ALL NEWS

Report: Number of business deals in Utah down during pandemic, but value hit new record of $26B

May 21, 2021, 9:41 AM | Updated: 9:43 am
Landscape view of Salt Lake City, Utah population growth Photo: Carter Williams KSL.com

SALT LAKE CITY — Even though there were fewer business deals made in Utah overall in 2020, the value of those deals reached a new high of $26.4 billion, beating out 2019’s $25 billion, according to a new report. However, the total number of financial market transactions tracked in the report was only 289, compared to 474 during 2019 and 483 during 2018.

The numbers come from MountainWest Capital Network’s 26th annual Deal Flow Report, which analyzes public and private business deals made in Utah along with mergers and acquisitions.

“While 2020 was a year few people would like to repeat, it is encouraging for the future to note that the total value of deals in the state was the highest we have ever seen,” Kady Reese, MountainWest Capital Network’s Deal Flow vice-chair, said in a statement. “This report provides a first-hand glimpse into what has continued to make Utah one of the best places in the country for innovation and success.”

In the tech world, the acquisition of Ancestry for $4.7 billion was another major deal in 2020 that boosted the state’s total value of business transactions.

One of the most headline-generating deals made in the state last year was the $1.66 billion sale of the Utah Jazz and other assets to Qualtrics founder and executive chairman Ryan Smith, who said in a recent interview with MountainWest Capital Network Chairman Mike Walsh that the deal was one way he wants to give back to the community.

“Utah’s a big piece of our story,” Smith said. “We don’t care how big we get, HQ’s going to be here in Utah and that’s been a big piece of what we’ve tried to do.”

Smith also made headlines earlier this year when Qualtrics went public with a record-breaking IPO for the Beehive State. In 2018, the sale of Qualtrics to SAP was the largest software acquisition in history.

While Walsh doesn’t have a crystal ball, Utah’s trajectory appears to be on the upward trend for business deals, especially in Silicon Slopes.

“Utah’s starting to get a lot of — well it’s already getting a lot of attention — and a lot of the companies that are based here are becoming more mature and more established and I think are justifying that valuation as well,” Walsh explained to KSL.com.

This chart from the annual MountainWest Capital Network Deal Flow Report shows the largest transactions made in the state in 2020, along with what industries stood out. It also compares data from 2020 to previous years’ reports. (Photo: MountainWest Capital Network Deal Flow Report)

In December, Draper-based software company Pluralsight was acquired by Vista Equity Partners in a $3.5 billion deal that was finalized in 2021.

The technology sector of the state continues to bring big dollars into Utah and accounts for 42% of the total transactions followed by consumer/retail and health care industries at 29% and 19% respectively.

Companies have continued to look at Utah as an area to expand to as well and Walsh said companies moving to Utah — like Seattle-based consulting firm Slalom which recently opened a Salt Lake office — shows how the area has attracted more businesses to invest in the area.

“They’re moving here and they’re all in and I think that’s going to continue to just push things up on the technology side of things, but also in the other areas,” he said.

Today’s Top Stories

All News

Bodycam video released by authorities shows the good Samaritan trying to help the man on the tracks...
Tavleen Tarrant, CNN

Good Samaritan and NYPD officers rescue man from subway tracks moments before train arrives

A man was rescued from the New York subway tracks by good Samaritan and police just moments before a track arrived.
1 day ago
FILE - A Montana man was sentenced to three years in prison for his role in the Capitol riot. (AP P...
The Associated Press

Montana man gets 3 years in prison for role in Capitol riot

A Montana man will spend three years in federal prison for his role in the Jan. 6, 2021, riot at the U.S Capitol.
1 day ago
Police in Roy are trying to determine how a vehicle crashed into an unoccupied building Friday afte...
Mark Jones

Vehicle collides with unoccupied building in Roy, no injuries

Roy Police are trying to determine how a vehicle crashed into an unoccupied building Friday afternoon. The driver was arrested after fleeing the scene.
1 day ago
Debbie, left, and Chet Barnett place flowers at a memorial outside of the Chesapeake, Va., Walmart ...
The Associated Press

Walmart shooter left ‘death note,’ bought gun day of killing

According to authorities in Virginia, the Walmart shooter bought his gun just hours prior to killing six employees.
1 day ago
Dozens of residents were displaced after fire at a low income apartment complex in Richfield, Utah....
Mark Jones

American Red Cross of Utah seeks volunteers in central Utah

The American Red Cross of Utah is seeking volunteers in central Utah after a fire in Richfield earlier this week displaced 35 families.
1 day ago
Groundbreaking dates for four temples in Latin America have been announced this week by the First P...
Mark Jones

First Presidency issues 2022 Christmas message

A Christmas message was released Friday by the First Presidency of The Church of Jesus Christ of Latter-day Saints.
1 day ago

Sponsored Articles

Happy joyful smiling casual satisfied woman learning and communicates in sign language online using...
Sorenson

The best tools for Deaf and hard-of-hearing workplace success

Here are some of the best resources to make your workplace work better for Deaf and hard-of-hearing employees.
Team supporters celebrating at a tailgate party...
Macey's

8 Delicious Tailgate Foods That Require Zero Prep Work

In a hurry? These 8 tailgate foods take zero prep work, so you can fuel up and get back to what matters most: getting hyped for your favorite
christmas decorations candles in glass jars with fir on a old wooden table...
Western Nut Company

12 Mason Jar Gift Ideas for the 12 Days of Christmas [with recipes!]

There are so many clever mason jar gift ideas to give something thoughtful to your neighbors or friends. Read our 12 ideas to make your own!
wide shot of Bear Lake with a person on a stand up paddle board...

Pack your bags! Extended stays at Bear Lake await you

Work from here! Read our tips to prepare for your extended stay, whether at Bear Lake or somewhere else nearby.
young boy with hearing aid...
Sorenson

Accommodations for students who are deaf and hard of hearing

These different types of accommodations for students who are deaf and hard of hearing can help them succeed in school.
Young woman receiving laser treatment...
Form Derm Spa

How facial plastic surgery and skincare are joining forces

Facial plastic surgery is not only about looking good but about feeling good too. The medical team at Form Spa are trained to help you reach your aesthetic outcomes through surgery and through skincare and dermatology, too.
Report: Number of business deals in Utah down during pandemic, but value hit new record of $26B