2020 Economic Engines

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FOUNDED 1983 CITY Lehi EMPLOYEES 1,700 INDUSTRY Technology/Family History WEBSITE Ancestry.com CEO Margo Georgiadis, 56 THE COMPANY The world’s largest online resource for family history and consumer genetics. 


1. Ancestry has the world’s largest collection of online family history records, and Blackstone acquired Ancestry in 2020 for a total enterprise value of $4.7 billion. 

2. When COVID hit, Ancestry seriously stepped up. They have collaborated with qualified researchers and shared the genetic indicators that show who is more susceptible to getting COVID and who is more likely to have a severe reaction. They are also working to advance discoveries for therapies. 

3. AncestryDNA made spitting popular. With geographic detail and historical insights, Ancestry connects DNA kit users with the places in the world where their story started. 

4. AncestryHealth is a next generation sequencing product that screens users for genes associated with breast cancer, heart disease, colon cancer and blood disorders. This new DNA experience empowers users to make choices regarding their family’s health. 

5. An Ancestry study showed 91 percent of Americans believe there are lessons from the past that can help change how lives are lived today. 

Fortune Cookie Forecast
Understanding your past provides confidence for your future — both as a business and as an individual. 


FOUNDED 2002 CITY Provo EMPLOYEES 3,500 INDUSTRY Technology WEBSITE Qualtrics.com FOUNDER Ryan Smith, 42 THE COMPANY An enterprise platform that organizations use to collect, manage and act on experience data, also called X-data.


1. Remember that time Qualtrics sold to SAP in January 2019 for $8 billion, the largest private enterprise software acquisition of all time? Yup. Us, too.

2. Over 10,000 enterprises worldwide — including more than 75 percent of the Fortune 100 and 99 of the top 100 U.S. business schools — rely on Qualtrics. Notable clients include Coca-Cola, Target, Microsoft, NBC, ABC, Hulu, JetBlue, Disney, Toyota, Verizon. (And the list goes on and on and on.) 

3. Qualtrics started 5 for the Fight, a movement that invites everyone to give $5 to the fight against cancer. Smith’s dad, Scott Smith, came up with the idea for Qualtrics while battling cancer. Ryan Smith dropped out of school to support his dad through radiation and to help the business. 

4. Qualtrics’ X4 Summit has become legendary. Just take a gander at their keynotes from the last couple years: Lin Manuel Miranda, Barack Obama and America’s queen, Oprah. This year’s Summit was canceled due to COVID-19, but survey says they’ll be back with a bang. 

5. SAP announced it has plans to take Qualtrics public. 

Fortune Cookie Forecast
“We’re just getting started.” — Mike Maughan, head of global insights at Qualtrics.


FOUNDED 2011 CITY Lehi EMPLOYEES 395 INDUSTRY Funding/software WEBSITE Lendio.com FOUNDER Brock Blake, 39; Trent Miskin, 40 THE COMPANY A small business loan marketplace.

Lendio is the nation’s largest small business loan marketplace. 

2. Lendio has facilitated over 200,000 small business loans for $10 billion in total funding.

3. 2020 has been a standout — and unforgettable — year for Lendio. When COVID-19 hit and the government’s Paycheck Protection Program began, Lendio facilitated $8 billion in funding for these relief loans and became a lifeline for small businesses everywhere. “We 100% rolled the dice with the PPP,” founder Brock Blake says. “While most played it conservative, we chose to go all in. Before we knew whether we would be able to help fund any single PPP loan, we proactively hired 200-plus new team members and allocated all of our company resources to the PPP initiative.” 

4. Fueled by access to capital, Lendio’s small business clients have generated an estimated $6.5 billion in economic output and created nearly 45,000 jobs nationwide. 

5. In 2017, Lendio created the first-of-its-kind marketplace lending franchise program, Lendio Local. This program has expanded to 71 territories across the country. 

