. (NYSE:WAGE) for $2.3 billion. HealthEquity provides various solutions for managing health care accounts, health reimbursement arrangements, and flexible spending accounts and is based in Draper.
4/14/2019 O.C. Tanner Company acquired Kwench Global Technologies Private Limited. The terms of the transaction were not disclosed. O.C. Tanner Company develops strategic employee recognition and reward solutions and is based in Salt Lake City.
4/16/2019 Eide Bailly LLP agreed to acquire Xerva. The terms of the transaction were not disclosed. Xerva provides data analytics and data warehouse as a service and is based in Orem.
4/30/2019 Pluralsight, Inc. (NasdaqGS:PS) agreed to acquire GitPrime, Inc. for $170.0 million. Pluralsight provides technology skill development solutions worldwide and is based in Farmington. Wilson Sonsini Goodrich & Rosati, P.C. is serving as legal advisor to Pluralsight.
Private Placements
4/2/2019 Bill.com, Inc. announced that it has received $88.0 million in funding from Franklin Resources, Inc. (NYSE:BEN), Cross Creek Advisors, and other investors. Cross Creek Advisors is a venture capital firm based in Salt Lake City.
4/3/2019 Visible Supply Chain Management, LLC announced that it has received a round of funding from new investor The Cynosure Group. Visible Supply Chain Management provides customized end-to-end supply chain management solutions and is based in Salt Lake City. The Cynosure Group is a private equity firm based in Salt Lake City.
4/15/2019 Backlot Cars LLC announced that it has received $25.0 million in its Series B round of funding led by new investor Stripes Group LLC with participation from Royal Street Ventures. Royal Street Ventures is a venture capital and private equity firm based in Park City.
4/16/2019 Nikola Motor Company announced that it has received an equity round of funding for gross proceeds between $30.0-$40.0 million in a transaction that involved participation from new investor ValueAct Capital Management L.P. Nikola Motor Company manufactures and markets electric vehicles and is based in Salt Lake City.
4/23/2019 HZO, Inc. announced the closing of a $70.0 million financing round comprised of $40.0 million of Series IV Preferred Stock and $30.0 million of new credit facilities provided by Cathay Bank for capital equipment and working capital. HZO manufactures protective nanocoating solutions that safeguard electronics from corrosive and liquid environments and is based in Draper.
4/23/2019 Astound Inc. announced that it has received $15.5 million in its Series B round of funding led by new investor March Capital Partners with participation from Pelion Venture Partners and other investors. Pelion is a venture capital firm based in Salt Lake City.
4/26/2019 Kalderos, Inc. announced that it has received $7.0 million in its Series A round of funding from Mercato Partners and other investors. Mercato Partners is a private equity and venture capital firm based in Cottonwood Heights.
4/30/2019 DivvyPay, Inc. announced that it has received $200.0 million in its round of funding led by new investor New Enterprise Associates with participation from Insight Venture Partners LLC and Pelion Venture Partners. DivvyPay operates a payment and business budgeting platform and is based in Lehi. Pelion is a venture capital firm based in Salt Lake City.
4/30/2019 Southern Airways Corporation announced that it has received a strategic equity round of funding from new investor SkyWest, Inc. (NasdaqGS:SKYW). SkyWest operates a regional airline in the United States and is based in St. George.
4/30/2019 LSK BioPartners, Inc., dba LSK BioPharma, announced that it has received $9.9 million in funding from returning investor HLB Co., Ltd. (KOSDAQ:A028300). LSK BioPharma engages in the development of healthcare products and provision of product development services to pharmaceutical companies and is based in Salt Lake City.
4/26/2019 PlanSight, Inc. announced that it has received $5.0 million in funding from two investors. PlanSight is a developer of a platform designed to compare various insurance plans and is based in Midvale.