www.slenterprise.com November 19, 2018 Volume 48, Number 18 $1.50 OF NOTE If Utah became 'Crossroads of Qualtrics calls the World,' so can other states off IPO, sells America,” Gov. Gary Herbert said at the Brice Wallace Utah Global Forum in Salt Lake City. The Enterprise “The good news is, it’s not a zero-sum for $8 billion game,” he said. “If other states will do Acknowledging Utah’s strength in what we’re doing, they are going to have The monster Utah IPO that was the international trade, several economic lead- the same kind of success. And all will talk of the tech industry and all over the lo- ers recently hailed the state’s advance- benefit. It is mutually beneficial. If other cal press earlier this month is off. ment from “Crossroads of the West” to countries do what we’re doing, they will When Provo-based Qualtrics’ CEO “Crossroads of the World” and suggested Ryan Smith announced his intentions to Here's to your health have the same kind of success. that the Utah can share its success with “Now, they may be farther down on take his company public, the initial stock If you are a UnitedHealthcare other states and other nations. offering was universally expected to customer and you sign up for “We’re more than happy to share what eclipse all others for a Utah-based compa- see FORUM page 4 ny. But that won’t happen because Smith the company's health program we know, how we’ve done it, even here in has accepted an $8 billion offer from SAP, called "Motion," the healthcare a German multinational software corpora- giant will give you a $300 Apple tion, to buy the company. The new deal is Watch for free to keep track of being hailed as one of the biggest ever for your progress. The program a venture-backed enterprise software com- rewards those who walk more pany. than 10,000 steps per day, and Qualtrics is a pioneer in the experience hundreds of thousands of the management (XM) software category and fi rm's insured have joined. helps companies with data and feedback in the areas of customer, employee, product Industry News Briefs and brand management. Industry insiders have dubbed Qualtics a “unicorn” compa- pages 8-9 ny because of its unique products and oper- Business Calendar ation. The company employs about 1,900. page 11 “Our mission is to help organizations deliver the experiences that turn their cus- Real Estate tomers into fanatics, employees into am- pages 18-19 bassadors, products into obsessions and brands into religions,” Smith said in a statement. “Supported by a global team of over 95,000, SAP will help us scale faster and achieve our mission on a broader stage. A worker installs a pump motor in a new hot tub at the Bluffdale factory of Bullfrog Spas. The This will put the (Qualtrics-developed) company will add 150 people to its workforce because of a tax credit incentive granted recently. XM Platform everywhere overnight.” SAP is a multinational software cor- poration that makes enterprise software to manage business operations and customer Three companies will create 1,135 relations. SAP is headquartered in Wall- dorf, Baden-Württemberg, Germany, with regional offi ces in 180 countries. The com- jobs through GOED tax incentives pany has over 335,000 customers and al- most 100,000 employees. Brice Wallace Development (GOED) board at its Novem- ber meeting. Qualtrics is expected to operate as an The Enterprise That meeting also featured an incentive entity within SAP’s Cloud Business Group for Merit Medical Systems Inc. tied to the following the deal, retaining its brand and Three companies have announced ex- creation of up to 1,010 high-paying jobs over joint headquarters in Provo and Seattle. pansions that are expected to create a to- 15 years, as reported in last week’s edition of Smith will continue to lead the company, tal of 1,135 jobs in Utah over the next few The Enterprise. according to a joint release. years. LendingClub will create up to 860 jobs Under the terms of the agreement, LendingClub Corp., Bullfrog Spas and in operational roles over the next 10 years SAP will acquire all outstanding shares Essence Global made the announcements after being approved for tax credit incen- see QUALTRICS page 4 tives by the Governor’s Offi ce of Economic see INCENTIVES page 15 2 • Nov. 19-25, 2018 • The Enterprise - Utah's Business Journal Bullock to head Squire & Co. Squire & Co. PC, an account- through industry specialization ing fi rm with offi ces in Orem and and the addition of the Salt Lake Salt Lake City, has named Jonyce offi ce to our Squire team have re- Bullock as CEO. Bullock was the sulted in signifi cant growth and managing part- expansion during 2018,” said ner of the fi rm Bullock. “To help us be best pre- and will con- pared to capitalize