3 minute read
Software & IT
From its historic role as the birthplace of computer graphics over 50 years ago through today, Utah has been known for the breakthrough visions of its entrepreneurs and innovators, especially in the world of software.
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The continuing negative impact of a worldwide pandemic notwithstanding, 2021 was a unique snapshot in time for Utah’s software and technology industries.
As the primary nonprofit organization focused on supporting and promoting technology, startup and techinformed businesses, professionals and consumers in Utah, Silicon Slopes has a front row seat to the fast-paced and dramatic changes produced by the state’s software and tech industries.
Case in point, over 15,000 individuals and hundreds of companies joined the organization last October as it hosted the two-day Silicon Slopes Summit in downtown Salt Lake City. The fifth annual event featured keynote addresses from Apple’s CEO, Tim Cook, and LA Clippers owner/former Microsoft CEO, Steve Ballmer.
Additionally, face-to-face and virtual attendees in 2021 were uplifted, inspired, and taught by executives and thought leaders from such organizations as:
- Adobe
- Ancestry.com
- Divvy
- Entrata
- iHeartMedia
- NASDAQ
- Overstock
- Splunk
- TaxBit
- The Larry H. Miller Company
- Traeger Grills
- University of Utah
- Utah Jazz
- ZoomInfo
Current and former elected officials such as Gov. Spencer Cox, U.S. Senators Mitt Romney and Mike Lee, and former U.S. Secretary of Health and Human Services Mike Leavitt also participated and led discussions.
As impactful as the 2021 Silicon Slopes Summit was both within and outside of Utah’s business ecosystem, an incredible amount of progress and success was achieved throughout the year by Utah’s businesses and organizations, especially within the software community.
For example, Utah’s software businesses raised a record amount of money in 2021, with over $2 billion invested in Software-as-a-Service firms and app developers in Utah last year. A handful of examples include:
- Lucid: $500 million (Secondary investment)
- MX: $300 million (Series C round)
- Podium: $201 million (Series D round)
- Divvy: $165 million (Series D round)
- SimpleNexus: $108 million (Series B round)
- TaxBit: $230 million (Series A and B rounds)
Additionally, dozens of Utah software companies were acquired during 2021 and many also purchased other firms, generating a combined total worth $8 billion in increased value for their shareholders, led by the acquisitions of:
- Pluralsight: $3.8 billion (acquired by Vista Equity Partners)
- Divvy: $2.5 billion (acquired by Bill.com)
- Claravine: $1.1 billion (acquired by Qualtrics)
- SimpleNexus: $1.2 billion (acquired by nCino)
A handful of Utah-based software companies raised capital through public offerings, including:
- Qualtrics: $2.8 billion raised via an IPO and a Secondary Offering
- HealthEquity: $600 million raised via a Debt Offering
- HealthEquity: $400 million raised in a Secondary Offering
- Weave: $120 million raised via an IPO
In total, a minimum of $15 billion in financial transactions occurred within Utah’s software community in 2021 through fundings, acquisitions, and public offerings.
This amount is the highest combined total of monies raised/value created in a single year within Utah’s software marketplace. Silicon Slopes, is “on fire” and well-positioned for continued success in 2022 and beyond. A sports fanatic known to friends as “Poppa P,” David Politis is passionate about making the world a better place by helping find and share the amazing stories of the Utah business community known as Silicon Slopes.
