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Technology

Utah Money Watch provides perspective and contextual insights on all financial aspects of the Technology marketplace within Utah, from A.I. to blockchain and from SaaS to Consumer Electronics.

Utah-based Purple Innovation is Closing its Two Manufacturing Plants in Utah, Will Layoff Approximately 13% of its Staff, and Expects Restructuring Costs of $35 Million to $45 Million

Utah-based Purple Innovation is Closing its Two Manufacturing Plants in Utah, Will Layoff Approximately 13% of its Staff, and Expects Restructuring Costs of $35 Million to $45 Million

Purple will consolidate its manufacturing operations to its 520,000-square-foot facility in McDonough, Georgia facility (which it opened in 2020). With this restructuring, Purple has laid-off employees from its Lehi, Utah headquarters and expects to shutter its Grantsville, Utah and Salt Lake City plants sometime in Q1 2025, with ~220

NEWS BRIEF: Utah-based Carketa Lands $4.4 Million in Early Growth Round of Venture Capital Funding

NEWS BRIEF: Utah-based Carketa Lands $4.4 Million in Early Growth Round of Venture Capital Funding

Lehi, Utah-based Carketa has received $4.4 million in an early growth round of venture capital funding. According to its news release, the Carketa funding round "... was led by new investor Capital Eleven, with participation from both new and existing investors, including Crosslink Capital, Origin Ventures, Allegis Capital, and

Has the Divvy Mafia "Done it Again," this Time with Redo?

Has the Divvy Mafia "Done it Again," this Time with Redo?

Draper, Utah-based Redo announced a $24 million round of Series A funding last week, which is certainly newsworthy in and of itself. But what this author finds especially intriguing is the fact that this still young startup has also assembled many of the top team members of Divvy, with rapid

NEWS BRIEF: Utah-based Superior Drilling Products has been Acquired for $32.2 Million in Cash and Stock

NEWS BRIEF: Utah-based Superior Drilling Products has been Acquired for $32.2 Million in Cash and Stock

Vernal, Utah-based Superior Drilling Products, previously NASDAQ:SPDI, has been acquired by Houston, Texas-based Drilling Tools International (NASDAQ:DTI) for $32.2 million in cash and stock. DTI is a global oilfield services company, and according to its acquisition news release, one of the benefits of acquiring 31-year-old Superior Drilling

With a Quarter-Billion-Dollars in Federal Monies Now in Hand, Utah Will Lead a $500 Million Electrical Grid Reliability Project Touching 700,000 Customers in Six States and Five Tribal Nations

With a Quarter-Billion-Dollars in Federal Monies Now in Hand, Utah Will Lead a $500 Million Electrical Grid Reliability Project Touching 700,000 Customers in Six States and Five Tribal Nations

With notice from the U.S. Department of Energy of its successful proposal, the State of Utah's Office of Energy Development will now lead a $500 million multi-state effort to boost the reliability of the electrical grid serving 0ver 700,000 customers in six western states and five

Yowza — 94 Utah Companies Make the Inc. 5000 List for 2024, with 64 Repeat Honorees

Between them, these 94 Utah-based firms had a 230% median growth rate, while 64 of the 94 firms were repeat honorees.

But Wait, There's More: Utah-based Recursion Pharmaceuticals is Acquiring UK-based Exscientia for $688 Million in an All-Stock Deal

But Wait, There's More: Utah-based Recursion Pharmaceuticals is Acquiring UK-based Exscientia for $688 Million in an All-Stock Deal

Early yesterday morning (Thursday, 08 August 2024), Salt Lake City, Utah-based Recursion Pharmaceuticals (NASDAQ:RXRX) announced that is "combining" with Oxford, England-based Exscientia (NASDAQ:EXAI) in an all-stock transaction that will create a global tech-enabled drug-development / drug-discovery powerhouse. Under terms of the agreement disclosed in yesterday's