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# First Analysis: Venture capital and investment banking advisory services

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## Posts
- [First Analysis portfolio company Dina has been acquired by Integrated Home Care Services](https://www.firstanalysis.com/news/venture-capital/dina-may-2026/): CHICAGO – May 22, 2026 – Integrated Home Care Services, a leading in-home benefit manager helping health plans and risk-bearing organizations unlock the full potential of care in the home, has acquired First Analysis portfolio company Dina Care, a leading AI-enabled care coordination and referral management platform.
- [First Analysis portfolio company Bindplane has been acquired by Dynatrace](https://www.firstanalysis.com/news/venture-capital/bindplane-apr-2026/): Infrastructure technology and observability software: Dynatrace (NYSE: DT) acquired First Analysis portfolio company Bindplane, an OpenTelemetry-based software platform that helps teams collect, process and route telemetry data more efficiently. The platform supports telemetry pipeline capabilities that reduce the cost and complexity of monitoring and managing technology systems.
- [First Analysis invests in behavioral health platform TPN.health](https://www.firstanalysis.com/news/venture-capital/tpn-health-feb-2026/): CHICAGO – Feb. 10, 2026 – First Analysis, a leading venture capital investor, has made a new investment in TPN.health, a behavioral health technology company focused on modernizing how providers, administrators and employers connect around mental health care. First Analysis led the financing with participation from Breachway Capital. The financing will help expand TPN's care navigation solution and accelerate onboarding and scaling relationships with leading health plans, third-party administrators (TPAs), and self-insured employer groups.
- [First Analysis acted as the exclusive financial advisor to Mednet in its sale to CRScube](https://www.firstanalysis.com/news/investment-banking/mednet-dec-2025/): First Analysis acted as the exclusive financial advisor to Mednet, a leading provider of eClinical data management software, in its sale to CRScube. The transaction brings together two established eClinical technology providers whose complementary capabilities support the growing demand for flexible, integrated clinical research solutions across North America and Asia.
- [First Analysis invests in supply chain test automation platform Cycle Labs](https://www.firstanalysis.com/news/venture-capital/cycle-labs-dec-2025/): CHICAGO – Dec. 2, 2025 – First Analysis, a leading venture capital investor, has made a new investment in Cycle Labs, a leading software company in the enterprise test automation space. First Analysis led the $9.7 million Series B-1 funding, which will be used to accelerate global expansion and platform innovation and expand strategic partnerships as Cycle Labs continues to transform how enterprises deploy and validate complex supply chain solutions.
- [First Analysis advised, invested in healthcare tech provider Intelligent Locations](https://www.firstanalysis.com/news/venture-capital/intelligent-locations-oct-2025/): First Analysis Securities Corp. advised Intelligent Locations on its recent growth investment from Marlin Equity Partners. Intelligent Locations is a leading provider of AI-powered real-time location software for healthcare enterprises. Intelligent Locations’ suite of solutions enables hospitals to track assets, people and processes in real-time. Venture capital fund First Analysis Fund XIV also participated in the investment. The investment will support further advancement of Intelligent Locations’ AI-powered INTRAXTM platform to optimize critical business and clinical operations for hospitals.
- [First Analysis invests in Gradient Cyber, provider of MXDR services for mid-market organizations](https://www.firstanalysis.com/news/venture-capital/gradient-cyber-apr-2025/): First Analysis, a leading venture capital investor, has made a new investment in Gradient Cyber, a leading provider of managed extended detection and response (MXDR) services for mid-market organizations. First Analysis led the Series A financing, which will support Gradient Cyber's continued growth and product development as it scales to meet increasing demand for 24/7 MXDR services.
- [First Analysis closes on Fund XIV at $97 million in committed capital](https://www.firstanalysis.com/news/venture-capital/fund-xiv-apr-2025/): First Analysis, a leading venture capital firm specializing in B2B technology investments, announced today the closing of its 14th fund, at $97 million in committed capital. First Analysis again committed substantial capital to its own fund, making it the largest investor in the new fund and underscoring its continued confidence in its distinctive investment approach.
- [First Analysis portfolio company PCMI receives strategic growth investment from Thoma Bravo](https://www.firstanalysis.com/news/venture-capital/pcmi-mar-2025/): Thoma Bravo, a leading software investment firm, has made a strategic growth investment in PCMI, a portfolio company of First Analysis and Equality Asset Management. PCMI is a leading provider of administration software for finance and insurance products in the automotive and consumer end markets. Thoma Bravo’s expertise in scaling technology companies will help accelerate PCMI’s global growth and support its efforts in enhancing the platform. William Blair acted as the exclusive financial advisor to PCMI.
