Software companies, consumer retail and healthcare lead Utah in the percentage of total transactions.

MountainWest Capital Network (MWCN) released its 25th annual Deal Flow Report, an in-depth analysis of the deals that shaped Utah’s business landscape in 2019. The report highlighted the strongest year in the history of the state for the total value of transactions, reaching $25 billion.

Utah’s deals featured several highlights that made national headlines, including Qualtrics’ acquisition by SAP for $8 billion and HealthEquity purchasing WageWorks for $2.12 billion. Although the total number of deals from 2018 (483) to 2019 (474) was not substantially different, the total value of those deals skyrocketed from $14 billion in 2018 to $25 billion in 2019, thanks in large part to these substantial transactions.

“Utah is consistently rated as one of the top places to do business across many national publications, including Forbes and Inc. Magazine,” said Mike Walsh, a financial advisor from Wells Fargo Advisors and chair of MWCN’s Deal Flow event. “The increasing value of these transactions shows us that Utah is getting more attention than ever, which is a great indicator of future growth.”

Software companies and consumer retail continue to lead Utah’s business transactions, with healthcare increasing significantly as a percentage of overall transactions during the past year. The state also saw a strong flow of venture capital and private equity money across many industries.

Utah also joined the rest of the country with a strong 2019 in public markets, featuring the highest number and value of public transactions in the state’s history. Strong upticks in the total dollar amounts of mergers and acquisitions and private funding placements were also indicative of companies establishing significant value in businesses and technologies in Utah.

The Deal Flow Report is published each year by MWCN, a nonprofit organization, to further its mission of fostering the dynamic flow of information about capital formation and distribution. It does not report on transactions that were either confidential or otherwise not publicly disclosed.

The full 2019 MWCN Deal Flow Report can be viewed at

About MountainWest Capital Network
MountainWest Capital Network is Utah’s first and largest business networking organization devoted to supporting entrepreneurial success and dedicated to the flow of financial, entrepreneurial and intellectual capital. Learn more at