Several big new deals involving Idaho companies came to light in recent weeks, just the latest in a steady stream of activity for Idaho startups and established businesses. Tackle.IO, Vacasa, FatBeam and TekHut all announced moves.
Last year, Alturas Ventures’ Idaho Deal Flow report reported $4.4 billion in deals involving Idaho companies – down just slightly from 2019. It also showed a significant uptick in the value of deals attained through private placements – from $638 million in 2019 to $2.06 billion in 2020.
Tackle’s latest round
Tackle.io, which helps software makers sell their software on cloud platforms, said it saw an infusion of $35 million in new funding. The so-called series B round will bring in money from well-known venture capital fund Andreessen Horowitz. That firm, co-founded by Marc Andreessen who co-founded Netscape, counts investments in firms like Facebook, Lyft, Pinterest, Groupon, Box, Slack, Oculus, BuzzFeed, Instacart and more among its current and past investments.
“One of the most significant trends in all of B2B software is how it is being bought,” Andreessen Horowitz general partner Martin Casado said. “Cloud Marketplaces have become a primary channel for selling software quickly and conveniently. Tackle is the leading player for enabling companies to sell software through the cloud. We believe every enterprise software company should be using them.”
Bessemer Venture Partners also participated in the latest funding round, and also took part in a smaller investment BoiseDev reported last summer. As we reported at the time, Tackle is based locally and takes inspiration for its name from Idaho.
“It gets back to our Idaho roots,” co-founder Dillon Woods told us last year. “I’m one of the founders, and my partner Brian Denker is also from Idaho. We’ve always enjoyed that Idaho lifestyle. The name comes from fishing tackle. If you are fishing, you need tackle. If you are going to sell on the cloud, you need Tackle.”
Vacasa bulks up
Vacasa, which is based in Portland, OR but operates a significant presence in Boise, announced it would buy a rival company.
The company will buy up Austin, TX-based TurnKey Vacation Rentals. The deal would add another 6,000 vacation home rentals to Vacasa’s portfolio – which previously included 24,000 properties, according to The Oregonian.
Vacasa is one of the northwest’s biggest startups – GeekWire ranks it second on its list of top startups, behind Jeff Bezos’ Blue Origin. Last year, it announced a $108 million funding round, just weeks after it underwent a large layoff – including employees based in Boise.
Vacasa continues to work to consolidate the vacation rental market. In 2019 it purchased Wyndham Vacation Rentals for $162 million. The value of the TurnKey deal was not released.
Idaho trio swap assets
Tek-hut, a Boise-based network device and management company has a new owner. Or – more accurately, owners. The company’s businesses were split and sold to two other Idaho based companies. Coeur d’Alene-based Fatbeam picked up Tek-hut’s Internet, WAN, firewall and voice solutions. Post Falls-based Ednetics purchased Tek-hut’s education, infrastructure, data center and education voice products.
“This is ultimately a success story of three Idaho-based technology companies with a common commitment to improving the connectivity and efficiency of Idaho schools, governments and businesses,” Fatbeam CEO Paul Merritt said. “Today marks a new chapter for each of our companies, with a bright future ahead.”
“We have great respect for what Tek-hut has built over the last several years and are excited to add their products and services to our growing public sector portfolio,” Ednetics CEO Shawn Swanby CEO said. “The talent and passion of the Tek-hut team will be a valuable addition as we continue to invest in Idaho and the Western US.”
The deal went through earlier this year, and the FCC had to sign off on a portion of the transaction. The parties didn’t reveal the terms of the deals. Tek-hut employees will move over to Fatbeam and Ednetics.