First Analysis Team
Richard Conklin
Managing Director
Rick Conklin is a managing director in investment banking. Prior to joining First Analysis in 2012, he spent four years as a managing director at Robert W. Baird & Co., where he headed the firm’s private placement efforts and equity capital markets coverage of the real estate and industrial sectors. Prior to Baird, he was a principal at William Blair & Co., where he spent seven years managing the firm’s efforts in capital raising for small-cap public companies across industry groups. He also spent seven years combined in the real estate industry, most recently as managing director of investment management at ProLogis and senior vice president and head of equity capital markets at Jones Lang LaSalle. He has completed over 100 M&A, private placement, and public offering transactions with a gross value in excess of $15 billion. He holds a bachelor's degree in economics from the University of Notre Dame and an MBA in finance from the Wharton School of the University of Pennsylvania.
Alice Epstein
Marketing and Communications Manager
Alice Epstein is the marketing and communications manager for First Analysis. She leads the creative process and focuses on publishing, graphic design, PR and event planning. Prior to joining First Analysis in 2010, she worked at the renewable energy startup Solargenix Energy. She has a bachelor's degree in political science from the University of Chicago.
Clement Erbmann
Managing Director
Clement Erbmann is a managing director coordinating international activities and focuses on educational and environmental investing. Prior to joining First Analysis in 1989, he worked for Goldman Sachs, Morgan Stanley, and Donaldson, Lufkin & Jenrette in securities sales, fund management, special equities, and private placements. He is a member of the the Anti-Defamation League's executive board and is treasurer of the Education Industry Association. He earned an MBA from the Kellogg School of Management at Northwestern University and a bachelor’s degree from the University of Cape Town in South Africa.
David Gearhart, CFA
Vice President
David Gearhart is a vice president specializing in research and investment in software-as-a-service (SaaS), the Internet of Things sector, and e-commerce optimization, and he has played a key role in establishing First Analysis’s Internet of Things franchise. He is a thought leader in his sectors, having authored several widely read white papers. He uses his industry knowledge and expansive network to uncover promising investment opportunities and help companies navigate their strategic paths and accelerate growth. Prior to joining First Analysis in 2011, he was an accountant with The Northern Trust Co. and an options broker with American Option Services. He earned a bachelor’s degree from Purdue University with a concentration in economics and finance and his MBA at DePaul University with a focus on finance and entrepreneurship. He is a CFA charterholder.
Corey Greendale
Managing Director
Corey Greendale is a managing director (office of the president) specializing in research and investment in software-as-a-service (SaaS) businesses, particularly in the future of work and learning technology sectors. He is a thought leader in his sectors, having authored several widely read white papers. He uses his industry knowledge and expansive network to uncover promising investment opportunities and help companies navigate their strategic paths and accelerate growth. His work has been cited for excellence in the Wall Street Journal’s “Best on the Street” survey, in Forbes, and in the Financial Times. Prior to joining First Analysis in 2000, he was a development analyst at Systema Corp., where he designed training programs for several large pharmaceutical companies. He earned an MBA with high honors from the University of Chicago Booth School of Business and a bachelor’s degree from Stanford University, where he graduated Phi Beta Kappa.
David Hess
Vice President
David Hess is a vice president leading marketing for the firm’s venture capital activities and integrative industry research. Prior to joining First Analysis in 1992, he was a member of the institutional sales staff of Cowen & Co.’s Chicago office. His work included managing relations with institutional clients and analyzing and recommending investment opportunities. Earlier, he worked as an investment analyst for Institutional Capital Corp., CTT Investment Management Group, and Daseke & Co. He earned an MBA in finance from the University of Chicago and a bachelor’s degree in economics from DePauw University. He holds the CFA charter.
Riaad Khan
Treasurer
Riaad Khan is treasurer and specializes in financial administration. Prior to joining First Analysis in 2005, he worked as an intern in the firm's accounting department for two years. He earned a bachelor’s degree in finance from the University of Illinois at Urbana-Champaign.
Terry Kiwala, CFA
Vice President
Terry Kiwala is a vice president specializing in research and investment in software-as-a-service (SaaS) businesses, particularly in enterprise productivity applications. He is a thought leader in his sector, having authored widely read industry research. He uses his industry knowledge and expansive network to uncover promising investment opportunities and help companies navigate their strategic paths and accelerate growth. Prior to joining First Analysis in 2019, he was chief financial officer of Vokal, a software development company, senior vice president at Tribeca Flashpoint Media Arts Academy, and associate vice president at National-Louis University. Earlier, he was an investment banking analyst at Lehman Brothers. He earned a bachelor’s degree in economics and government from the University of Notre Dame. He is a CFA charterholder.
Paul Kropke
Compliance Director
Paul Kropke is the firm's compliance director. Prior to joining First Analysis in 2005, he was a securities compliance examiner with the U.S. Securities and Exchange Commission and chief examiner at the Chicago Board Options Exchange. Earlier, he worked in sales with Kraft Foods and as a financial advisor. He earned a bachelor's degree in finance with an emphasis in accountancy from Northern Illinois University.
