Superior Execution and Growth |
Founded in 1981, First Analysis has a 42-year track record of serving emerging growth companies and established industry leaders within its focused areas of domain expertise. Our investment banking practice leverages industry insights developed through our research and investing activities to deliver value to clients across the life cycle of a business. Providing senior-level attention to every client, First Analysis offers superior execution across a comprehensive range of investment banking services, including merger & acquisition advisory, growth equity financings, and private equity recapitalizations.
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Technology / SaaS
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Healthcare
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Environmental Technology
Home > Investment Banking
STRATEGIC
MERGER & ACQUISITION
MERGER & ACQUISITION
We offer a comprehensive suite of merger & acquisition advisory services to growth companies. We pride ourselves on obtaining strategic outcomes at top-end valuations for our clients.
MINORITY
CAPITAL RAISING
CAPITAL RAISING
First Analysis is unique in its focus on advising entrepreneur-owned growth companies in minority growth capital raises, leveraging the firm’s 40 years of venture investor experience and its vast relationships with growth-oriented venture capital and private equity funds to benefit clients looking to raise critical growth capital.
RECAPITALIZATIONS
First Analysis is an experienced advisor to growth companies seeking to partner with financial sponsors to achieve the dual goals of driving next stage growth in their business, while generating near-term liquidity to capitalize on value created.
RECENT TRANSACTIONS
March 2023
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Growth equity investment by FTV Capital
Exclusive financial advisor
$43,000,000
Masttro
$43,000,000
Growth equity investment by FTV Capital
Exclusive financial advisor
First Analysis acted as the exclusive financial advisor to Masttro in its $43 million growth equity investment led by FTV Capital. First Analysis focuses its advisory services on high-growth, entrepreneur-driven software companies like Masttro. The First Analysis team worked closely with the founder and management team to optimally position the Company and find the best partner to help Masttro to continue to achieve its objectives. First Analysis was actively engaged throughout the transaction process, including preparation, positioning, investor coordination and contact, due diligence and negotiation.

About Masttro:
Masttro is a leading wealth tech platform that enables a 360-degree view of wealth. The platform provides a single source of accurate data to give wealth owners and their trusted advisors ultimate control, transparency, and peace of mind to make informed, data-driven decisions in real-time. Masttro offers a total wealth overview covering all illiquid and liquid investments including passion assets. It comes with a comprehensive suite of features including direct data aggregation and AI-driven document data extraction to construct the basis for powerful interactive real-time analysis and reporting needs – all protected by best-in-class cybersecurity architecture and data security protocols.

About FTV Capital:
FTV Capital is a sector-focused growth equity investment firm that has raised $6.2 billion to invest in high-growth companies offering a range of innovative solutions in three sectors: enterprise technology and services, financial services, and payments and transaction processing. FTV’s experienced team leverages its domain expertise and proven track record in each of these sectors to help motivated management teams accelerate growth.
January 2023
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Has received investment from QHP Capital
Exclusive financial advisor
COPILOT
Has received investment from QHP Capital
Exclusive financial advisor
First Analysis acted as the exclusive financial advisor to COPILOT Provider Support Services, LLC, in QHP Capital’s investment in the company.First Analysis focuses its advisory services on high-growth, entrepreneur-driven companies like COPILOT. The First Analysis team worked closely with the co-founders and management team to optimally position the company and find the best partner to help COPILOT to continue to achieve its objectives.

About COPILOT:
COPILOT is a digital-first patient-centric reimbursement hub services platform intended to support the relationship between patients, health care providers and pharmaceutical and device manufacturers.

About QHP Capital:
QHP Capital is an investor in technology and services companies in the life sciences and healthcare sectors. QHP Capital spun out of NovaQuest Capital Management, which was formed in 2000 with the vision of building an investment platform to provide strategic capital and industry expertise in partnership with strong management teams.
January 2023
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Has acquired Picwell
Exclusive buy-side financial advisor
Jellyvision
Has acquired Picwell
Exclusive buy-side financial advisor
First Analysis acted as the exclusive buy-side financial advisor to Jellyvision, a leading employee benefits engagement solution provider, in its acquisition of Picwell, a healthcare technology company focused on AI-generated benefits decision support.

About Jellyvision:
Jellyvision's mission is to improve lives by helping people choose and use their benefits. The company's platform, ALEX, provides employees with 24/7 benefits resources and guidance at key moments when they're already thinking about their health and well-being. Through behavioral science, Jellyvision engages employees in a benefits experience that leads to smarter decision-making, more money saved, and increased trust in their employer.

About Picwell:
Picwell is a healthcare technology company providing enterprise solutions to enhance health insurance and employee benefits and improve consumer experiences. Its flagship offering, Picwell DX, is a SaaS-based decision support product that uses artificial intelligence to match individuals to the right health benefits during enrollment by predicting future care considerations, estimating out-of-pocket expenses, and accounting for individual preferences. Other solutions support consumerism and high-deductible health plan adoption, consumer engagement and risk management.
INVESTMENT BANKING NEWS
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First Analysis acted as the exclusive financial advisor to Masttro in its $43 million growth equity investment led by FTV Capital
First Analysis acted as the exclusive financial advisor to Masttro in its $43 million growth equity investment led by FTV Capital. Citi Ventures also participated. Masttro is a leading wealth technology company serving family offices, financial advisors and large institutions managing the wealth of ultra high net worth families.
March 10, 2023
First Analysis acted as the exclusive financial advisor to Masttro in its $43 million growth equity investment led by FTV Capital. Citi Ventures also participated. Masttro is a leading wealth technology company serving family offices, financial advisors and large institutions managing the wealth of ultra high net worth families.
March 10, 2023
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First Analysis acted as the exclusive financial advisor to COPILOT in QHP Capital’s investment in the company
First Analysis acted as the exclusive financial advisor to COPILOT Provider Support Services, LLC, in QHP Capital’s investment in the company. The terms of the transaction were not disclosed. COPILOT is a leading provider of technologically advanced healthcare access solutions. Since its inception in 2010, COPILOT has partnered with pharmaceutical companies to help patients and providers navigate access to life-changing therapies and manage reimbursement challenges.
January 10, 2023
First Analysis acted as the exclusive financial advisor to COPILOT Provider Support Services, LLC, in QHP Capital’s investment in the company. The terms of the transaction were not disclosed. COPILOT is a leading provider of technologically advanced healthcare access solutions. Since its inception in 2010, COPILOT has partnered with pharmaceutical companies to help patients and providers navigate access to life-changing therapies and manage reimbursement challenges.
January 10, 2023
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First Analysis acted as the exclusive financial advisor to SyTrue in its sale to ClaimLogiq
First Analysis acted as the exclusive financial advisor to SyTrue in its sale to ClaimLogiq, a leading technology enabling payment integrity platform. SyTrue is a pioneer in healthcare natural language processing technology, creating a seamless and cohesive solution for clinical, coding and medical record reviews.
August 16, 2022
First Analysis acted as the exclusive financial advisor to SyTrue in its sale to ClaimLogiq, a leading technology enabling payment integrity platform. SyTrue is a pioneer in healthcare natural language processing technology, creating a seamless and cohesive solution for clinical, coding and medical record reviews.
August 16, 2022