Utah Deal Intelligence - July 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
7/2/2025 StartupScience.io acquired Startup Stack, Inc. The terms of the transaction were not disclosed. Startup Stack is a free platform offering early-stage startups access to over 300 curated software deals and is based in Farmington.
7/7/2025 Ipsos SA (ENXTPA:IPS) acquired InMoment’s Healthcare division in Germany. The terms of the transaction were not disclosed. 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.
7/9/2025 Finch, LLC acquired The Wizard Marketing Group, LLC. The terms of the transaction were not disclosed. Finch develops a digital media automation platform for marketing professionals and is based in Salt Lake City.
7/14/2025 Trucordia acquired Fuhriman Insurance Agency, Inc. In an unrelated transaction on 7/16/2025, Trucordia acquired Vegas Valley Benefit Plans. The terms of the transactions were not disclosed. Trucordia, formerly PCF Insurance Services, is the group name for a top 20 U.S. insurance brokerage headquartered in Lindon.
7/15/2025 Fleetworthy Solutions, Inc. acquired Commerce Logic, LLC. Commerce develops a platform for toll expense management and administrative process automation for fleet operators and is based in Lehi.
7/17/2025 Eng Bim Company acquired Baxter BIM, LLC. The terms of the transaction were not disclosed. Baxter provides building information modeling services and is based in Orem.
7/22/2025 Velocity Rail Solutions, Inc. acquired Liquid Tech Solutions LLC. The terms of the transaction were not disclosed. Velocity provides mission-critical locomotive services to the rail industry and is based in Draper. Kirkland & Ellis LLP served as legal advisor to Velocity.
7/23/2025 Waystar Holding Corp. (NasdaqGS:WAY) agreed to acquire Iodine Software, LLC for $1.2 billion. Waystar develops a cloud-based software solution for healthcare payments and is based in Lehi. Simpson Thacher & Bartlett is serving as legal advisor to Waystar.
7/24/2025 Backcountry.com, LLC acquired Level Nine Sports, Inc. The terms of the transaction were not disclosed. Level owns and operates ski and snowboard product stores and is based in Woods Cross. Backcountry.com retails outdoor gear and clothing solutions for men and women online and is based in Park City.
7/25/2025 America First Federal Credit Union agreed to acquire Meadows Bank. The terms of the transaction were not disclosed. America First operates as a credit unions and mutuals company and is based in Ogden.
7/29/2025 CRH plc (NYSE:CRH) agreed to acquire Eco Material Technologies Inc. for $2.1 billion. Eco manufactures near-zero carbon cement material intended to transform byproducts and natural minerals into sustainable products and is based in South Jordan. Latham & Watkins LLP is serving as legal advisor to Eco.
7/29/2025 Lido Advisors, LLC agreed to acquire Olympus Wealth Management, LLC. The terms of the transaction were not disclosed. Olympus is a privately owned family office based in Cottonwood Heights. Dentons US LLP is serving as legal advisor to Olympus.
7/30/2025 Ancestry.com LLC acquired iMemories, LLC. Ancestry.com designs and develops an online genealogy platform and is based is Lehi.
Private Placements
7/1/2025 Kuali, Inc. announced that it has received a round of funding led by Banneker Partners, LLC. Kuali offers open source administrative software solutions using SaaS technologies for higher education and is based in Lehi.
7/3/2025 Casap Technologies, Inc. announced its $25.0 million Series A funding round led by Emergence Equity Management, Inc. with participation from SoFi Lending, Lightspeed Ventures, and other investors. The transaction closed on 8/7/2025. SoFi offers personal, home, business, and private student loan products and is based in Cottonwood Heights.
7/10/2025 Ionic Mineral Technologies, LLC announced that it has received $29.0 million in its Series B round of funding. Ionic produces drop-in nano-silicon anode powders intended for advanced lithium-silicon batteries and is based in Provo.
7/15/2025 Ultion Technologies Inc. announced that it has received a round of funding led by new investor Torus, Inc. with participation from Nevada Battle Born Growth Escalator Inc. and other investors. Torus develops a torus station that stores and manages renewable energy and is based in South Salt Lake.
7/16/2025 Billee Technologies, Inc. announced that it has received $9.2 million in its seed round of funding led by RETV Management. RETV is a venture capital firm based in Park City.
7/24/2025 Baxter Aerospace, Inc. announced that it has received $6.0 million in a round of funding that included participation from DoD Accelerator Fund, L.P., managed by Accuidity Capital Management. Based in St. George, Baxter engineers and manufactures high-performance UAS platforms and comms systems optimized for austere and dynamic environments.
7/24/2025 HeroDevs LLC announced that it has raised $125.0 million in a round of funding led by new investor PSG Equity L.L.C. with participation from returning investor Album. HeroDevs is a provider of security and compliance solutions for deprecated open-source software (OSS) and is based in Sandy. Album is a venture capital firm based in Lehi. Foley & Lardner LLP served as legal advisor to HeroDevs.
7/25/2025 BetterRX, LLC announced that it has received a strategic growth investment from BVP Forge. BetterRX develops a technology platform that supports hospice care providers in managing pharmacy services and is based in Salt Lake City.
7/29/2025 Keye, Inc. announced that it has received $5.0 million in a round of funding that included participation from Sorenson Capital, Y Combinator Management, LLC, and other investors. Sorenson is a private equity and venture capital firm based in Lehi.