Utah Deal Intelligence - May 2022

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

5/2/2022 eLearning Brothers, LLC acquired CoreAxis, LLC. The terms of the transaction were not disclosed. eLearning designs and develops templates and stock assets that enable users to create courses and is based in American Fork.

5/3/2022 Lumifi Cyber, Inc. acquired Datashield, Inc. The terms of the transaction were not disclosed. Datashield is an end-to-end cybersecurity resilience services provider based in Park City.

5/3/2022 CenExel Clinical Research, Inc. acquired iResearch Atlanta, LLC. The terms of the transaction were not disclosed. CenExel provides unparalleled medical and scientific support in the design and execution of clinical trials and is based in Salt Lake City.

5/4/2022 BuyerLink LLC acquired SkyRocket Media, LLC. The terms of the transaction were not disclosed. SkyRocket provides customer acquisition services for businesses in various industries and is based in Pleasant Grove.

5/5/2022 Reviv3 Procare Company (OTCPK:RVIV) agreed to acquire substantially all assets of Axil & Associated Brands Corp for $33.3 million. Axil designs, manufactures, markets, and distributes hearing enhancement, hearing protection, wireless audio, and communication products and is based in Draper.

5/10/2022 Orion Advisor Solutions, LLC agreed to acquire TownSquare Capital, LLC. The terms of the transaction were not disclosed. TownSquare is a boutique, full-service investment and trading platform with an institutional mindset toward portfolio construction and is based in Provo.

5/11/2022 Health Catalyst, Inc. (NasdaqGS:HCAT) acquired ARMUS Corporation. The terms of the transaction were not disclosed. Health Catalyst provides data and analytics technology and services to healthcare organizations and is based in South Jordan.

5/12/2022 GetOutPass, Flex Fundraising, 2for1, and Ollie Sports, LLC merged to create RecTech Holdings Inc. The merged companies are valued at $22.5 million. The terms of the transaction were not disclosed. GetOutPass and Flex Fundraising develop tech recreational software and are based in Orem. 2for1 is a local discount coupon app based in Provo. Ollie develops a team management and statistics software solution for the sports industry and is based in Pleasant Grove.

5/13/2022 Protect Environmental, LLC acquired RadoVent LLC. The terms of the transaction were not disclosed. RadoVent provides radon mitigation services and is based in Murray.

5/17/2022 Tendit Group acquired Birrell Services, LLC. The terms of the transaction were not disclosed. Birrell provides commercial pressure washing, snow removal, parking lot sweeping, striping, landscaping and other exterior facility services and is based in Bluffdale.

5/17/2022 Beauty Industry Group Inc. acquired Bellami Hair LLC. The terms of the transaction were not disclosed. Beauty manufactures and distributes hair extensions and other beauty products and is based in Salt Lake City.

5/18/2022 WorkRamp, Inc. acquired The Enablement Squad. The terms of the transaction were not disclosed. Enablement develops and operates an online platform that allows users to engage, educate, and empower enablement leaders across the globe and is based in Salt Lake City.

5/20/2022 Pye-Barker Fire & Safety, LLC acquired Paradise Fire Protection, Inc. The terms of the transaction were not disclosed. Paradise operates as a home improvement retail company and provides fire protection sprinklers, fire suppression, and extinguishers and is based in Logan.

5/31/2022 Quench USA, Inc. acquired Pure Water Solutions of America, LLC. The terms of the transaction were not disclosed. Pure engages in the manufacture of point-of-use drinking water systems and ice dispensers in the U.S. and is based in Salt Lake City.

M&A - Financial

5/26/2022 H.I.G. Capital, LLC agreed to acquire Terra Millennium Corporation. The terms of the transaction were not disclosed. Terra is a national provider of outsourced industrial maintenance services, including refractory maintenance and other specialized services, and is based in Salt Lake City. Dechert LLP served as legal advisor to Terra.

Private Placements

5/2/2022 RAIN Technology Inc. announced it has received $11.0 million in its Series B round of funding led by Multiply Group PJSC (ADX:MULTIPLY) with participation from Valor Capital Group, McLarty Diversified Holdings, and Burch Creative Capital LLC. RAIN develops an artificial intelligence-based voice and conversational marketing platform and is based in Herriman.

