First Analysis Portfolio Companies
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4G Clinical

Randomization and trial supply management
4G Clinical is a leader in randomization and trial supply management for the global life sciences industry, offering the only fully cloud-based, 100% configurable and flexible solution using natural language processing and integrated supply forecasting. 4G Clinical is headquartered in the Boston biotech corridor of Wellesley, Mass., with offices in Europe and Asia.
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Accellent Corp.

Supplier to medical device OEMs
Accellent offers a comprehensive menu of outsourcing solutions to the medical device market, including design and engineering services, precision component production, finished goods assembly, and complete supply chain management. Accellent helps its customers focus their resources more efficiently, thereby reducing costs and accelerating their speed to market. Accellent was acquired in 2005 and is now part of Integer Holdings Corp. (NYSE: ITGR).
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Achilles Group

Human resources outsourcing company
Achilles Group is a business process outsourcing company that becomes the HR director or department for small and mid-sized businesses. Achilles Group's performance-driven HR outsourcing model encompasses an array of services and related technology. Typical clients include entrepreneurs looking for large-company HR skills. Achilles Group serves clients in industries such as engineering, technology, manufacturing, restaurants, hotels, banks, transportation, retail, services, and construction.
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AdvancePath Academics

Alternative education
AdvancePath Academics, acquired by Graduation Alliance in 2017, provided alternative education solutions for out-of-school and at-risk high school students. The company created innovative partnerships with districts and high schools to operate in-school academies that provided high-quality education services to recover, educate, and graduate students at risk of not earning their high school diplomas.
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American Waste Services

Waste management company
American Waste Services Inc., which came public in 1990 and merged its solid waste operations with USA Waste Services in 1998, provided integrated waste management and environmental services (including disposal, transportation, site assessment, and remediation) to industrial, commercial, and municipal
customers. USA Waste later merged with Waste Management Inc. (Nyse: WM).
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AmpliFund

Cloud-based grant management provider
AmpliFund is a leading grant management SaaS technology provider for public sector and nonprofit organizations. Its software captures granular grant data and automates reporting and workflows. Throughout the grant lifecycle, AmpliFund drives efficiencies, simplifies reporting, and ensures compliance. Its platform is trusted by thousands of users across a variety of sectors including federal, state, and local governments and nonprofits.
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ANI Pharmaceuticals

Specialty and generic drugs
An emerging leader in the specialty pharmaceuticals industry, ANI Pharmaceuticals (Nasdaq: ANIP) develops, manufactures, and markets top-quality prescription pharmaceuticals. In two facilities with combined manufacturing, packaging, and laboratory capacity exceeding 170,000 sq. ft., ANI develops and manufactures liquid, powder, and oral solid dose products, including those requiring containment. ANI also performs contract manufacturing for some of the largest and most respected pharmaceutical companies in the world. ANI has several ANDAs pending FDA approval and in various stages of development.
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Apixio

Healthcare AI technology platform
Apixio is advancing healthcare with data-driven intelligence and analytics. Its artificial intelligence platform gives organizations across the healthcare spectrum the power to mine clinical information at scale, creating novel insights that will change the way healthcare is measured, care is delivered, and discoveries are made. Centene (Nyse: CNC) acquired Apixio in 2020.
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AppDetex

Brand protection leader
AppDetex is a global brand protection leader in securing a brand’s digital footprint. Appdetex is a full-service brand protection company in the online and mobile brand protection space as well as corporate domain name registration and management services. AppDetex specializes in the areas outside of the company’s firewall to prevent brand infringement and dilution, fraud, and piracy within the increasingly complex worlds of mobile apps, marketplaces, social media, websites and domains. The company focuses on developing and delivering best-in-class technologies and methodologies that expose brand misuse and enable takedowns of the many egregious and often criminal undertakings found online today. AppDetex’s strengths include depth of experience in the brand protection industry and willingness to serve as an extension of its client’s IP team, its nimble approach to software development and the robustness of the solutions. Appdetex knows how to reduce consumer confusion, brand dilution and fraud while protecting reputations, credibility, and the company bottom line. Founded by Faisal Shah and Chris Bura, the original pioneers of the online brand protection space, AppDetex is quickly becoming the first choice for many of the world’s most recognizable brands.
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Aprimo

Web-based marketer
Aprimo was a leading global provider of marketing software and services that enhance the productivity and performance of marketing organisations. Through the use of Aprimo’s integrated marketing software, Aprimo Marketing Studio for B2C, Aprimo Marketing Studio for B2B, and Aprimo Relationship Manager, marketers could integrate their organizations, get control of budget and spend, eliminate internal silos with streamlined workflows, and execute innovative multi-channel campaigns to drive measurable return on investment. Aprimo customers included over a third of Fortune 100 companies and nearly a quarter of Global 100 companies. Teradata Corp. (NYSE: TDC) acquired Aprimo in January 2011.
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Ariba

B2B e-commerce platform, services
Ariba was a leading provider of spend management applications and network services for B2B e-commerce. It had its IPO in 1999. Over time, through development and acquisition, it covered the full range of business-to-business commerce activities and eventually formed a supplier network known as the Ariba Network. It was acquired by SAP SE (NYSE: SAP) in 2012 and continues under the SAP Ariba name.
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Arthrex

Orthopedic fraction fixation devices
Arthrex Inc., headquartered in Naples, Fla., is a global leader in orthopedic product development and medical education for orthopedic surgeons. More than 12,500 products for arthroscopic and minimally invasive orthopedic surgical procedures have been developed by Arthrex and are currently marketed worldwide. First Analysis originally invested in Sonoma Orthopedic in 2014. Sonoma Orthopedic was acquired by Arthrex in 2017.
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Aspen Holdings

