Utah Deal Intelligence - January 2025

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

1/2/2025 Vision Graphics, LLC and Banner Capital Management, LLC announced the acquisition of Queen of Wraps. The terms of the transaction were not disclosed. Queen of Wraps is a Salt Lake City-based graphics provider specializing in commercial vehicle wraps. Vision offers print and display solutions, including banners, flags, fabric prints, vehicle graphics, signage, windows and wall graphics, digital signage, and custom apparel, and is based in Salt Lake City. Banner is a private equity firm based in Lehi. York Howell served as legal advisor to Queen of Wraps. Goodwin Procter served as legal advisor to Vision.

1/3/2025 GoEngineer, Inc. acquired CAD MicroSolutions Inc. The terms of the transaction were not disclosed. GoEngineer distributes product design tools for customers in high-tech, medical, machine design, energy, and other industries and is based in Cottonwood heights.

1/7/2025 Canyon Laboratories, LLC, dba Canyon Labs, acquired the laboratory services and scientific consulting divisions of iuvo BioScience, LLC. The terms of the transaction were not disclosed. Canyon Labs provides comprehensive testing and technical consulting services for the pharmaceutical and medical device industries and is based in Bluffdale.

1/7/2025 NeuroFlow Inc. acquired the proprietary behavioral health analytics model of Intermountain Health. The terms of the transaction were not disclosed. Intermountain is a nonprofit health system based in Murray with locations in six states and additional operations across the western U.S.

1/7/2025 Sunpro Corporation acquired Building Services Group. The terms of the transaction were not disclosed. Building Services offers insulation solutions for commercial and residential buildings and is based in Murray. Sunpro designs, manufactures, distributes, and sells building supplies and construction materials and is based in Orem.

1/8/2025 ArbiterSports, LLC acquired rSchoolToday. The terms of the transaction were not disclosed. ArbiterSports provides athletic event management technology solutions and is based in Sandy.

1/8/2025 CallTower Inc. acquired Inoria Inc. The terms of the transaction were not disclosed. CallTower offers cloud-based unified communications solutions, including phone services, video conferencing, and collaboration tools, and is based in South Jordan.

1/9/2025 Trucordia acquired Cada Insurance Services, LLC. On 1/14/2025, Trucordia acquired Boulder Insurance Solutions, LLC. On 1/21/2025, Trucordia acquired the insurance business of Rusty Healy Agency, Inc. The terms of the transactions were not disclosed. Trucordia operates as an insurance brokerage company and is based in Lehi.

1/10/2025 Health Catalyst, Inc. (NasdaqGS:HCAT) agreed to acquire Upfront Healthcare Services, Inc. for $112.0 million. Health Catalyst provides data and analytics technology and services to healthcare organizations and is based in South Jordan.

1/14/2025 ClientSuccess, Inc. acquired Product Signals, Inc. The terms of the transaction were not disclosed. ClientSuccess develops customer success management software for Software-as-a-Service companies and is based in Lehi.

1/14/2025 Amplēo LLC acquired Peisner Johnson & Company, L.L.P. The terms of the transaction were not disclosed. Based in Lehi, Amplēo provides business professionals, such as CFOs, CMOs and CHROs, to companies on a fractional basis in order to help them achieve their full potential.

1/16/2025 Bridges Consumer Healthcare, LLC acquired KT Health, LLC, dba KT Tape. The terms of the transaction were not disclosed. KT designs, develops, and distributes sports medicine products and is based in Lindon. Latham & Watkins LLP served as legal advisor to KT.

1/22/2025 Merrick Bank agreed to acquire the credit card business of Ally Financial Inc (NYSE:ALLY), including a portfolio of $2.3 billion in credit card receivables with 1.3 million active cardholders as of Dec. 31, 2024. Merrick, a subsidiary of CardWorks, Inc., is an FDIC-insured bank based in South Jordan and operates three main business lines: credit cards, recreational lending, and merchant services.

1/22/2025 Amplēo LLC acquired Stage Marketing, LLC from Fullcast, Inc. The terms of the transaction were not disclosed. Stage is a marketing agency focused on executing impactful marketing strategies for brands at every growth stage and is based in Pleasant Grove. Fullcast designs and develops RevOps Management Solution, a software for analyzing the sales operations of a company, and is based in Salt Lake City.

1/23/2025 Sword Health, Inc. acquired Surgery Hero Limited. The terms of the transaction were not disclosed. Sword develops and provides artificial intelligence-based digital therapeutic systems designed to aid with musculoskeletal healthcare needs and is based in Draper.

1/23/2025 Storied acquired Memory Lane. The terms of the transaction were not disclosed. Storied, based in Provo, specializes in digital storytelling and next-gen family history, offering users a platform for preserving and sharing personal stories and connecting with their past through historical records, newspapers, and traditional family history services.