Fortune Cookie Forecast “Put on your sunglasses, you have a bright future ahead.” — Brock Blake, founder


FOUNDED 1999 CITY Provo EMPLOYEES 10,000 INDUSTRY Smart home products and services WEBSITE Vivint.com FOUNDER Todd Pedersen, 51 THE COMPANY A leading smart home company in North America.


1. Vivint Smart Home is one of the leading smart home companies in the U.S. and is the largest tech employer headquartered in Utah. 

2. Vivint Smart Home did $1.2 billion in sales for 2019 and serves more than 1.6 million customers. 

3. Earlier this year, Vivint Smart Home joined the NYSE as a publicly traded company. “That was a huge milestone,” says VP Nate Stubbs. “Obviously, it provides access to additional capital, but a lesser-known benefit is how it increases accountability. Watching the stock price really makes people think about what they do on a day-to-day basis and how they can do it even better.”

4. In 2019, Forbes named Vivint to its list of “The Best Employers for Diversity.” In 2017, Fast Company named it one of “The World’s 50 Most Innovative Companies.” 

5. Vivint Gives Back. Constantly. Since establishing its charitable foundation in 2008, Vivint has donated more than $18 million and 204,000 volunteer hours. More than 1 million children have been impacted by Vivint Gives Back. 

Fortune Cookie Forecast More homes be getting smarter by the day.

5. MX

FOUNDED 2010 CITY Lehi EMPLOYEES 500 INDUSTRY Financial technology WEBSITE MX.com FOUNDER Ryan Caldwell THE COMPANY A provider of money management software that helps the financial industry innovate faster and powers the Money Experience for millions around the world.


1. MX is growing rapidly and works with more than 2,000 organizations to harmonize the money experience and to empower the world to be financially strong. 

2. So far in 2020, nearly 70% of MX’s revenue growth is coming from existing clients.

3. MX has been a big supporter of the community and is always looking for ways to give back. From lifting up children entrepreneurs to supporting diversity and pride events to championing “girls who code,” MX is right on the money.  

4. For its 500 employees, perks include: Unlimited time-off + holidays. 401k matching. Fully-stocked breakrooms. Onsite subsidized massage. Free health insurance for team members. Generous parental leave. Breakfasts, lunches, dinners. 

5. In 2020, MX was named a best place to work by both Inc. Magazine and American Banker. “My pride in the company and our future is huge, but it pales in comparison to my pride in the company’s culture,” says CEO Ryan Caldwell. 

Fortune Cookie Forecast  “Unshakable foundations built today will produce unmeasurable good for future generations.” — Nate Gardner, chief customer officer


FOUNDED 1984 CITY Provo EMPLOYEES 4,900 INDUSTRY Beauty/wellness/direct sales WEBSITE NuSkin.com CEO Ritch Wood, 54 THE COMPANY A developer of skin care and nutritional products primarily in the anti-aging market. 


1. Nu Skin is forever young and forever fierce — it did $2.42 billion in sales in 2019. 

2. The company is publicly traded on the NYSE.

3. The NSE family of companies includes Nu Skin, which develops and distributes a comprehensive line of premium-quality beauty and wellness solutions through a global network of sales leaders in Asia, the Americas, Europe, Africa and the Pacific; and Rhyz, their strategic investment arm that includes a collection of sustainable manufacturing and technology innovation companies. 

4. The company currently focuses its efforts around innovative consumer products, product manufacturing and controlled environment agriculture technology. 

5. Through its Nourish the Children Initiative, Nu Skin feeds more than 120,000 starving children every day. To date, they have donated more than 650 million meals. 

Fortune Cookie Forecast “Tomorrow will be your greatest Nu Skin day ever.” — Ritch Wood, CEO


FOUNDED 2011 CITY Lehi EMPLOYEES 2,500 INDUSTRY Renewable energy WEBSITE VivintSolar.com CEO David Bywater THE COMPANY A provider of residential solar, battery storage and energy services.