- [First Analysis portfolio company AmpliFund has been acquired by Euna Solutions](https://www.firstanalysis.com/news/venture-capital/amplifund-mar-2025/): Euna Solutions, a provider of SaaS solutions purpose-built for the public sector, has acquired First Analysis portfolio company AmpliFund, a leading grant management platform provider. This strategic move enhances Euna Solutions’ existing grant management product suite, further solidifying its commitment to delivering innovative and comprehensive tools for government agencies, nonprofits and other public sector organizations.
- [First Analysis acted as the exclusive financial advisor to TBX® in its sale to Selerix](https://www.firstanalysis.com/news/investment-banking/tbx-feb-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.
- [First Analysis acted as the exclusive financial advisor to Upfront Healthcare in its sale to Health Catalyst](https://www.firstanalysis.com/news/investment-banking/upfront-feb-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.
- [First Analysis portfolio company VisiQuate has been acquired by Accel-KKR](https://www.firstanalysis.com/news/venture-capital/visiquate-oct-2024/): Accel-KKR has acquired First Analysis portfolio company VisiQuate, a provider of advanced revenue cycle analytics, AI-powered workflow and automation solutions. The strategic partnership leverages Accel-KKR's extensive resources and strategic expertise to accelerate product innovation and expand VisiQuate's team.
- [First Analysis invests in Applied StemCell, a leading cell and gene therapy CRO/CDMO](https://www.firstanalysis.com/news/venture-capital/applied-stemcell-jul-2024/): First Analysis, a leading venture capital investor, has made a new investment in Applied StemCell (ASC), a contract development and manufacturing organization (CDMO) specializing in tailored cell and gene therapy solutions. First Analysis co-invested in ASC alongside QHP Capital.
- [First Analysis invests in Sware, provider of FDA-mandated computer system validation automation for GxP systems and release testing](https://www.firstanalysis.com/news/venture-capital/sware-jun-2024/): First Analysis, a leading venture capital investor, has made a new investment in Sware, which provides a complete software validation solution for innovative life sciences companies. The investment will be used to bolster research and development of Sware's computer systems validation (CSV) platform, Res_Q, to further streamline processes with artificial intelligence (AI), and to expand the company's sales team so it can bring the platform to more organizations struggling with validation debt.
- [First Analysis acted as the exclusive financial advisor to Pharmacy Quality Solutions in its sale to Innovaccer](https://www.firstanalysis.com/news/investment-banking/pqs-march-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.
- [First Analysis acted as the exclusive financial advisor to BHS in its partnership with ReviveHealth and Eir Partners](https://www.firstanalysis.com/news/investment-banking/bhs-march-2024/): First Analysis acted as the exclusive financial advisor to BHS, a provider of comprehensive mental health solutions through employee and student assistance programs, in its partnership with ReviveHealth and Eir Partners. The terms of the transaction were not disclosed.
- [First Analysis invests in Dina, provider of home-centered care coordination solutions](https://www.firstanalysis.com/news/venture-capital/dina-feb-2024/): First Analysis, a leading venture capital investor, has made a new investment in Dina, provider of digital network management and coordination solutions for the Medicare Advantage and managed Medicaid markets, with a particular focus on coordinating supplemental benefits and long-term services and supports (LTSS). The investment will support Dina’s go-to-market strategy as well as continued execution of the product roadmap. First Analysis led the $7 million Series B round.
- [First Analysis portfolio company Fleetworthy Solutions acquired by Bestpass](https://www.firstanalysis.com/news/venture-capital/fleetworthy-solutions-nov-2023/): Bestpass, a leading toll management and payment platform for commercial vehicles, has acquired First Analysis portfolio company Fleetworthy Solutions, a provider of fleet safety, compliance and risk management solutions. Bestpass will now offer a comprehensive suite of services that cover all aspects of tolling, compliance and safety for commercial fleets of all sizes.
- [First Analysis acted as the exclusive financial advisor to ClearCompany in Gemspring Capital’s acquisition of the company](https://www.firstanalysis.com/news/investment-banking/clearcompany-sept-2023/): First Analysis acted as the exclusive financial advisor to ClearCompany in Gemspring Capital’s acquisition of the company. ClearCompany, a full-spectrum talent management platform, has enabled thousands of companies to maximize talent by empowering people at every stage of the employee journey. The terms of the transaction were not disclosed.
