Utah Deal Intelligence - June 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

6/1/2023 VentureCount, LLC acquired AdminAssist, LLC. The terms of the transaction were not disclosed. AdminAssist provides outsourced finance and accounting services to staffing companies and is based in Midvale.

6/6/2023 Becklar, LLC acquired EyeForce. The terms of the transaction were not disclosed. Becklar provides enterprise monitoring, personal health and safety solutions, and workforce safety solutions and is based in Ogden.

6/8/2023 GritCo, LLC announced that it recently acquired Codesmith Development, LLC. The terms of the transaction were not disclosed. GritCo, through its subsidiary, provides web and mobile app development, digital marketing, and IT staffing solutions and is based in Hurricane.

6/8/2023 Merit Medical Systems, Inc. (NasdaqGS:MMSI) acquired the Dialysis Product Portfolio and BioSentry Product of AngioDynamics, Inc. (NasdaqGS:ANGO) for $100.0 million. On the same date, Merit announced the recent acquisition of the Surfacer® Inside-Out® Access Catheter System from Bluegrass Vascular Technologies, Inc. for a total cash consideration of $32.5 million. Merit is a global manufacturer and marketer of healthcare technology and is based in South Jordan. Parr Brown Gee & Loveless served as legal advisor to Merit.

6/14/2023 Sales Rabbit, Inc. acquired Solar Blaze LLC. The terms of the transaction were not disclosed. Sales Rabbit develops a cloud-based sales enablement software for satellite retailers and is based in Lehi.

6/16/2023 Claravine, Inc. acquired Netra, Inc. The terms of the transaction were not disclosed. Claravine develops a platform for digital campaign and content data management and is based in Lehi.

6/20/2023 InCorta, Inc. acquired Cream Analytics. The terms of the transaction were not disclosed. Cream designs and develops enterprise resource planning solutions and is based in American Fork.

6/20/2023 Neptune Retail Solutions agreed to acquire Quotient Technology Inc. (NYSE:QUOT) for approximately $430.0 million. Quotient is a digital promotions and media technology company based in Salt Lake City. Paul Hastings LLP is serving as legal advisor to Quotient.

6/20/2023 Scaleworks Inc. agreed to acquire the direct sales business assets of Verb Technology Company, Inc. (NasdaqCM:VERB) for $6.5 million. Verb provides interactive video-based sales enablement applications and is based in Lehi.

6/22/2023 Applied Value LLC acquired ES Solar LLC. The terms of the transaction were not disclosed. ES is a solar panel and battery installer for residential and commercial markets and is based in Layton.

6/27/2023 Shelf Reliance, LLC, dba Thrive Life, LLC agreed to acquire an unknown minority stake in Groneweg Verwaltungsgesellschaft mbH. Thrive is a manufacturer of freeze-dried products, including fruits, vegetables, proteins, pet treats, probiotics, enzymes, and prepared meals and is based in American Fork.

6/28/2023 Uinta Products, Inc., led by former Brydge executives, acquired the assets of Brydge Technologies LLC with support from Claret Capital Partners. The terms of the transaction were not disclosed. Brydge manufactures and retails tablet keyboards and other tech products and is based in Park City.

6/28/2023 Overstock.com, Inc. (NasdaqGM:OSTK) acquired certain intellectual property assets of Bed Bath & Beyond Inc. (OTCPK:BBBY.Q) for $21.5 million. Overstock has re-launched the Bed Bath & Beyond domain in Canada and a refreshed website, mobile app, and loyalty program in the U.S. Overstock.com is an online furniture and home furnishings retailer and technology-focused innovator and is based in Midvale. Wachtell, Lipton, Rosen & Katz LLP served as legal advisor to Overstock.com.

Private Placements

6/6/2023 LKC Technologies, Inc. announced that it has received a round of funding that included participation from new investor DW Management Services, LLC. DW is a private equity and venture capital firm based in Park City.

6/14/2023 Connext Labs, Inc. announced that it has raised $7.5 million in a round of funding led by returning investor Polychain Capital LP with participation from NGC Ventures, Coinbase Ventures, and other investors. Connext develops a crosschain liquidity network that powers noncustodial swaps between evm-compatible chains and L2 systems and is based in Park City.

6/16/2023 Staq Finance Inc. announced that it will receive $7.8 million in funding. As of 6/29/2023, the company received $7.7 million in its first tranche from 23 investors. Based in Salt Lake City, Staq is a payment platform that empowers businesses and consumers to make the most of the online checkout experience by saving businesses money on merchant fees and boosting repeat purchases through its rewards system.

6/20/2023 Picket Houses, Inc. announced that it has received $20.0 million in a round of funding led by new investor LL Funds, LLC with participation from RETV Management LLC. RETV is a venture capital firm based in Park City.

6/21/2023 Outbound AI, Inc. announced that it has received $16.0 million in a round of funding co-led by Madrona Venture Group, LLC and SpringRock Ventures with participation from Pack Ventures, EPIC Ventures, and other investors. EPIC is a private equity and venture capital firm based in Salt Lake City.

6/22/2023 Graphium Health, LP announced that it has received a round of funding from new investor CRH Medical Corporation. Graphium develops cloud computing platforms for hospitals, surgery centers, and private practices and is based in Draper.

6/22/2023 Limble Solutions, Inc. announced that it has received $58.0 million in its Series B round of funding led by new investor Goldman Sachs Asset Management, L.P. Limble provides modern computerized maintenance management systems and is based in Lehi.

6/28/2023 Qualtrics International Inc. (NasdaqGS:XM) completed its previously announced $12.5 billion acquisition by Silver Lake Management, L.L.C. and Canada Pension Plan Investment Board (CPP Investments), and announced that it has secured new investment from Accel, BDT & MSD Partners, and DFO Management. Accel has invested $500.0 million while BDT & MSD Partners and DFO Management have each made a co-investment of $250.0 million, for an aggregate commitment of $500.0 million. Qualtrics operates an experience management platform to design and manage customer, employee, product, and brand experiences and is based in Provo.

6/29/2023 Cyware Labs, Inc. announced that it has received $30.0 million in a round of funding led by Ten Eleven Ventures with participation from Mercato Partners, LLC, Zscaler, Inc., and other investors. Mercato Partners is a private equity and venture capital firm based in Cottonwood Heights.