1. Vivint Solar is on a mission to create a planet run by the sun. 

2. They are a publicly-traded company that did $341 million in sales in 2019.

3. This year, Sunrun announced a definitive agreement to acquire Vivint Solar for an Enterprise Value of $3.2 billion.

4. Vivint Solar and Sunrun’s combined customer base is nearly 500,000. And with residential solar reaching only 3% penetration in the United States, the runway for growth is massive.  

5. Founder Todd Pedersen —who also founded sister company Vivint Smart Home (#4 on this list) — has now created two companies with a combined enterprise value of nearly $10 billion.

Fortune Cookie Forecast Soak up the sun, people. This is just the beginning. 


FOUNDED 1999 CITY Pleasant Grove EMPLOYEES 250 INDUSTRY Commercial real estate WEBSITE Colliers.com CHAIRMAN Brandon Fugal, 47 THE COMPANY A real estate services and investment company.


1. Colliers International is the No. 1 commercial real estate firm in Utah — as well as No. 1 in the Intermountain West. 

2. Colliers controls the dominant market share with five offices — and did $3 billion in sales volume in Utah over the past year. 

3. They represent landmark developments in EVERY community along the Wasatch Front. 

4. Colliers International is the only full-service commercial real estate firm in Utah Valley. 

5. Noteworthy projects with companies include: Zions Bank, Ancestry.com, Mountain America Credit Union, Xactware, MX, Workfront, Acima, Divvy, Podium, doTERRA, and Young Living. 

Fortune Cookie Forecast “Utah will continue to experience a renaissance of economic development and expansion.” — Brandon Fugal, chairman of Colliers International. 


FOUNDED 1982 CITY Lehi EMPLOYEES 22,000 INDUSTRY Software WEBSITE Adobe.com THE COMPANY A provider of digital marketing and digital media solutions.


1. It’s been more than 10 years since Adobe purchased Orem-based Omniture for $1.8 billion, ultimately leading the $11-billion global giant to set up shop in Utah Valley. 

2. In 2012, it built a 280,000-square-foot campus in Lehi. It is currently building a $90-million facility that will eventually be home to an additional 1,000 employees. The new building will also be the source of an estimated $2.3 billion in new wages and over $85 million in state corporate, payroll, and sales taxes over the next 20 years.

3. The company projects that the new positions will pay approximately 300 percent of the average Utah County wage.

4. Adobe literally paved the way to a Point of the Mountain renaissance for retail, business, and specifically the tech sector.

5. The current campus houses a full gym, cafe, an NBA-sized basketball court and panoramic views of Utah Valley. About 50 percent of employees at the Lehi campus are engaged in corporate giving/charitable service projects, and Adobe regularly supports community initiatives that boost STEM learning and engagement in tech careers. 

Fortune Cookie Forecast A second building will lead to numberless rewards. 


FOUNDED 1926 CITY Orem EMPLOYEES 3,875 INDUSTRY Construction WEBSITE ClydeInc.com FOUNDER Wilford Clyde, 66 THE COMPANY An administration agency that supports the needs of subsidiary organizations that span the construction, building materials and insurance agencies.


1. Since 1926, Clyde has been building Utah. Literally. It’s subsidiaries are W.W. Clyde, Geneva Rock, Sunroc, Sunpro, Beehive Insurance, GWC Capital, and Scott Contracting.

2. It has built more state roadway miles than any other locally-owned contractor and collaborates on more than 500 projects annually. It has been part of building almost every collegiate stadium in Utah. 

3. Clyde is numbered among the top 5 recyclers in the state — and has made a $30-million investment in clean air initiatives. 

4. Clyde donates money, time, equipment and materials to Building a Better Community. Notable donations: The Clyde Building, BYU; Maple Dell Scout Camp, Payson; Clyde Institute of Construction Management, UVU; and $2 million to Springville City to complete the new recreation center. 

5. 90 years of a rock solid reputation. 

Fortune Cookie Forecast 90 more years of a rock solid reputation.

THE FINE PRINT The Economic Engines list is selected by BusinessQ’s editorial board and is ranked based on factors including annual revenue, number of employees, contributions to Utah County’s economy and community, as well as timely and momentous milestones.