on the opportu- tinue as offi ce nities for each of our offi ces and managing part- meet the expanding needs of our ner of the Orem clients, we have realigned our or- offi ce. ganizational structure and made In addition, changes in key leadership posi- Jonyce Bullock Squire & Co. tions. We are now properly po- announced that sitioned to continue our growth Shane Edwards has been appoint- through 2019 and beyond.” ed as offi ce managing partner for Squire is a locally-owned, the Salt Lake City offi ce. Both full-service accounting and advi- Bullock and Edwards will contin- sory fi rm offering audit, tax, trans- ue as members of the fi rm’s execu- action support, ERP implemen- tive committee and board of direc- tation, wealth management and City Creek Reserve, the real estate arm of the The Church of Jesus Christ of Latter-day Saints, has tors. outsourced CFO/Controller ser- submitted preliminary planning documents for a major glass offi ce building to be located on the northeast “A renewed focus on pro- vices. Squire has been in business corner of State Street and 100 South in downtown Salt Lake City. The building is designed to be 28 stories viding outstanding client service since 1973 and employs about 130. — that’s 395 feet — tall, according to plans submitted to the Salt Lake City Planning Commission. "We’re pleased to be bringing another Class A offi ce tower to downtown Salt Lake," said City Creek Reserve spokesman Dale Bills in a statement issued recently. "We’ll have more to say in the coming weeks as we progress through the city’s approval process." RMP proposes customer refund The skyscraper — called Tower 8/95 State in planning documents — would be the city’s third-tallest building. The entrance would face the intersection of State Street and 100 South and parking would be and effi ciency charge decrease provided on two levels within the tower. Rocky Mountain Power has Power published company plans fi led a proposal to issue a one- showing the benefi cial long-term time refund of approximately effects of renewable energy and $14.5 million and to decrease the the evolving electrical grid. The Clarus acquires of skincare fi rm SKINourishment customer surcharge for energy ef- declining costs of renewable ener- Clarus Corp., a Salt Lake City as a new category of focus with enhancing products using natural, fi ciency from approximately 3.66 gy allow this resource to compete holding company has acquired sk- high-growth potential, and we be- organic, cannabis-infused or alter- percent to 3.54 percent of cus- with traditional energy effi ciency incare company SKINourishment lieve that our acquisition of SKI- native ingredients.” tomer’s bills. If approved by the management as a least-cost ener- Inc. of Wimberley, Texas. Clarus Nourishment provides an impor- In 2012, Polly Glasse founded Utah Public Service Commission, gy resource in Utah. focuses on acquisition of sport-en- tant strategic entrance,” said John SKINourishment to house all four the refund for a typical residential Rocky Mountain has insti- hancing products and high-growth Walbrecht, president of Clarus. brands under the same umbrella. customer will be about $7.30 on tuted energy effi ciency programs potential category companies. “Similar to our existing brands, She will remain the leader of SKI- that coordinate when electricity the February 2019 bills. SKINourishment markets or- SKINourishment has built a pur- Nourishment’s product innovation is used, as well as reduce overall Rocky Mountain said the re- ganic, food-grade, plant-based skin pose-driven, ‘super fan brand’ ded- under Clarus’ ownership. Com- electrical use to help customers duction is possible because the products with distribution across icated to using the highest-quality menting on the opportunity, she save money. These programs are utility has identifi ed more-effi - 37 countries. Its products are sold organic ingredients. Its innovative said: “We are proud to offer plant- funded by an effi ciency charge, under four brands: climbOn, Cross- and differentiated products have based products for the largest or- cient ways to deliver these pro- which appears as a line item on FIXE, POLYN and POLYN Baby. fostered product adoption at both gan in your body — your skin. We grams to customers. Widespread the customer bill. Programs for Clarus’ initial focus will be on the the core user and athlete level, in- couldn’t be more thrilled to join the adoption of energy effi ciency residential customers continue to launch of seven climbOn prod- cluding strong, loyal followers like Clarus family as they are a partner measures has allowed the compa- include cash incentives for ener- ucts through its global distribution climbing athlete Tommy Caldwell.