Workers' comp carrier
Aspen Holdings controlled FirstComp Insurance Co., a carrier of workers’ compensation policies for small businesses. Beginning with its launch in 1997, FirstComp built out a network of more than 8,300 independent insurance agencies in small towns and rural areas not otherwise targeted by workers’ compensation carriers. In 2010, Markel Corp. (Nyse: MKL) acquired FirstComp.
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Aventri

Cloud-based event management
Aventri (fka etouches) is a global leader in cloud-based analytics and data-driven end-to-end event management and venue sourcing solutions. The award-winning, open-source platform delivers innovative technology solutions to streamline the event process, providing real-time data and analytics on event performance, customer engagement, and increasing measurable event ROI. Founded in 2008, Aventri has assisted over 25,000 event professionals in planning, executing, and measuring their events. With a focus on event sourcing and hospitality, registration, marketing, logistics, engagement, mobile, and data analytics, the company serves more than 1,300 customers including leading corporations, associations, agencies, and educational institutions globally. Headquartered in the United States, the company also has offices in the UK, Belgium, Australia, Singapore, India, and UAE. The company was recapitalized by HGGC in 2017.
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BladeLogic

BladeLogic was a provider of data center automation software solutions that enabled enterprises, service providers and government organizations to easily browse, provision, configure, patch, audit, and remediate physical and virtual servers and applications, allowing customers to achieve reduced data center operating costs, improved service quality, and enhanced security and compliance. It was acquired by BMC Software in 2008.
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BuyerQuest

Enterprise procurement SaaS provider
A Spend Management SaaS company, founded on the core belief that the enterprise procurement experience can and should be just as easy as an everyday B2C e-commerce shopping experience. BuyerQuest delivers its end-users a world class shopping experience for all goods and services across the enterprise. Procurement and accounts payable organizations are empowered by BuyerQuest's intuitive administration tools to operationalize their contracts and drive compliance through widespread user adoption coupled with advanced intelligence capabilities.
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CCS Medical

Heath-care services provider
CCS Medical is a disease management platform that provides direct-to-consumer mail-order diabetic, ostomy, and similar medical supplies to patients in the Unites States and Puerto Rico. CCS Medical was sold to Warburg Pincus in 2005.
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Checkpoint Surgical

Develops neuroprotective surgery devices
Checkpoint Surgical provides surgeons with state-of-the-art neurodevices to locate and identify nerves and evaluate nerve and muscle function in surgical procedures. The company has two FDA cleared devices: the Checkpoint Stimulator/Locator, designed to allow the surgeon to control and deliver custom stimulation settings for a wide range of surgical applications, and the Checkpoint Head & Neck Stimulator, designed specifically for head and neck surgical procedures. Over 200 hospitals are currently using Checkpoint, including many of the nation’s leading healthcare institutions.
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Chrome River

SaaS expense reporting, management
Chrome River Technologies provided expense reporting and invoice automation solutions that combined the latest available Internet technologies with over 25 years of financial systems experience. Chrome River delivered unique, user-friendly offerings via a software-as-a-service delivery model that required no hardware, software, or long-term commitment. This unique service was easily configurable to meet the needs of organizations worldwide with complex expense management policies and collaborative approval processes. Certify Inc., the world's largest independent provider of travel, expense, and invoice management software, merged with Chrome River in March of 2019.
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CiviGenics

Offender management
CiviGenics Inc. offered services related to the custody and rehabilitation of criminal justice populations. The company provided integrated service solutions designed and implemented by experts in criminal justice areas including jail management, community corrections, substance abuse treatment, and recidivism reduction. CiviGenics was acquired by Community Education Centers in 2007 (now part of the GEO Group, NYSE: GEO).
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Network software reporting and analysis
Concord Communications offered software that optimized application performance and availability across networks and systems. Its business service management software reduced IT downtime, improved capacity planning, and optimized service level management -- thereby enabling customers to increase revenue and productivity. It had an IPO in 1997. It was acquired by Computer Associates International (now a subsidiary of Broadcom Inc., Nasdaq: AVGO) in 2005.
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Waste management company
Continental Waste Industries Inc. went public in November 1994 and, prior to its acquisition by Republic Industries Inc. (a predecessor company of Republic Services Inc. - Nyse: RSG) in 1996, provided integrated waste management services to more than 175,000 residential, commercial, and industrial customers in concentrated, regional markets mainly in the midwestern and midsouthern United States.
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Cosmed Group

A leading provider of contract sterilzation services in the U.S.
Cosmed's services included sterilization of medical devices, cosmetics, pharmaceuticals, and food. The company also offered fumigation treatment of fruits and vegetables. Cosmed built on an initial expertise in 100% ethylene oxide gas-based sterilization technology and offered an array of sterilization services. The company grew to eight plants and more than 150 employees. Cosmed sold its medical device sterilization operations to Steris Corp. (Nyse: STE) in 2004 and continues to provide food-related sterilization and fumigation.
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CSA Medical

Cryotherapy medical technology
CSA Medical, headquartered in Baltimore, has developed and sells an innovative energy-based medical console that delivers a therapeutic spray of liquid nitrogen to freeze and destroy unwanted tissue in the body. This proprietary interventional platform, the Spray Cryotherapy System, is comprised of a device and specialty catheters that allow delivery of therapeutic doses of the cryogen. The company is the first to harness the power of extreme cold (-196 C) liquid nitrogen therapeutic energy delivery inside the body. The platform is FDA cleared, and the therapy is being utilized by leading healthcare institutions throughout the United States, with over 11,000 procedures completed to date. The company is currently conducting clinical studies on the RejuvenAir System for chronic bronchitis patients.
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Current Ways

Power electronics technology
Current Ways is a power electronics technology leader focused on electric vehicles and residential systems. The company’s technology platform combines innovations in power electronics design with a proprietary digital control system. This combination enables its customers to build end products with functionality and flexibility that is key to achieving rapid and widespread electrification of transportation and residential markets.
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Cylex