- [First Analysis invests in Stamus Networks, provider of enterprise class Suricata-based network security](https://www.firstanalysis.com/news/venture-capital/stamus-networks-aug-2023/): First Analysis, a leading venture capital investor, has made a new investment in Stamus Networks, a leader in Suricata-based network security. The investment is intended to enable Stamus to advance product innovation, elevate customer experience, and scale go-to-market resources and programs. First Analysis led the $6 million Series A round of funding with participation from new investor SmoothBrain. Existing seed stage investors Elevate Ventures and VisionTech Partners also participated in the
- [First Analysis portfolio company Netchex acquired by GrowthCurve Capital](https://www.firstanalysis.com/news/venture-capital/netchex-jun-2023/): CHICAGO – June 20, 2023 – GrowthCurve Capital has acquired First Analysis portfolio company Netchex, a provider of cloud-based human capital management and payroll software. GrowthCurve's investment will provide Netchex with the opportunity to enhance its artificial intelligence (AI) strategy by accelerating the development of new data analytics products. It will also support the successful launch of new business lines and facilitate expansion into previously untapped markets.
- [First Analysis acted as the exclusive financial advisor to Masttro in its $43 million growth equity investment led by FTV Capital](https://www.firstanalysis.com/news/investment-banking/masttro-mar-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.
- [First Analysis portfolio company Gyrodata acquired by SLB](https://www.firstanalysis.com/news/venture-capital/gyrodata-feb-2023/): SLB (SLB) has completed its acquisition of First Analysis portfolio company Gyrodata, a global company specializing in gyroscopic wellbore positioning and survey technology. The transaction will incorporate Gyrodata’s wellbore placement and surveying technologies within SLB’s Well Construction business.
- [First Analysis acted as the exclusive financial advisor to COPILOT in QHP Capital’s investment in the company](https://www.firstanalysis.com/news/investment-banking/copilot-jan-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.
- [First Analysis invests in Drive My Way, a personalized recruiting marketplace for the trucking industry](https://www.firstanalysis.com/news/venture-capital/drive-my-way-oct-2022/): First Analysis, a leading venture capital investor, has made a new investment in Drive My Way, a next-generation personalized recruiting marketplace focused on the trucking industry. The investment will enable Drive My Way to accelerate the growth of its driver-centric, software-as-a-service platform to meet rapidly increasing market demand and support customer growth. First Analysis led the $4.4 million Series A financing with participation from existing investors JumpStart and JobsOhio Growth
- [First Analysis invests in CoolR, an AI-based solution for ROI-driven automated ordering](https://www.firstanalysis.com/news/venture-capital/coolr-oct-2022/): First Analysis, a leading venture capital investor, has made a new investment in CoolR Group. CoolR is a leader in automated ordering for consumer packaged goods (CPG) brands and distributors using artificial intelligence (AI) based image recognition. The investment will enable CoolR to drive the next stage of growth while building future value-enhancing capabilities. First Analysis led the $10 million round, which was joined by Moneta Ventures and ERA's Remarkable Ventures Fund.
- [First Analysis invests in Yunu, a multi-site clinical trials imaging workflow platform](https://www.firstanalysis.com/news/venture-capital/yunu-sept-2022/): First Analysis, a leading venture capital investor, has made a new investment in Yunu, an eClinical solutions company that accelerates breakthrough therapies by unifying clinical trials imaging data and workflows, both within and across cancer centers. First Analysis was the lead investor in the institutional round that will accelerate further development and commercialization of the Yunu platform in expanding its offerings to pharma sponsors.
- [First Analysis acted as the exclusive financial advisor to SyTrue in its sale to ClaimLogiq](https://www.firstanalysis.com/news/investment-banking/sytrue-aug-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.
- [First Analysis invests in DeviceOps software provider EdgeIQ](https://www.firstanalysis.com/news/venture-capital/edgeiq-jul-2022/): First Analysis, a leading venture capital investor, has made a new investment in EdgeIQ, provider of an API-first DeviceOps platform. The investment will enable EdgeIQ to accelerate releasing new product capabilities and expand its leadership team and overall global market presence. First Analysis led the $8.5 million round.
