Growth capital raises: $20 to $100 million for rapidly growing companies with clear use of proceeds to accelerate business.
Minority recapitalization: Combination of growth capital and liquidity for our partners that need growth capital but aren’t willing to cede majority control to a third-party partner.
| Superior Execution and Growth |
Investment bankers define themselves by the processes they run, not the businesses they represent. Our advisory services extend beyond mere transaction facilitation – we empower entrepreneurs by helping them fully comprehend the growth investment opportunities available to them. We intentionally avoid prospecting private equity portfolio firms for future clients. Instead, we focus solely on the unique aspirations and desired outcomes of our partners.
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Technology / SaaS
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Healthcare
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Home > Investment Banking
Founded in 1981, First Analysis has built a lasting legacy of supporting both emerging and established B2B tech companies. We partner with entrepreneurs and their organizations to maximize value in transactions, drawing on our deep sector knowledge and relationships and our outstanding execution capabilities.
First Analysis emphasizes direct senior-level engagement in offering a broad array of transaction advisory services that can support growth-stage businesses across the life cycles of their journeys.
GROWTH CAPITAL
MERGERS & ACQUISITIONS
Strategic exit: Build thoughtful, creative engagements with potential strategic buyers or partners to position our clients to be bought, not sold.
Majority recapitalization: Develop relationships with institutional financial firms to target the best partners for our clients when they want a second bite at the apple.
Majority recapitalization: Develop relationships with institutional financial firms to target the best partners for our clients when they want a second bite at the apple.
RECENT TRANSACTIONS
February 2025
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Has been acquired by Health Catalyst
Exclusive financial advisor
Upfront Healthcare
Has been acquired by Health Catalyst
Exclusive financial advisor
First Analysis acted as the exclusive financial advisor to Upfront Healthcare Services (Upfront), a next-generation patient engagement platform provider, in its sale to Health Catalyst (Nasdaq: HCAT), a provider of data and analytics technology and services to healthcare organizations.
About Upfront Healthcare:
Upfront is a mission-driven healthcare company delivering tangible outcomes to leading healthcare systems and provider groups. Its patient engagement and access platform makes each patient feel seen, guiding their care experience through personalized outreach. The backbone of the Upfront experience is its data engine, which analyzes clinical, sociodemographic, and patient-reported data. These insights, along with its advanced psychographic segmentation model, allow Upfront to individually activate patients to get the care they need while building a meaningful relationship between the patient and their health system. Upfront is rooted in partnership, leveraging best-in-class healthcare expertise to maximize the impact of technology and deliver a next-generation patient experience.
About Health Catalyst:
Health Catalyst (HCAT) is a leading provider of data and analytics technology and services that ignite smarter healthcare, lighting the path to measurable clinical, financial, and operational improvement. More than 1,000 organizations worldwide rely on Health Catalyst’s offerings, including our cloud-based technology ecosystem Health Catalyst Ignite™, AI-enabled data and analytics solutions, and expert services to drive meaningful outcomes across hundreds of millions of patient records. Powered by high-value data, standardized measures and registries, and deep healthcare domain expertise, Ignite helps organizations transform complex information into actionable insights. Backed by a multi-decade mission and a proven track record of delivering billions of dollars in measurable results, Health Catalyst continues to serve as the catalyst for massive, measurable, data-informed healthcare improvement and innovation.
February 2025
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Has been acquired by Selerix
Exclusive financial advisor
TBX
Has been acquired by Selerix
Exclusive financial advisor
First Analysis acted as the exclusive financial advisor to The Benefits eXpert® (TBX), an employee benefits technology company that offers an engagement, education and administrative platform, in its sale to Selerix, a provider of cloud-based benefits administration and communications solutions.
About TBX:
Headquartered in Plano, Texas, TBX is transforming the workplace benefits enrollment and administrative landscape through innovative self-service technology. Its mobile-responsive platform streamlines engagement, education and enrollment, empowering employees to make informed benefits decisions. TBX combines behavioral science-based educational videos, a data-driven decision support tool, and bilingual English–Spanish capabilities to deliver clarity and accessibility. Employers gain a no-cost enrollment solution implemented in 45 days or less, with proactive data audits, seamless electronic data exchange, call center support, and exceptional customer service – offering significant administrative and financial relief. TBX is a trusted partner for organizations seeking efficient and impactful benefits management.