Healthcare diagnostics
Cylex was a life science diagnostic company and a leader in the development and manufacture of unique products that monitor the immune system for predicting and managing human health. It was the first and only company to offer a patent-protected, FDA-cleared cellular assay of immune system function, ImmuKnow, to measure the vitality of a patient's immune system from a single drop of blood. The company's products enabled physicians to better manage and personalize the treatment of organ transplant patients as well as emerging applications across an array of life-threatening diseases, such as HIV, HCV, cancer, diabetes, and autoimmune disorders. Cylex operated in a relatively new segment of diagnostics, measuring specific cellular responses to assess the immune system's health or response to therapy. For example, in transplantation, Cylex’s products allowed physicians to monitor patients’ immune system status, providing an additional layer of information to traditional diagnostic measures, such as therapeutic drug levels, cell counts, or the occurrence of negative outcomes such as organ rejection or infection. Cylex was acquired by Viracor-IBT Laboratories Inc. in 2013.
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Wireless telemedicine solutions provider
Data Critical Corp. provided wireless telemedicine solutions using paging networks. The company's family of products included a portable trans-telephonic ECG receiving and reporting system and a computerized graphic wireless receiver for patient-monitoring systems. Data Critical was acquired by GE Healthcare in 2001.
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DataSphere Technologies

Hyper-local digital marketing
DataSphere Technologies is one of the fastest-growing online marketing companies in the U.S. The company helps local businesses raise their visibility, convert more customers, and gain a competitive edge with custom marketing packages. Services include exclusive association with leading local media brands, the Web’s largest local coupon network, custom video ads, Facebook integration, mobile marketing, email campaigns and more. DataSphere’s platform also offers content and sales solutions to major media companies, including Gannett, Meredith Corp., Raycom Media, Local TV LLC, Fisher Communications and Hubbard Broadcasting, helping them create and monetize services specifically designed for small business advertisers. DataSphere was acquired by the Sinclair Broadcast Group in the second quarter of 2017.
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Call-processing component supplier
Dialogic Corp., which was acquired by Intel (Nasdaq: INTC) in July 1999, was the leader in open-architecture call processing components. First Analysis's investment in Dialogic came through GammaLink, a leading manufacturer of PC-fax communication products that merged with Dialogic in 1994.
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Health care information systems
Dynamic Healthcare Technologies Inc. was a leading provider of mission critical health care information systems for clinical services departments and facilities. It developed, marketed, and supported a broad line of image-, voice-, and web-enabled information systems solutions for anatomic pathology, radiology, laboratory, surgery, and health information management. DHTI’s information systems were installed in more than 650 customer locations across the U.S. and Canada. DHTI became publicly traded on Nasdaq prior to its acquisition by Cerner Corp. (Nasdaq: CERN) in 2001.
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EDR

Information provider
Environmental Data Resources Inc. provides environmental, infrastructure, property, and population information in an intelligent, geo-coded format to consultants, lawyers, and bankers for transaction and capital investment due diligence. EDR is now wholly owned by Daily Mail and General Trust, plc (DMGT) subsidiary DMG Information.
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EraGen Biosciences

Molecular diagnostics
EraGen Biosciences developed and commercialized high performance molecular diagnostics and drug discovery products to capitalize on the rapidly growing market for personalized medicine and rapid response needs for bioterrorism. EraGen's approach to gene-based research helped customers, partners and collaborators drive their genetic diagnostics and drug development efforts to the patient faster. Luminex Corp. (Nasdaq: LMNX) acquired EraGen in 2011.
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Data center/colocation provider
Exodus Communications came public in March 1998 and was acquired by Cable and Wireless (NYSE:CWP) in 2002. Prior to its acquisition, Exodus became a leading provider of Internet system and network management solutions for enterprises with mission-critical Internet operations. Exodus built state-of-the-art Internet data centers that managed all critical performance requirements, such as backup power, fire suppression, on-site security, fully scalable bandwidth, network availability, and network, system, and application monitoring.
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ExpertPlan

Private-label retirement solutions
ExpertPlan Inc. was a leader in providing private-label retirement solutions to the financial services industry. The company's Web-based 401(k) platform enabled ExpertPlan's clients in the financial services industry to service small companies in a more cost-effective and user-friendly manner and provide a broader array of product choices. ExpertPlan built a network of leading asset management firms, third-party administrators, brokers, investment advisers, banks, and insurance companies that used the company's solution to address the small business market. ExpertPlan was acquired by Ascensus in 2013.
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Finjan

Network security software
Finjan was a global provider of proactive web security solutions for businesses and organizations. Its comprehensive web security appliances delivered an effective shield against web-borne threats, freeing enterprises to harness the web for maximum commercial results. Finjan’s solutions used patented behavior-based technology to repel all types of threats arriving via the web, such as spyware, phishing/pharming, trojans and other malicious code. Finjan’s award-winning solutions helped businesses focus on implementing web strategies to realize their full organizational and commercial potential. Finjan was acquired by M86 Security in November 2009.
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Fleetworthy Solutions

Outsourced fleet compliance provider
Formerly ITS Compliance, Fleetworthy Solutions Inc. provides outsourced compliance services to owners and operators of truck fleets that take them Beyond Compliant. Fleetworthy combines exceptional client service, advanced technologies and more than 30 years of transportation industry expertise to make sure that drivers and assets are fleet worthy. The company helps private fleets, for-hire carriers and third party logistics companies of all sizes surpass compliance of federal, state, and local regulations and streamline processes to reduce costs and mitigate risks.
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Floreal purchased and repurposed an old salt mine in East Germany to be used as both a special waste repository and an underground recreation venue. It also achieved the substantial side benefit of preventing the overlying town from sinking into the nearby lake. The mine was purchased from the Treuhandanstalt for US$4.1 million.
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Fortress Information Security