Dave Leshuk
Managing Director and Research Director
Dave Leshuk is a managing director and research director, working closely with the firm's sector experts to shape white papers that illuminate promising opportunities in emerging high-growth sectors in technology and healthcare and collaborating on numerous research and investment efforts. Prior to joining First Analysis in 1989, he worked with Arthur Andersen & Co., the U.S. Department of Agriculture, and the State of Wisconsin. He earned an MBA in finance and accounting from Northwestern University and a bachelor’s degree in journalism and a certificate in environmental studies from the University of Wisconsin-Madison. He also studied at the University of Dakar in Senegal, West Africa.
James Macdonald
Managing Director
James Macdonald is a managing director specializing in research and investment in software-as-a-service (SaaS) businesses and related business services. He uses his industry knowledge and expansive network to uncover promising investment opportunities and help companies navigate their strategic paths and accelerate growth. His work has been cited for excellence in the Wall Street Journal’s “Best on the Street” survey, in Forbes, and in other publications. Prior to joining First Analysis in 1997, he was a general manager at Nalco Chemical Co., where he played a key role in expanding Nalco’s service offering to include operating and leasing equipment at customer sites. This led to formation of a joint venture with U.S. Filter Co. Earlier, he was with a subsidiary of Ecolab Inc. He earned an MBA from Harvard University and a bachelor’s degree in civil engineering from Cornell University, where he also earned the university’s highest award in that discipline.
Tracy Marshbanks, PH.D.
Managing Director
Tracy Marshbanks is a managing director. He works with companies in a variety of sectors, particularly businesses where chemical and medical technologies are a key differentiating element. He is a thought leader in his sectors, authoring research and using his industry knowledge and expansive network to uncover promising investment opportunities and help companies navigate their strategic paths and accelerate growth. Prior to joining First Analysis in 1999, he held a number of positions with Amoco Corp. with responsibilities ranging from refining research and development to capital planning (first in petroleum refining and then in marketing). He earned an MBA from the University of Chicago, a doctorate in chemical engineering from Purdue University, and a bachelor's degree in chemical engineering from Colorado State University.
Michael McNeil
Associate
Michael McNeil is an associate with First Analysis. Prior to joining the firm in 2017, he spent three years working for Huron Consulting Group, where he enhanced his clients’ financial modeling capabilities. He has experience in basic materials, financial services, utilities, retail, airlines, and energy. He graduated from the University of Wisconsin–Madison’s School of Business with a bachelor’s degree in finance, investment and banking. He is also a CFA Level II candidate.
Joseph Munda
Vice President
Joseph Munda is a vice president specializing in research and investment in healthcare technology. He is a thought leader in his sector, having authored several widely read white papers. He uses his industry knowledge and expansive network to uncover promising investment opportunities and help companies navigate their strategic paths and accelerate growth. Prior to joining First Analysis in 2015, he was an equity research analyst covering medical device and healthcare services companies at Sidoti & Co. Earlier, he worked in institutional sales at Bear Stearns/J.P. Morgan. He earned a bachelor's degree in finance from Fairleigh Dickinson University.
Oliver Nicklin
Founder and Chairman
Oliver Nicklin founded and is chairman of First Analysis. Prior to forming First Analysis, he worked at William Blair & Co. as chief operating officer, director of research, and an investment analyst. He also founded the First Analysis Institute of Integrative Studies, a not-for-profit educational institute that co-sponsors interdisciplinary seminars and research with universities including Loyola University Chicago, Catholic Theological Union, the University of Chicago, and the University of Illinois at Chicago. Largely as a result of the work done through First Analysis and the Institute, he accepted the Council of Religious Leaders of Metropolitan Chicago’s Interreligious Leadership Award in 2016, the Arab-American Business & Professional Association of Illinois’ Humanitarian Award in 2019, and the Illinois Venture Capital Association’s Richard J. Daley Award in 2019. In addition to serving on many corporate boards, he has served on the boards of the Field Foundation, the Regenstein Foundation, the Finance Council of the Archdiocese of Chicago, the Midwest Palliative & Hospice CareCenter, the University of Chicago Divinity School’s Advisory Council, and the Illinois Technology Fund. He earned an MBA from Harvard University and a BS in chemical engineering from the University of Texas.
Matthew Nicklin
Managing Director
Matt Nicklin is a managing director (office of the president) and head of investment banking. Prior to joining First Analysis in 2010, Matt spent 10 years at William Blair & Co. as a key member of its technology and healthcare corporate finance practices, where he completed over 70 M&A and equity financing transactions. Before beginning his investment banking career in 2000, Matt studied marine ecology as a doctoral candidate for three years at Northeastern University in Boston. Earlier, he held lab and patient care technician positions at the University of Chicago and Northwestern Memorial Hospital. Matt earned an MBA from the University of Chicago and a bachelor’s degree in biology from Lehigh University.