About Selerix:
Selerix is an industry-leading benefits administration provider for both core and voluntary benefits. Its solution combines a flexible benefits admin platform with a commitment to providing best-in-class client service. In addition, the Selerix platform includes ACA reporting and employee engagement to deliver a fully featured, all-in-one package. Trusted by brokers, carriers, over 25,000 employer groups, and 14 million individuals, the Selerix mission is to deliver benefits administration solutions that actually benefit employees.
March 2024
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Has been acquired by Innovaccer
Exclusive financial advisor
Pharmacy Quality Solutions
Has been acquired by Innovaccer
Exclusive financial advisor
First Analysis acted as the exclusive financial advisor to Pharmacy Quality Solutions (PQS), a leading pharmacy-payer performance technology, in its sale to Innovaccer.
About Pharmacy Quality Solutions:
Pharmacy Quality Solutions (PQS) aligns healthcare payers and pharmacies to achieve their shared goals of better patient outcomes and healthcare quality performance. As a neutral, trusted intermediary supporting the evolution of value-based care, PQS facilitates nationwide pharmacy-based care through its partners and the EQUIPP platform. Using deep clinical pharmacy knowledge and over a decade of performance management experience, PQS helps clients develop strategies, implement quality improvement programs and optimize the quality of healthcare for their Medicare, Medicaid and commercial populations.
About Innovaccer:
Innovaccer is the data platform that accelerates care innovation through innovative AI technologies. Innovaccer’s AI-powered healthcare platform unifies patient data across systems and care settings and empowers healthcare organizations with scalable, modern applications that improve clinical, financial, operational and experiential outcomes. Innovaccer’s EHR-agnostic solutions have been deployed across more than 1,600 hospitals and clinics in the U.S., enabling care delivery transformation for more than 96,000 clinicians and helping providers work collaboratively with payers and life sciences companies. Innovaccer has helped its customers unify health records for more than 54 million people and generate over $1.5 billion in cumulative cost savings. The Innovaccer platform is an industry-leading data and analytics platform, the Best in KLAS CRM solution, and the No. 1 rated population health technology platform by Black Book.
INVESTMENT BANKING NEWS
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First Analysis acted as the exclusive financial advisor to TBX® in its sale to Selerix
First Analysis acted as the exclusive financial advisor to The Benefits eXpert® (TBX), an employee benefits technology company that offers an engagement, education and administrative platform, in its sale to Selerix, a provider of cloud-based benefits administration and communications solutions.
February 11, 2025
First Analysis acted as the exclusive financial advisor to The Benefits eXpert® (TBX), an employee benefits technology company that offers an engagement, education and administrative platform, in its sale to Selerix, a provider of cloud-based benefits administration and communications solutions.
February 11, 2025
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First Analysis acted as the exclusive financial advisor to Upfront Healthcare in its sale to Health Catalyst
First Analysis acted as the exclusive financial advisor to Upfront Healthcare Services (Upfront), a next-generation patient engagement platform provider, in its sale to Health Catalyst (Nasdaq: HCAT), a provider of data and analytics technology and services to healthcare organizations.
February 07, 2025
First Analysis acted as the exclusive financial advisor to Upfront Healthcare Services (Upfront), a next-generation patient engagement platform provider, in its sale to Health Catalyst (Nasdaq: HCAT), a provider of data and analytics technology and services to healthcare organizations.
February 07, 2025
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First Analysis acted as the exclusive financial advisor to Pharmacy Quality Solutions in its sale to Innovaccer
First Analysis acted as the exclusive financial advisor to Pharmacy Quality Solutions (PQS), a leading pharmacy-payer performance technology, in its sale to Innovaccer. The terms of the transaction were not disclosed.
March 22, 2024
First Analysis acted as the exclusive financial advisor to Pharmacy Quality Solutions (PQS), a leading pharmacy-payer performance technology, in its sale to Innovaccer. The terms of the transaction were not disclosed.
March 22, 2024