A Utah County business analytics company whose founder helped coin the term “Silicon Slopes” recently sold its core artificial intelligence and data business after years of financial losses.

Domo, once valued at $2 billion and celebrated as one of Utah’s tech unicorns, sold that part of its business to Massachusetts-based Progress Software in a deal completed Sept. 22, according to a news release from the software company.

Progress paid $400 million for nearly all of Domo’s assets and employees tied to the business.

A day after the deal closed, 175 workers at the company’s American Fork headquarters were laid off, according to a Worker Adjustment and Retraining Notification (or WARN) notice filed last Wednesday with the Utah Department of Workforce Services.

In a statement, Progress said it acquired the business and its “talented team” because “we value the technology, expertise and customer relationships they have built.”

“To successfully integrate the business into Progress and position it for long-term growth, we have made some difficult decisions regarding our future organizational structure,” the statement continued, “and some roles may be impacted as we align teams and operations following the acquisition.”

The company added that it recognized the affected employees’ contributions and is “committed to treating them with respect and providing appropriate support throughout the process.”

“As we move forward, our focus remains on serving our customers and ensuring a smooth integration,” the statement read.

Domo founder Josh James isn’t out of the tech business. He will helm the debt-free public company that remained after the sale, which has changed its name to Huckleberry.ai.

Huckleberry was left with about $221 million in net cash, or $4.46 per share, after the transaction, according to a news release. It also held onto more than $900 million in net operating loss carryforwards, which are tax assets that could become valuable if the company generates taxable income in the future.

In other words, Huckleberry has cash to work with and a sizable pool of past losses that could help pad its next venture.

In 2021, Utah approved a post-performance tax incentive for Domo as the company, at the time, expanded its operations in the state.

Under the deal, Domo was able receive a tax credit worth up to 25% of the new state taxes it pays over 10 years, capped at about $23 million. The incentive was part of Utah’s Economic Development Tax Increment Finance program.

The state projected the expansion would generate $93.3 million in new state tax revenue and create 2,230 full-time jobs over the life of the project.

The deal is still listed as active, and state records show that between 0% to 25% of the potential tax credit has been issued.

“We see exciting opportunities ahead to build on our respective strengths,” Progress concluded in its statement, “and to continue helping organizations thrive in a world powered by AI.”