Novisa Petrusich
Senior analyst
Novisa Petrusich is a senior analyst with First Analysis. Novisa joined the firm in 2018 from Crosstree Capital Partners, a boutique health sciences investment bank, where he was responsible for sell-side M&A processes and Financial Advisory. He previously worked for PricewaterhouseCoopers, where he was a part of the Private Company Services Group providing customized audit, tax, and advisory services for privately held businesses and private equity portfolio companies. Novisa graduated from the Florida State University College of Business with a bachelor’s degree in finance and a minor in applied economics. He was also a member of the Florida State Seminole Football Team.
Michael Siemplenski
Managing Director Emeritus
Michael Siemplenski is a managing director emeritus. He joined First Analysis in 1983, shortly after its founding in 1981, and currently coordinates the firm’s capital markets activities. From 1985 to 1995, he built and managed the firm’s domestic institutional sales team. He transitioned into the investment banking group and led the department from 1998 until 2010, originating many of the firm’s banking mandates. Prior to joining First Analysis in 1983 as an institutional salesperson, he marketed general business computer systems, terminal systems, and computer-aided design systems for Burroughs, ITT Courier, and Sanders Associates, respectively. He earned an MBA in marketing and information systems from the University of Illinois and a bachelor’s degree in political science from Northern Illinois University. He has taught computer science at the undergraduate level and has published in the Journal of Industrial Marketing Management.
Daniel Smereczynski
Vice President
Daniel Smereczynski is a vice president specializing in research and investment in selected information technology sectors. He also coordinates the firm’s communications infrastructure. Prior to joining First Analysis in 1997, he owned and operated a computer consulting business, whose clients included OSHA and the City of Chicago. Earlier, he served as an aide-de-camp and corporal in the U.S. Marine Corps. He earned a master's degree in information technology from Northwestern University's Robert R. McCormick School of Engineering and Applied Science and a bachelor’s degree in business administration with a concentration in information and decision science from the University of Illinois.
Howard Smith
Managing Director
Howard Smith is a managing director (office of the president) specializing in research and investment in software-as-a-service (SaaS) businesses and other business models based on information technology, particularly Internet of Things, cybersecurity, and internet infrastructure. He also built the firm's historical research franchises in call centers and computer telephony. He is a thought leader in his sectors, having authored numerous widely read white papers. He uses his industry knowledge and expansive network to uncover promising investment opportunities and help companies navigate their strategic paths and accelerate growth. His work has been cited for excellence by the Wall Street Journal and other publications. Prior to joining First Analysis in 1994, he was a senior tax consultant with Arthur Andersen & Co. He earned an MBA from the University of Chicago and a bachelor’s degree in accounting from the University of Illinois at Urbana-Champaign. He is a certified public accountant.
Angela Soliz
Vice President
Angela Soliz is a vice president and has been the chief fund financial officer since 1999. She coordinates all fund accounting, reporting, and limited partner communications. She joined First Analysis in 1997 as a member of the accounting department. She earned a bachelor’s degree in accounting from Miami University and is a certified public accountant.
Christopher Stiegal
Associate
Christopher Stiegal is an associate with First Analysis. Prior to joining First Analysis in 2017, he spent a year at Heartland Angels, where he focused on financial analysis, due diligence, and valuation analysis. Before beginning his career in finance, he spent his collegiate years jumpstarting and founding a million dollar construction company and a technology startup. He earned a bachelor’s degree in accounting from the University of Illinois at Urbana-Champaign.
Eric Terhorst
Senior Vice President
Eric Terhorst is a senior vice president specializing in corporate finance activities in the chemistry-enabled sector. Prior to joining First Analysis in 2000, he worked for sixteen years in engineering and management consulting, based in San Francisco and Vancouver. His work involved primarily manufacturing firms, including semiconductor equipment and device makers, and electronics, petrochemical, mining, energy, pulp and paper, and aerospace industry firms in the U.S. and Canada. He earned a master's degree in chemical engineering from Stanford University, another master's degree in industrial administration from Purdue University, and a bachelor's degree in chemistry and environmental engineering from California Polytechnic State University.
Daniel Tishler
Senior analyst
Daniel Tishler is a senior analyst with First Analysis. Prior to joining First Analysis in 2018, he spent a year at Performance Trust Capital Partners, where he worked on M&A for community banks. While attending university, he worked for the Darwin Fenner Fund, actively managing $2.3 million of Tulane University’s endowment. He graduated with a bachelor’s degree in finance from Tulane University.
Andrew Walsh
Managing Director
Andrew Walsh is a managing director in investment banking. Andrew has over 20 years of experience as a healthcare entrepreneur, executive and operator. Prior to joining First Analysis in 2019, Andrew was part of the senior leadership team of Ciox Health, a large private equity-backed healthcare technology company. Andrew brings a wealth of experience to the investment banking team and has served in senior executive roles at some of the most respected healthcare companies in the United States including UnitedHealth Group, Optum and Davita. Andrew also founded, grew and sold a successful population health company focused on helping vulnerable, high-risk populations. He saw this company through two exits, ultimately selling a combined entity to Guidewell in 2017. Andrew earned an MBA from the University of Notre Dame and a bachelor’s degree in economics from the University of Illinois.
©2020 by First Analysis Corporation.
One South Wacker Drive
  ·  
Suite 3900
  ·  
Chicago, IL 60606
  ·  
312-258-1400