Risk management solution provider
Fortress Information Security, based in Orlando, Fla., specializes in securing the supply chain and industrial assets of North American critical infrastructure with technology, analytics, and services. Fortress connects vendors and assets in a holistic approach and secures 25% of the U.S. power grid and critical assets with third-party risk and vulnerability risk management solutions.
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Freeosk

Marketing services for large grocery retailers
Freeosk is a proprietary marketing services platform that offers consumers a fast and fun way to receive free samples of new products wherever they shop, play and explore. Via a network of interactive kiosks that automatically distribute free samples, Freeosk aims to improve current product sampling solutions by increasing consumer conversion rates while providing deeper insights to retail and manufacturer partners about how shoppers discover and adopt new products.
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Health management platform
FutureHealth Corp. was an integrated health management platform that included utilization, case, and disease management and a 24/7 nurse advice line for 26 health conditions plus maternity. The company targeted the self-insured employer (SIE) segment of the rapidly growing disease management market. As employers struggle with how to affordably provide health coverage, many are becoming self-insured and are looking for the kinds of solutions FutureHealth provided to help reduce costs. FutureHealth was acquired by Nationwide (Nyse: NSF) in 2006.
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GBW Solutions

Brand experience agency
GBW Solutions (GapBuster Worldwide), headquartered in Melbourne, Australia, is the market leader in customer experience management. The GBW team is dedicated to helping their clients track and improve customer experience by using a range of advanced products and services to ensure insights are accurate, current and applicable. GBW operate globally with a field force of more than 400,000 independent mystery shoppers and auditors. GBW was acquired by Sonata Software in 2020.
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GE Wind Energy

GE Wind Energy, now part of GE Renewable Energy, is a leader in the wind-powered energy-generating industry. GE Wind Energy develops and constructs wind-powered electric generating facilities both for itself and for sale to utilities and independent power producers. The company also operates and manages its own wind power projects and those sold to others. First Analysis invested in the predecessor company of GE Wind Energy, Zond Group Inc., which was purchased by EREC in 1996 and was subsequently acquired by GE Wind Energy.
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Global Employment Solutions

Administrative services outsourcer
Global Employment Solutions (GES) provides a broad range of temporary staffing, contract staffing, employee leasing, and permanent placement services. GES’s targeted customer base consists of companies that have elected to outsource worker hiring and retention processes. These processes range from employee recruitment to payroll management and worker benefits administration.
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The GNI Group Inc. was engaged in the manufacture of specialty chemicals and in hazardous and non-hazardous waste management. GNI recycled and manufactured specialty chemicals from byproduct streams on a contract basis, leveraging its captive waste disposal capability. It was also the largest commercial operator of deepwells. It traded publicly for 10 years and was taken private in 1998.
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E-commerce company
GreatFood.com was an e-commerce company focusing on the sale of gourmet and specialty food over the Internet to the retail, corporate gift, and wholesale markets. GreatFood.com was acquired by 1-800-Flowers.com Inc. (Nasdaq: FLWS).
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Gyrodata

Oilfield services provider
Gyrodata Inc. is the world’s premiere oil and gas well-bore navigation and construction company. The company’s exceptional reputation and capabilities are built on a foundation of 1) disruptive, proprietary technologies, 2) strong engineering, development, and manufacturing resources that create and maintain reliable services around these technologies, and 3) a global infrastructure of facilities and highly skilled personnel that deliver these services to all the world’s major oil and gas fields.
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Provider of database software
Initiate Systems was an expansion-stage company that developed, marketed, and sold enterprise identity
management (EIM) software to enable companies to identify and dynamically link data stored in multiple disparate databases. It had a particular focus on the health care sector. Initiate was acquired by IBM in February 2010.
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Communication software and services
InPhonic (Nasdaq: INPC) was a leading online provider of wireless services and devices. It sold wireless services and devices through private labeled Web sites it created and managed for online businesses, affinity organizations and national retailers, as well as through its own branded websites. It developed a proprietary e-commerce platform that integrated merchandising, provisioning, procurement, customer care and billing operations into a single system for activating wireless services and devices. InPhonic also operated its own mobile virtual network operator, or MVNO.
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Kelatron Corp.

Chelated minerals
Kelatron Corp. manufactured and marketed mineral nutrients in varied chemical and chelated forms worldwide for sale in the nutritional supplement, nutraceutical and health food segments. Chelation increases bioavailability—the ability of the body to absorb specific minerals. Kelatron was acquired by Innophos Holdings Inc. (Nasdaq: IPHS) in 2011.
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Knowlagent

Contact center training software
Knowlagent developed scheduled learning software that provided contact center agents with individualized training at their workstations during downtime, allowing companies to enhance employee knowledge and performance without allocating extra time or financial resources to outside training. The company changed its name to Intradiem in 2013 and now provides an intraday automation platform for frontline workforces, including contact center, back-office, retail, and field services.
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Kontiki Inc. was an independent software vendor that developed, marketed, and sold a product that enabled video and other large files to be transmitted over IP-based networks more cost effectively than traditional hardware and content delivery network alternatives. It used its technology to enable its customers to organize and deliver large, high quality video files over the Internet. In 2006 it was acquired by VeriSign.
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KTI

Waste management company
KTI Inc. was an integrated waste management business providing waste handling and disposal services for non-hazardous solid waste from residential, commercial, and industrial sources. The company managed four business lines: 1) waste-to-energy; 2) residential recycling; 3) commercial recycling; and 4) franchised products. KTI merged with Casella Waste Systems Inc. (NASDAQ: CWST) in December 1999.
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Learning.com

Instructional technology provider
Learning.com is the leading provider of digital literacy solutions to K-8 schools. The company's EasyTech platform allows students to build critical technology skills without disrupting teachers' lesson plans by teaching those skills in the context of other subjects, such as language arts, math, science, and social studies.
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Performance mechanical components
M Cubed Technologies provided customers with material solutions using its advanced composite materials, manufacturing expertise, and application skills. M Cubed's composite materials provided the performance of ceramics with the shaping flexibility normally associated with metals. M Cubed materials were used in light-weight armor systems and in semiconductor capital equipment, and it was the largest supplier of ceramic composite materials for body armor to the U.S. military. M Cubed was acquired by II-VI Inc. (Nasdaq IIVI) in 2012.
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Matrix Service Co.

