2021 Economic Engines

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CITY Provo FOUNDED 2002 EMPLOYEES 4,000+ INDUSTRY Technology WEBSITE Qualtrics.com FOUNDER Ryan Smith, 43 THE COMPANY An enterprise platform that organizations use to collect, manage and act on experience data.


1. The headline may be a repeat — but it never gets old: Qualtrics Makes History. In January 2021, the Provo company completed their initial public offering — the largest IPO in Utah’s history. 

2. In 2019, history was made when Qualtrics sold to SAP for $8 billion, the largest private enterprise software acquisition of all time. 

3. In 2020, Qualtrics revenue was $764 million. This year, their revenue is on track to surpass $1 billion. 

4. 1,800 of Qualtrics’ employees work at Provo HQ — and they plan to add another 1,000+ in the next 5 years. 

5. Qualtrics established 5 For The Fight, a global movement to eradicate cancer — $5 at a time. 

SHINING MOMENT “During the pandemic, we launched 15 new software tools to help government, businesses, and schools manage Covid-19,” says CCO Gina Sheibley. “Officials used our software to help reopen schools, contact trace, turn vaccines into vaccinations, and get people safely back to work. These solutions have been used by more than 12,000 brands and in 55,000 projects across all 50 states and in over 90 countries.”


CITY Provo FOUNDED 2003 EMPLOYEES 1,000 INDUSTRY Real estate development WEBSITE PegCompanies.com FOUNDER Cameron Gunter THE COMPANY A vertically integrated commercial real estate firm focused on investment, development and asset/property management.


1. PEG’s growth is expansive and rapid. They now encompass six entities under the PEG Companies umbrella: PEG Capital Partners, PEG Development, PEG Construction, PEG Asset Management, PEG Property Group, and In-Group Hospitality: A PEG Company.

2. PEG’s developed more than $1.2 billion in real estate, 5,200+ hospitality keys, and 4,700+ multifamily units.

3. PEG’s projects span a variety of industries: hospitality, student housing, medical, office, retail, and more.

4.  PEG tackles intricate projects, including the UVU student housing shortage with The Green on Campus Drive, a build-for-rent strategy to bring innovative housing solutions to the Mountain West, and giving new life to an undesirable site of a former asbestos factory.

5. For its new HQ, PEG is building a large mixed-use development called Freedom Commons. It’s reinventing the modern-day office experience specifically for a post-pandemic workforce.

SHINING MOMENT “We always operate with integrity,” Gunter says. “We do what we say we’re going to do.”


CITY Lehi FOUNDED 2008 EMPLOYEES 2,750 INDUSTRY Food and beverage WEBSITE SavoryFund.com FOUNDERS Shauna Smith, 43; Andrew Smith, 46 THE COMPANY A restaurant investment, development and management company focused on emerging, growth-ready brands.


1. In the past year, Savory closed on not just one — but two! — $100-million funds. (Second helpings FTW!)

2. The Savory brand fam includes: Swig, R&R BBQ, Mo’ Bettahs, Via 313, The Crack Shack and Pincho. 

3. Savory’s annual revenue cooks up at more than $150 million annually — and growing. Savory plans to partner with 2-3 more restaurants in the coming year.

4. When Covid hit and storefronts closed in a day, Savory immediately innovated their processes to keep employees safe and the valley fed during quarantine. 

5. Big picture goal? Buy, build and sell $2.5 billion in restaurants in the next 10 years. (Get hungry, Utah!) 

SHINING MOMENT “Every time we close on a new brand or open a new store is a proud moment,” Shauna Smith says. “The energy, the humans, the experience, the happiness. My heart swells every time.”


CITY Orem FOUNDED 1926 EMPLOYEES 4,612 INDUSTRY Construction/materials/insurance/land development WEBSITE ClydeInc.com FOUNDER Wilford Clyde THE COMPANY An administrative agency that supports the needs of subsidiary organizations that span the construction, building materials and insurance industries.


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. (The Clyde Companies corporate umbrella officially formed in 1997.)

2. The billion-dollar company has built more state roadway miles than any other locally-owned contractor and collaborates on thousands of 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. 

SHINING MOMENT Their values are built into the foundation: “We Value People; Our Word is Our Bond; Give a Full Measure; Quality Products and Services at the Best Value.” 


CITY American Fork FOUNDED 2010 EMPLOYEES 850 INDUSTRY Enterprise software WEBSITE Domo.com FOUNDER Josh James, 48 THE COMPANY A cloud-based software company for digital transformation that puts data into the hands of everyone across an organization.


1. Domo is publicly traded on the NYSE and has watched its stock catapult this year.

2. Domo did $210 million in revenue for its fiscal year ending Jan. 31, 2021 and posted growth of more than 20% each quarter since.

3. Domo’s clients are heavy hitters: Target, ESPN, Unilever, Zillow, Cisco, MasterCard, eBay and Swire Coca-Cola.

4. Founder Josh James also founded Omniture and famously sold it to Adobe for $1.8 billion in 2009 (leading Adobe to set up shop and provide thousands of jobs to our local economy). Since then, James has coined the term Silicon Slopes. When Covid hit, he also led the charge to secure PPP equipment and help the state of Utah with its testing strategies. 

