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.

Technology / SaaS
Healthcare
Environmental Technology
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
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.
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.
RECENT TRANSACTIONS
February 2025
Has been acquired by Health Catalyst
Exclusive financial advisor
February 2025
Has been acquired by Selerix
Exclusive financial advisor
March 2024
Has been acquired by Innovaccer
Exclusive financial advisor
INVESTMENT BANKING NEWS
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
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
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
Investment banking and corporate finance services are offered through First Analysis Securities Corporation ("FASC" or "First Analysis Securities"), a subsidiary of First Analysis Corp.
©2025 by First Analysis Corporation.
One South Wacker Drive
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Suite 3900
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Chicago, IL 60606
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312-258-1400
First Analysis Securities Corp. (FASC) is a registered broker/dealer with FINRA and member SIPC.