Oil industry maintenance and construction
Matrix (Nasdaq: MTRX) is based in Tulsa, Okla., and designs, constructs, maintains, and provides specialized repair services and products for aboveground storage tanks principally for petroleum refineries, bulk storage terminals, pipelines, and chemical plants. It also provides general industrial construction and in-plant routine maintenance, process unit turnarounds, and construction services.
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Mediant

Shareholder communication services
Mediant is a provider of regulated shareholder communications services to banks, brokerage firms, corporate issuers and investment companies. With services ranging from customized proxy services to distribution of prospectuses, regulatory reports and Notice-and-Access communications, Mediant's pioneering use of technology has helped its clients save money, improve their relationships with shareholders and safeguard regulatory compliance. Mediant’s Issuer Services Division, launched in 2006, processes millions of ballots for hundreds of issuers and employee plans. In 2007, Mediant was among the first to provide Notice-and-Access services and continues to set the industry standard for Notice-and-Access delivery. Mediant began providing shareholder communication services to brokers in 2008 with a turn-key proxy, prospectus and corporate action solution. All of Mediant’s services are custom designed and offer interactive tools to enhance communications between issuers, brokers and investors.
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Medicinal Genomics

DNA technology for cannabis genetics and pests
Medicinal Genomics applies state-of-the-art life science technology to cannabis and its pests and was the first company to sequence the cannabis genome. Its products, based on next-generation DNA sequencing technology, help growers, dispensaries, and safety testing laboratories characterize and understand the quality of medicinal cannabis.
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Metalico

Materials recycler, processor, fabricator
Metalico is a ferrous and nonferrous scrap metal processor operating in western New York. Metalico is also the largest fabricator of lead-based products, other than batteries, in the United States. The company sells its products on a nationwide basis to a diverse industrial customer base. Metalico was sold to China-based Ye Chiu Group in 2016.
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Waste recycler
National Recovery Systems Inc. specialized in blending, agglomerating, and recycling waste materials and by-products for heavy industry. NRS used its proprietary binder technology to manufacture a briquette, composed primarily of steel-mill waste, that is suitable for recharging back into the steel-making process. The company owned and operated National Briquette Corp., which processed blended and packaged products and high-volume by-products for both integrated and mini-mills. The company also owned and operated on-site waste-recycling/agglomerating facilities at three integrated steel mills in East Chicago, Detroit, and Pittsburgh. Brambles Industries acquired NRS in 2000.
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COBRA administrative services outsourcer
netBOA (formerly Cobra Administrative Services Inc.) outsourced COBRA benefits administration, HIPAA (Health Insurance Portability and Accountability Act) administration, and retiree benefits transaction processing for large corporations. The company distinguished itself by offering more custom service than most of its competitors. Its clients included a large airline, utilities, and a regional telephone company. netBOA was acquired by Automatic Data Processing Inc.'s Major Accounts Services (NYSE: ADP) in January 2000.
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Netchex

Cloud-based payroll and HR solutions
Netchex is a leading, web-based human capital management platform offering single sign-on, integrated solutions for the complete employee lifecycle. Netchex’s software features hiring, onboarding, payroll, human resources, time management, benefits and reporting tools to control labor costs and enhance the employee experience.
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NimbeLink

Cellular IoT solutions provider
NimbeLink is an IoT/M2M solutions company based in Minneapolis, Minnesota. The company focuses on smart, simple cellular solutions. NimbeLink has created a core set of intellectual properties, products, and services to enable the rapid deployment of complete IoT solutions. Building out from its core product, the Skywire end-device certified modem, the company can deliver everything from the edge to the cloud. NimbeLink is the solution company of choice for companies that want to limit risk and get to market fast.
NimbeLink was acquired by Airgain Inc. (Nasdaq: AIRG) in 2021.
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NitroSecurity

Network security - intrusion prevention software
NitroSecurity was an emerging player in intrusion prevention systems (IPS), one of the fastest-growing network security segments. In contrast to traditional detection methods that react to infiltrations after they've occurred, intrusion prevention systems can proactively block attacks in real time before they enter a corporate network. NitroSecurity combined considerable research and development depth with top-notch sales and marketing talent — a rare combination for early-stage security entities. Blending its IPS focus with exceptionally high-performing database technology provided the company the ability to define a new, leading-edge category of preventive security and analytics. Intel's McAfee unit acquired NitroSecurity in October 2011.
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NuCo2

Liquid CO2 for retail establishments
NuCo2, headquartered in Stuart, Fla., is the largest supplier of liquid carbon dioxide (as opposed to carbon dioxide gas in cylinders) to retail establishments for carbonating and dispensing fountain beverages. It is also the only national supplier to this essentially non-cyclical U.S. market. NuCo2 traded on the NASDAQ Global Select Market as (NASDAQ: NUCO) until it was taken private in May 2008 by Los Angeles-based private equity firm Aurora Capital Group.
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observIQLabs

