First Analysis acted as the exclusive financial advisor to Pharmacy Quality Solutions in its sale to Innovaccer

CHICAGO – 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.

PQS is a healthcare quality improvement company that connects healthcare payers and providers to standardize measurement and reporting on key medication use quality measures and value-based reimbursement programs focused on medication adherence, treatment outcomes and patient safety. The platform is designed to deliver quality insights and guidance necessary to support efforts to optimize the quality of medication management for Medicare, Medicaid and commercial populations. Combined, PQS and Innovaccer will accelerate the growth of value-based care in pharmacy settings.

“We look forward to working with the Innovaccer team to reinforce our core capabilities further, help drive our next phase of growth and unlock the potential for improved patient outcomes from payer, provider and pharmacy collaboration,” said Todd Sega, CEO of PQS. “First Analysis played a pivotal role in advancing this partnership. The team’s deep understanding of the sector was indispensable in articulating our vision and guiding us in this process.”

First Analysis focuses its advisory services on high-growth, entrepreneur-driven companies like PQS. The First Analysis team worked closely with the founder and management team to optimally position the company and find the best partner to help PQS achieve its objectives. First Analysis was actively engaged throughout the transaction process, including preparation, positioning, investor coordination and contact, due diligence and negotiation.

About 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. For more information, please visit

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. For more information, please visit

About First Analysis

Founded in 1981, First Analysis has a 43-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 financings and private equity recapitalizations.

Andrew Walsh
Managing Director

Matthew Nicklin
Head of Investment Banking

Christopher Stiegal
Vice President

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First Analysis acted as the exclusive financial advisor to Pharmacy Quality Solutions in its sale to Innovaccer

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