1/24/2025 Leap Tools acquired QFloors. The terms of the transaction were not disclosed. QFloors develops, sells, and supports ERP software for the flooring, home improvement, and home furnishings industries and is based in South Jordan.

1/27/2025 Freezing Point LLC acquired Trident Beverage, Inc. The terms of the transaction were not disclosed. Freezing Point produces fruit juices under the brand name Frazil and is based in Salt Lake City.

1/28/2025 Sorenson Communications, LLC acquired OmniBridge Solutions LLC. In a related transaction, Sorenson acquired Hand Talk Serviços LTDA. The terms of the transactions were not disclosed. Based in Salt Lake City, Sorenson provides communication solutions such as call captioning and video relay services, over-video and in-person sign language and spoken language interpreting, translation, real-time captioning, and post-production language services.

1/28/2025 TrackNow, Inc., dba Covr, acquired Data IQ, LLC. The terms of the transaction were not disclosed. Covr develops workforce management software for the post-acute care industry and is based in Springville.

1/30/2025 Beyond, Inc. (NYSE:BYON) agreed to acquire the global rights to the Buy Buy Baby brand for $5.0 million. Beyond operates as an online retailer of furniture and home furnishings products and is based in Midvale.

Private Placements

1/7/2025 Twentyeight Health, Inc. announced that it has raised $10.0 million in its Series A round of funding led by returning investor Seae Ventures, LLC with participation from Impact America Fund, The Social Entrepreneurs' Fund, Rhia Ventures, Gratitude Railroad, and other investors. Gratitude Railroad is a private equity and venture capital firm based in Park City.

1/8/2025 Delta Med S.p.A. acquired an unknown minority stake in Health Line International Corporation. Health Line manufactures medical devices for vascular access, infusion therapy, and infection control and is based in Salt Lake City. Kirton & McConkie, PC served as legal advisor to Health Line.

1/8/2025 Ruck Intergalactic Inc. announced that it has raised $5.0 million in a round of funding co-led by new investors SNAK Venture Partners and ANIMO Ventures with participation from VSC Ventures, VITALIZE VC, Hustle Fund Management, LLC, Convoi Ventures, and Gold House Collective. Ruck operates a marketplace platform for last mile construction delivery services and is based in Provo. Convoi is a venture capital firm based in Orem.

1/14/2025 Balentine LLC announced that FJ Management Inc. acquired a 20% stake. FJ, along with its subsidiaries, manages a portfolio of oil and travel-related assets and is based in Salt Lake City.

1/14/2025 Genius Academy announced that it has received a round of funding that included participation from new investor WGU Labs. WGU is a corporate investment arm of Western Governors University and is based in South Salt Lake.

1/16/2025 CareGenix Solutions LLC announced that it has received a multi-million dollar funding from new investor Decathlon Capital Partners, LLC. Decathlon is a venture capital firm based in Park City.

1/21/2025 RAD AI, Inc. announced that it has received $72.9 million in its Series C round of funding led by new investor Transformation Capital Partners, LP with participation from Khosla Ventures, LLC, UP2398 LLC, Kickstart Seed Fund, OCV Management, LLC, Cone Health Ventures, Wil, LLC, and other investors. Kickstart is a private equity and venture capital firm based in Cottonwood Heights.

1/22/2025 Music AI announced that it has received $40.0 million in a round of funding co-led by Connect Ventures, LLC and Monashees Gestão de Investimentos Ltda with participation from Pelion, Inc., Kickstart Seed Fund, Toba Capital, Samsung NEXT, LLC, Steve Aoki, Freddy Wexler, 3LAU, Alexander23, and other investors. Music AI is a music and audio technology company offering AI-driven solutions for artists, record labels, agencies, technology firms, and developers and is based in Salt Lake City. Pelion is a venture capital firm based in Salt Lake City. Kickstart is a private equity and venture capital firm based in Cottonwood Heights.

1/22/2025 iDrive Logistics LLC announced that it has received a round of funding led by new investor Decathlon Capital Partners, LLC. iDrive provides shipping and fulfillment solutions for top ecommerce brands and 3PL fulfillment warehouses and is based in Lehi. Decathlon is a venture capital firm based in Park City.

1/23/2025 WithClutch, Inc. announced that it has raised $65.0 million in a transaction led by Alkeon Capital Management, LLC with participation from Andreessen Horowitz LLC, TruStage Ventures, LLC, and Peterson Partners, LLC. Peterson is a private equity and venture capital firm based in Salt Lake City.

1/29/2025 Boostly, Inc. raised $22.0 million in its Series A round led by PeakSpan Capital with participation from existing investors Y Combinator, Trestle Partners, and Singularity Capital. The transaction closed on 2/10/2025. Boostly develops and offers text marketing and customer feedback solutions for restaurants and is based in Lehi.