Open source observability solutions
ObservIQ’s mission is to build the best open source observability solutions for DevOps and ITOps. Built by engineers for engineers, observIQ has a specific focus on developing the latest next-generation agent technologies as part of its modern observability platform. ObservIQ delivers scalable observability and intelligent control.
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Wireless solutions provider
Omnipoint Corp. (acquired in February 2000 by VoiceStream Wireless, later named T-Mobile USA and a part of Deutsche Telekom AG - Nyse: DT) was a leader in commercializing PCS and a leading developer and supplier of wireless communication technologies, products, and engineering services. As a pioneer in the industry, Omnipoint was on the forefront of developing and integrating advanced wireless technologies including GSM, GPRS packet data, EDGE, positioning, and Internet access.
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PCMI

Administration software for F&I products and service contracts
PCMI offers a modular package of software solutions for the administration of finance and insurance products, service contracts and extended warranties. PCMI’s SaaS platform, PCRS (Policy Claim and Reporting Solutions), supports and automates the full lifecycle of all aftermarket products and provides the most flexible environment for administrators, insurers, original equipment manufacturers, agents and dealers to launch new products. Its global team enables continuous around-the-clock innovation and customer-focused support.
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Princeton Lightwave

Optical components lasers and detectors
Princeton Lightwave applied its unique expertise in indium phosphide-based optical semiconductor devices, such as high power lasers and avalanche photodetectors, to design and manufacture advanced optical modules and systems for emerging applications. The company’s core capabilities enabled it to deliver solutions offering higher performance, reduced system costs and easier deployment to its customers in the fields of optical networking, industrial processing, aerospace and defense, and bio-medical instrumentation. Princeton Lightwave was acquired in November 2017 by Argo AI, an artificial intelligence and robotics company backed by Ford Motor Co. as part of Ford’s self-driving car initiative.
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Prosar Corp.

Pharmacovigilance and medical information services
PROSAR provided pharmacovigilance, safety surveillance, and medical information services to manufacturers of pharmaceuticals, biologics and medical devices. Manufacturers of such products have a regulatory requirement to perform safety surveillance and document adverse events regarding their products and report them to the FDA. The FDA requires manufacturers to meet comprehensive specifications -- including specifications for healthcare staff credentials, standard operating procedures, IT infrastructure, and quality processes -- for pharmacovigilance and the provision of medical information. The FDA regularly audits manufacturers for compliance with the regulations and specifications. Outsourcing pharmacovigilance and medical information functions allows pharmaceutical, biotech and device companies to comply with FDA regulations for safety surveillance while greatly reducing costs associated with hiring in-house physicians, pharmacists, and nurses as well as the costs of IT and other infrastructure. PROSAR was acquired by ProPharma Group in 2015.
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Pure Cycle Corp.

Water resource developer
Pure Cycle (Nasdaq: PCYO) provides water and wastewater services including water production, storage, treatment, bulk transmission to retail distribution systems, wastewater collection and treatment, irrigation water treatment and transmission, construction management, billing and collection and emergency response to its wholesale customers, which are predominately local government entities that provide water and wastewater services to their end-use customers located in the greater Denver metropolitan area. Headquartered in Denver, Pure Cycle has water rights in the Denver Metropolitan area, Southeastern Colorado in the Arkansas River Basin, and on the Western Slope of Colorado.
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QPS Pharmaceutical

Contract laboratory for drug discovery and development
QPS merged in 2008 with First Analysis portfolio company Bio-Kinetic Clinical Applications, a drug development services company that designs and conducts Phase I clinical studies for branded pharmaceutical, biotechnology, and generic drug companies. Bio-Kinetic is known for its outstanding reputation for clinical quality, developing study designs, recruiting and screening study participants, and collecting and reporting clinical data. QPS is a leading, independent, GLP-compliant contract laboratory supporting drug discovery and development for branded pharmaceutical, biotechnology, and generic drug companies.
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ReSearch Pharmaceutical Svcs.

Pharma industry outsourcer
ReSearch Pharmaceutical Services Inc. (RPS) provided comprehensive global Phase I-IV clinical development solutions to the pharmaceutical, biotechnology, medical device, and diagnostic industries. By combining its highly experienced clinical research operations infrastructure with the industry's largest resourcing engines, RPS offered its customers a broad spectrum of outsourcing solutions ranging from globally embedded functional and cross-functional programs to enhanced global full-service solutions, powered by highly experienced project teams providing innovative, seamless, cost-effective, and high quality services. With more than 3,000 employees, RPS operated in 45 countries. PRA Health Sciences (Nasdaq: PRAH) acquired RPS in 2013.
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RSA Security

CyberSecuirty - identity authentication
RSA Security provided software and services to protect online identities and digital assets. It offered strong authentication and encryption software designed to help organizations realize the benefits of transacting business electronically, while helping to protect critical resources and applications from unauthorized access. RSA Data Security was acquired by Security Dynamics in an all-stock deal in 1996 and changed its name to RSA Security in 1999. In 2006, RSA Security was acquired by EMC Corp.
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Scale Computing

A pioneer in a newer data center area known as hyperconvergence, Scale offers its HC3 platform integrating servers, storage, virtualization, and management in a single automated system that is surprisingly easy to use and self-healing. The solution dramatically lowers the barriers and costs involved in keeping applications running in a highly available, scalable manner. By collapsing the complex data center stack into a single integrated system that works transparently in the background, allowing IT admins to focus on running applications, Scale is the growing choice for hundreds of IT departments across a range of vertical markets. Indianapolis-based Scale was founded in 2009.
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SDIX

Analytical test kits
SDIX (formerly EnSys Environmental Products) is a leading developer and manufacturer of immunoassay-based test kits for both field testing and laboratory use. These products are used extensively for contaminated waste site assessment and remediation, water quality management, food labeling and transgenic crop seed production. SDIX is a wholly owned subsidiary of OriGene Technologies.
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SeQual Technologies