5. Domo began as a Startup to Watch and has since strutted its stuff on the Fastest-Growing and Economic Engine lists — meaning Domo is one of our rare “UV50 Triple Crown” winners. 

SHINING MOMENT “Winning our largest deal ever this year with one of the most recognized brands in the world,” says CCO Julie Kehoe. “It was a companywide accomplishment and due to the power of our modern BI platform and apps.”


CITY Pleasant Grove FOUNDED 1999 EMPLOYEES 250 INDUSTRY Commercial Real Estate WEBSITE Colliers.com FOUNDER Brandon Fugal, 48 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 and has worked tirelessly to help companies navigate the post-Covid world of hybrid work. 

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

SHINING MOMENT “My story, in many respects, is a story of the development of the Wasatch Front that prepared for the rise of Silicon Slopes. I have grown up along with the market. Utah will continue to experience a renaissance of economic development and expansion. It’s been a privilege to have a seat at the table.”


CITY Provo FOUNDED 1984 EMPLOYEES 4,900 INDUSTRY Beauty/wellness/direct sales 

WEBSITE NuSkin.com CEO Ryan Napierski THE COMPANY A developer of skin care and nutritional products. 


1. Nu Skin is forever young and forever fierce — it did $2.58 billion in sales in 2020. 

2. The company is publicly traded on the NYSE and is the OG direct sales company in our community. 

3. The company focuses its efforts around innovative consumer products, product manufacturing, and controlled environment agriculture technology. It has two research centers with approximately 75 in-house scientists, more than 80 scientific posters, 35 oral presentations, 30 patents and 25 published scientific articles.

4. Through its Nourish the Children Initiative, Nu Skin feeds more than 120,000 starving children every day. To date, they have donated more than 700 million meals. 

5. Record alert! Nu Skin is the longest-running winner in UV50 history.

SHINING MOMENT Nu Skin’s mission to be a “Force For Good” has been the backbone of the company at home and abroad.

8. MX

CITY Lehi FOUNDED 2010 EMPLOYEES 700 INDUSTRY Financial technology WEBSITE 

MX.com FOUNDER Ryan Caldwell THE COMPANY A provider of money management software.


1. MX raised $300 million in Series C funding this year — the largest single round of funding for a private company in Utah. This increased MX’s market share to over $1.9 billion.  

2. 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. They launched a series of products including Open Finance Portal, Data Connectivity API, and Account & Identity Verification.

3. MX has doubled its employee count in two years to 700+ employees. Perks include unlimited time-off, 401k matching, fully-stocked breakrooms, onsite subsidies, massage, free health insurance for team members, generous parental leave. 

4. 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.

5. In 2020, MX was named a best place to work by Inc. Magazine. In 2021, it was named to the Forbes 100 list of the best private cloud companies in the world. 

SHINING MOMENT “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.


CITY Lehi FOUNDED 1993 EMPLOYEES 3,200 INDUSTRY Essential oils/direct sales 

WEBSITE YoungLiving.com FOUNDER Mary Young, 71 THE COMPANY An essential oils company distributed through a direct sales model.


1. Young Living earned more than $2.2 billion in sales last year and has 6 million brand partners. It has more than 270 essential oils and blends.

2. The company is the largest woman-owned and operated business in the state of Utah.

3. Young Living pledges to be a “zero waste company” in five years and is committed to sustainable practices.

4. In 2019, Young Living moved into its state-of-the-art headquarters in Lehi. Young Living operates in 29 international markets and has 33 offices worldwide.

5. Young Living was founded by Mary Young and her late husband, D. Gary Young, 27 years ago. The company has 3 Pillars of Philanthropy focused on championing education, developing enterprise, and ending exploitation.

SHINING MOMENT “The greatest reward is hearing about how our products benefit those who use them,” founder Mary Young says. 


CITY Provo FOUNDED 2006 EMPLOYEES 1,000 INDUSTRY Real estate/private equity WEBSITE PeakCapitalPartners.com FOUNDERS Jeff Burningham, 44; Jamie Dunn, 44; Jeff Danley, 47 THE COMPANY An owner and manager of conventional, affordable, and student apartment communities in growth markets in the U.S. 


1. Peak has acquired and managed $4.1 billion of apartment communities over the past 10 years and brings in $300 million in annual sales. 

2. Peak and its affiliates own properties in over 25 markets in the United States — each of which were selected based on strict criteria and represent strong long-term growth opportunities. 

3. The company employs 1,000 people all over the country, and the properties in its portfolio are the product of relentless due diligence. They maintain a broad sourcing network and productive relationships with brokers, property owners, developers, and municipal leaders in each target market.

4. The company was thrice named to the National Multifamily Housing Council’s list of “Top 50 Owners.” 

5. Not only is Peak an Economic Engine, it is a fast-growing one. It has been a regular contender on the Inc. 5000 and on the UV50’s Fastest-Growing list. 

SHINING MOMENT “I’m confident this moment is still to come,” says founder Jeff Burningham. 

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