5/3/2022 Amada Franchise, Inc. announced that it will issue 392,984 Series A preferred shares for gross proceeds of $22.4 million. The transaction closed 5/18/2022 and included participation from Peterson Partners, a private equity and venture capital firm based in Salt Lake City.

5/5/2022 Fictiv Inc. announced that it has raised $100.0 million in a round of funding led by new investor Activate Capital Partners with participation from Accel Partners, Cross Creek Advisors, LLC, and others. Cross Creek is a venture capital firm based in Salt Lake City.

5/5/2022 AmpHP, Inc. announced that it will receive $6.5 million in funding. As of 5/5/2022, the company received $5.7 million in its first tranche from 28 investors. AmpHP offers PR lotion for athletes to optimize their performance and is based in Park City.

5/10/2022 Arcadia Power, Inc. announced it has received $200.0 million in funding led by new investor J.P. Morgan Asset Management, Inc.'s Sustainable Growth Equity Team with participation from Keyframe Capital Partners, L.P., Camber Creek, Tiger Grass Capital, LP, and others. Tiger Grass is a private equity firm based in Park City.

5/10/2022 R-Zero Systems, Inc. announced that it will receive $125.0 million in funding. As of 5/26/2022, the company received $104.5 million in its first tranche from 24 investors. R-Zero manufactures, designs, and develops hospital-grade disinfection devices for businesses and is based in South Salt Lake.

5/11/2022 Stix Golf Co. announced that it has raised $10.0 million in its Series A round of funding from Spacestation Investments, 2.0 Ventures, and new investor Verance Capital. 2.0 Ventures is a venture capital and private equity firm based in Salt Lake City.

5/12/2022 Pillow Cube Inc. announced that it has raised a round of funding that included participation from new investor Tamarak Capital LLC. Pillow Cube manufactures different types of pillows including the side sleeper pro, ice cube pillow, cross sleeper, and others and is based in Lindon. Tamarak is a venture capital firm based in Springville.

5/16/2022 Claravine, Inc. announced it has received $16.0 million in its Series B round of funding led by new investor Five Elms Capital Management, LLC with participation from existing investors Grayhawk Capital, LLC, Kickstart, and others. Claravine develops cloud-based marketing campaign automation and content management platform and is based in Lehi. Kickstart is a private equity and venture capital firm based in Cottonwood Heights.

5/17/2022 Impartner, Inc. announced that it has received $35.0 in a round of funding from new investor Canadian Imperial Bank of Commerce. Impartner is a South Jordan-based provider of channel management technologies, including its flagship Partner Relationship Management (PRM) and Through Channel Marketing Automation (TCMA) solutions which help companies manage their partner relationships, drive demand through partners, and accelerate revenue and profitability through indirect sales channels.

5/17/2022 Tourist Access Ltd. announced that it has raised a round of funding that included participation from new investor Red Door Capital Partners LLC. Red Door is a private equity and venture capital firm based in Salt Lake City.

5/17/2022 TaxBit Inc. announced that it has received a round of funding from new investor Haun Ventures. TaxBit develops cryptocurrency tax software solutions for consumers and enterprises and is based in Salt Lake City.

5/25/2022 ShardSecure, Inc. announced that it has received $11.0 million in a round of funding led by new investor Grotech Management Company with participation from Gula Tech Adventures, Inc., EPIC Ventures, and others. EPIC is a private equity and venture capital firm based in Salt Lake City.

5/25/2022 Clozd, Inc. announced that it has received $52.0 million in its Series A round of funding led by new investor Greycroft LP with participation from Madrona Venture Group, LLC and Album VC. Clozd provides win-lose analysis and churn analysis and is based in Lehi. Album is a venture capital firm based in Lehi.

5/26/2022 Gametime United, Inc. announced that it has received $30.0 million in a round of funding led by Nimble Partners with participation from Maven Ventures Growth Labs, Accel Partners, University Venture Fund, and others. University Venture Fund is the venture capital arm of The University of Utah and is based in Salt Lake City.