Portable oxygen therapy
SeQual Technologies, which was acquired by Chart Industries Inc. (Nasdaq: GTLS) in 2010, provided oxygen concentrators based on its unique and patented air separation technology. Its flagship product, the Eclipse, now part of Chart Industries’ respiratory healthcare business, was a leading Portable Oxygen Concentrator for use by patients on oxygen therapy. The Eclipse provided market-leading capabilities in terms of the device performance, its pulse and continuous delivery modes, oxygen production capacity, and portability. The Eclipse provided a very economical, yet capable, single-device solution for many oxygen users.
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Synthetic geomembrane liners
Serrot International Inc. manufactured and installed synthetic geomembrane lining systems. Its largest market was the solid waste landfill industry. Liners prevent the flow of leachate off the site and control the migration of methane from the landfill. Serrot was acquired by Waste Management Inc. (Nyse: WM) in 1999.
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SmartPros

Educational product provider
SmartPros, now a Kaplan company, is a leader in the field of accredited professional education and corporate training. Its products and services are primarily focused in the accredited professional areas of corporate accounting, financial management, public accounting, governmental and not-for-profit accounting, financial services training, banking, engineering, legal, and ethics and compliance.
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SmartWitness

Video telematics/safety technology
SmartWitness is a world leading designer, manufacturer, and supplier of in-vehicle cameras, recorders, and software. The company’s industry leading vehicle equipment has produced exceptional results for its clients and solutions that undeniably redefine the way vehicle risk is analyzed.
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Sourcecorp

Administrative services provider
Sourcecorp Inc., now owned by Exela Technologies (Nasdaq: XELA), was a leading, national, single-source provider of document and information outsourcing solutions. The company served clients in information-intensive industries such as healthcare, law, banking, insurance, and government. Prior to its acquisition by an Apollo Management entity in 2006, Sourcecorp was publicly traded on the Nasdaq under the symbol SRCP.
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SPI Manufacturing

Modular building structure provider
SPI Manufacturing was the largest designer, manufacturer and wholesaler of commercial and light industrial modular building structures. In 1998, the company merged with Modtech Holdings Inc., the largest manufacturer of modular, relocatable classrooms.
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SterilMed

Reprocessor of medical devices
SterilMed Inc. was one of three leading reprocessors of single-use medical devices. FDA regulation implemented primarily in 2002 prevents hospitals from reprocessing such devices without approvals. SterilMed had the most approvals for reprocessing devices of any company, positioning it to provide the most savings for hospital customers. SterilMed was also the only company with an FDA-cleared, reprocessable compression sleeve rented to hospitals. Johnson & Johnson acquired SterilMed in 2011.
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SynergySuite

Restaurant management technology
SynergySuite helps multi-unit restaurants simplify operations and increase profitability with easy-to-use restaurant management software. Businesses have the insights and tools they need to run the back office – all in one place with SynergySuite. Global brands trust SynergySuite’s mobile-first software solution that encompasses inventory, purchasing, recipe costing, food safety, scheduling, cash management, human resources and business intelligence.
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Automation software provider
TCI Solutions Inc. developed software solutions and services that enable in-store automation of inventory tracking, accounting, and other functions to help retailers improve operational efficiency. TCI's software solutions were installed at more than 14,000 locations world-wide. They integrate workforce, financial, and customer information at both the headquarter and individual store levels. TCI was acquired by Retalix Ltd. (Nasdaq: RTLX), a provider of enterprise-wide software solutions for the global food and fuel retail industries, in 2005.
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Tetra Technologies

Chemical recycling
Tetra Technologies Inc. (Nyse: TTI), headquartered in The Woodlands, Texas, is an oilfield-services company that includes an integrated chemicals operation supplying feedstocks to energy markets.
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The Cobalt Group

Internet-based marketing systems
The Cobalt Group was a leading provider of automotive marketing services in North America. Cobalt's mission was to help automobile dealers and manufacturers increase their retailing effectiveness and profits. Cobalt provided marketing services to more than half the automotive dealerships in the United States, Canada and Mexico and was endorsed by more than two-thirds of the world's major automotive manufacturers. Cobalt was acquired by Automatic Data Processing, Inc. (NASDAQ: ADP) in July 2010.
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Ti3

IVR provider
Ti3 Inc. created customized, self-service applications that automated customer access to information using voice response or the Internet. The company focused on clients who chose to outsource the design and hosting of an application to Ti3's service centers. Sample applications included automated time-sheet reporting for a temp staffing company, benefits-enrollment programs for insurance companies, and external job postings for a radio station. Ti3 was acquired by TALX Corp. in 2001, which is now part of Equifax Workforce Solutions (NYSE: EFX).
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Internet-sourced marketing data
Toplander Corp. developed consumer data expertise and a consumer database for e-mail marketing campaigns and other forms of customer relationship management. Toplander was acquired by Acxiom Corp. (Nasdaq: ACXM) in 2003. Acxiom, which had around $900 million in annual sales, creates and delivers customer information management solutions.
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TransCore

Transport solutions provider
TransCore, now a wholly owned subsidiary of Roper Technologies (NYSE: ROP), provides systems integration, design consulting, operations, maintenance, manufacturing, RFID and satellite communications technologies, and extensive Web-based logistics and transportation management systems. TransCore’s businesses are organized under two groups: intelligent transportation Systems and commercial technology. TransCore is the largest global manufacturer of transportation-based RFID technology with more than 87.9 million RFID tags and 95,700 readers deployed worldwide in various transportation applications such as electronic toll collection, traffic management, rail, truck, container, barge and intermodal tracking and monitoring, homeland security border control, airport ground transportation, parking, and secure vehicle access control.
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TransForce

