T EC H + I N N OVAT I O N
The Great Pivot:
How Montana’s Tech Companies are Adapting to Survive (and Even Thrive) in the New Normal By Christina Henderson
FOUNDING EXECUTIVE DIRECTOR, MONTANA HIGH TECH BUSINESS ALLIANCE
C
oming into 2020, Montana’s high-tech industry continued a multi-year trend of fast growth. In 2019, high-tech grew nine times faster than other sectors and represented more than $2.5 billion in revenues, according to a survey conducted by the UM Bureau of Business and Economic Research. The official report on 2020 is still in progress, but most indicators show Montana’s high-tech industry has weathered the pandemic well overall. When COVID-19 hit, we did see a sudden downturn in Q2 of 2020 with layoffs at a few companies in software, advanced manufacturing, and marketing technology. Many impacted firms have been able to adapt quickly and leverage PPP funds to bridge gaps. A number of those employers begin rehiring in late 2020. Some big success stories emerged in recent months: • In July 2020, Missoula-based biotech therapeutics company Inimmune secured a $22M Series A investment from Two Bear Capital in Whitefish to advance multiple lead programs through Phase I human clinical testing. • Ascent Vision Technologies (AVT), a veteran-owned firm specializing in counter-drone technology and aerial surveillance systems, announced in August 2020 that it was acquired by CACI International for $350 million and will keep its headquarters in Bozeman. • In February 2021, IT consulting company Helix Business Solutions was acquired by Speridian Technologies. Kevin Sherwood, Helix CEO and Montana resident, will continue to lead Helix under Speridian as its own business unit. Helix is actively hiring for jobs that can be done from the office in Dillon, Mont. or remotely.
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MONTANA CHAMBER OF COMMERCE