Truck driver staffing
TransForce Inc. is a leading provider of full-service outsourcing and staffing solutions to the trucking and third-party logistics industries. The company is experiencing rapid internal growth through multiple branch openings and aims to become a leading consolidator in a fragmented industry. TransForce was acquired by Palladium Equity Partners in 2015.
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Risk-based clinical trial monitoring solution
Transformative Pharmaceutical Solutions (TPS) provides customized adaptive integrated monitoring solutions to biopharmaceutical company sponsors and investigative sites conducting clinical trials. By leveraging people, process and technology, TPS addresses the inefficiencies inherent in current outsourcing strategies and the associated lack of transparency, using real-time monitoring of clinical and operational data to drive quality, efficiency and cost savings. The company brings together industry leaders with over two decades of experience building and implementing integrated solutions in the pharmaceutical industry.
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Trustwave

Cybersecurity solutions
Trustwave is the leading provider of on-demand data security and payment card industry compliance management solutions to businesses and organizations throughout the world. Trustwave has helped thousands of organizations — ranging from Fortune 500 businesses and large financial institutions to small and medium-sized retailers—manage compliance and secure their network infrastructure, data communications and critical information assets. Trustwave was acquired by Singapore Telecommunications (Singtel) in 2015.
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Data connectivity provider
Tut Systems Inc. delivered advanced content processing and distribution products as well as comprehensive system integration services for deploying next-generation data and video services over broadband networks. Service providers, content providers, and government agencies worldwide used Tut Systems solutions to deliver broadcast-quality video over broadband networks. Tut was traded on the Nasdaq after its IPO in the 1990s until its acquisition by Motorola in 2007.
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USA Waste Services

Waste management company
USA Waste Services Inc., which merged with Waste Management Inc. (NYSE: WM) in 1998, provided integrated waste management services in more than 30 states, Canada, Mexico, and Puerto Rico. First Analysis' investment in USA Waste came through Envirofil Inc., a solid waste management firm that merged with USA Waste in 1994.
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Digital certificate lifecycle management
Valicert was a leader in ensuring the integrity of a broad range of electronic data exchanges or transfers before, during, and after a transmission. Principal functions were 1) validation of credentials, 2) secure document delivery, and 3) receipt issuance and archiving. In 2000, it had an IPO. In 2003, it merged with Tumbleweed Communications Corp.
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AI-powered lung imaging analysis
Long description
VIDA provides the new standard of pulmonary care by using AI-powered CT imaging software and services to aid the early detection, evaluation, and treatment planning of patients with or at risk of lung diseases, including emphysema and airway obstructive diseases (COPD), asthma, interstitial lung disease, and lung cancer. VIDA's software and services are FDA cleared, CE-marked, Health Canada licensed and TGA registered for clinical use in the United States, European Economic Area, Canada and Australia.
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ViralGains

Digital video marketing platform
ViralGains is the leader in intelligent ad journey orchestration. The company's proprietary SaaS platform, ViralGains Odyssey, enables marketers to create unique ad journeys on leading demand-side platforms that improve brand trust, drive customer action and reduce wasted ad spend by making ads relevant to real-time customer sentiment and behavior. ViralGains is headquartered in Boston, with offices in Chicago, Los Angeles, San Francisco, and New York.
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VisiQuate

SaaS enterprise analytics
Founded in 2009, VisiQuate delivers performance management solutions via SaaS that transform decision-making throughout the enterprise, putting the capabilities of business analytics to work, not just for analysts and top management, but for line workers. VisiQuate goes beyond traditional business analytics and gives its clients actionable workflows, guided eLearning solutions, and a rich complement of industry domain experts who help them achieve the best performance outcomes. Headquartered in Santa Rosa, Calif., with offices across the country and in Europe, VisiQuate has a strong presence in the healthcare vertical but also serves clients in energy, financial services, and other industries.
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VPN solutions provider
VPNet Inc. designed, developed, and marketed solutions that allowed corporations to cost-effectively use virtual private networks while preserving network and application scalability, performance, and security. The company specialized in dedicated hardware network security products that performed at high-speed levels not attainable in software-only solutions. VPNet was acquired by Avaya Inc. (NYSE: AV) in February 2000.
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Waggl

Employee voice and engagement platform
Waggl creates radically better employee engagement, powered by employee voice. High performance is driven by engaged people, not measurement and numbers alone. Waggl’s software platform boosts human connection and enables informed decision-making, rapid alignment, and immediate action. Waggl delivers actionable insights to leaders, ensures that employee voices are heard, and encourages employee engagement through meaningful inclusion and participation in a transparent dialogue.
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WEX

Payment processor
WEX Inc. (NYSE: WEX) provides payment processing and information management services to the commercial and government vehicle fleet industry in the U.S., Canada, New Zealand, and Australia.
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Wimba

E-learning provider
Wimba developed Web-based collaboration software designed for on-line distance education, language learning, and live interactive communications. Its collaborative applications enabled educators to employ the new wave of teaching opportunities afforded by campus-wide networks and the internet, regardless of geographic location, bandwidth or operating system. Its virtual rooms enabled educators to conduct live, on-line classes, meetings, office hours and collaborations, and its voice integration tools added verbal interaction directly into course content, Web pages, study groups and assessments. Wimba was acquired by Blackboard Inc. in 2010.
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Witness Systems

Contact center software provider
Witness Systems provided software and services that helped businesses capture customer intelligence and optimize their workforce performance. The company’s Impact 360 solution featured quality monitoring, compliance and IP recording, workforce management, performance management, eLearning, and customer feedback. It had an IPO in 2000. It was acquired by Verint Systems (NASDAQ: VRNT) in 2007.
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Yello

Cloud-based talent acquisition platform
Yello’s early talent acquisition platform allows the world’s leading brands to deliver personalized candidate experiences to every job seeker, resulting in quality hires and faster fills. The centralized platform is easy to use, enabling recruiters to collaborate with one another to attract and engage top talent. Key hiring statistics provide meaningful insights that lead to more accurate, data-driven decisions while staying on budget.