- [First Analysis invests in Insellerate, a leading customer engagement platform for mortgage lenders](https://www.firstanalysis.com/news/venture-capital/insellerate-feb-2022/): First Analysis, a leading venture capital investor, has made a new investment in Insellerate. Insellerate is a leading provider of customer relationship management (CRM) and marketing automation solutions for the mortgage lender and real estate sectors. The growth investment, led by longtime First Analysis partner Argentum Group, will expand Insellerate’s product development, sales and marketing, and customer success initiatives and will be used to meet increasing demand for its enterprise custo
- [First Analysis acted as the exclusive financial advisor to SmartWitness in its sale to Sensata Technologies](https://www.firstanalysis.com/news/investment-banking/smartwitness-dec-2021/): First Analysis acted as the exclusive financial advisor to SmartWitness in its sale to Sensata Technologies (ST). The SmartWitness platform is comprised of proprietary vehicle telematics software and video hardware that’s purpose built for the indirect channel, including telematics service providers (TSPs) and resellers that serve vehicle fleet operators. Fleet operators use these products to assign fault in accidents and make roads safer everywhere through driver behavior modification.
- [First Analysis acted as the exclusive financial advisor to Miva for its strategic growth investment from Equality Asset Management](https://www.firstanalysis.com/news/investment-banking/miva-dec-2021/): First Analysis acted as the exclusive financial advisor to Miva in securing a significant growth investment from Equality Asset Management (EAM), a Boston-based growth equity firm. The terms of the transaction were not disclosed.
- [First Analysis portfolio company SmartWitness acquired by Sensata Technologies](https://www.firstanalysis.com/news/venture-capital/smartwitness-nov-2021/): Sensata Technologies (ST) has acquired First Analysis portfolio company SmartWitness, a video telematics pioneer. The SmartWitness platform is comprised of proprietary software and hardware that’s purpose built for the indirect channel of resellers and telematics service providers (TSPs), enabling them to provide vehicle fleet end users products that capture the truth while making roads safer for drivers everywhere.
- [First Analysis invests in Lender Price, a leader in lending technology](https://www.firstanalysis.com/news/venture-capital/lender-price-oct-2021/): First Analysis, a leading venture capital investor, has made a new investment in Lender Price. Lender Price’s cloud-based solutions help banks, mortgage bankers and mortgage brokers increase volumes and profitability, benefit from workflow efficiencies and improve their market competitiveness. The investment, led by longtime First Analysis partner Argentum Group, will further accelerate Lender Price’s rapid growth by supporting product development, sales and marketing and customer service capabi
- [First Analysis acted as the exclusive financial advisor to Selerix Systems for its investment by NexPhase Capital](https://www.firstanalysis.com/news/investment-banking/selerix-aug-2021/): First Analysis acted as the exclusive financial advisor to Selerix in securing an investment from NexPhase Capital. Selerix produces software used by employers, brokers and carriers to simplify benefits administration, employee engagement and Affordable Care Act (ACA) reporting. The terms of the transaction were not disclosed.
- [First Analysis acted as the exclusive financial advisor to Healthify in its sale to WellSky®](https://www.firstanalysis.com/news/investment-banking/healthify-aug-2021/): First Analysis acted as the exclusive financial advisor to Healthify in its sale to WellSky, a leading health and community care technology company. Healthify improves the health of communities by connecting healthcare organizations with social service organizations to address the social determinants of health (SDoH). Healthify's past investors include SV Health Investors, Sandbox Ventures, Activate Venture Partners, Primary Venture Partners and Acumen. The terms of the transaction were not disc
- [First Analysis portfolio company Waggl acquired by Perceptyx](https://www.firstanalysis.com/news/venture-capital/perceptyx-jul-2021/): Perceptyx, the leading employee listening and people analytics platform, has acquired First Analysis portfolio company Waggl, an employee feedback solution that crowdsources employee comments and ideas in real-time. First Analysis remains an investor in Perceptyx.
- [First Analysis exits portfolio company 4G Clinical as part of $230 million transaction](https://www.firstanalysis.com/news/venture-capital/4g-clinical-jul-2021/): First Analysis, a leading venture capital investor, recently successfully exited its investment in portfolio company 4G Clinical, a leader in randomization and clinical trial supply management (RTSM) technology, as part of a more than $230 million growth equity investment by Goldman Sachs Asset Management. The investment will be used to fund 4G Clinical's continued global expansion, support the growing demand for 4G's products, and to further the company's mission of bringing crucial medicines t
- [First Analysis acted as the exclusive financial advisor to Kno2 for its $15 million Series A funding co-led by Providence Ventures and Health Enterprise Partners](https://www.firstanalysis.com/news/investment-banking/kno2-jul-2021/): First Analysis acted as the exclusive financial advisor to Kno2 for its $15 million Series A funding round. Kno2 enables interoperability at scale across every patient care setting with the capability to send, receive, find and use patient information with everyone. The funding round was led by Health Enterprise Partners (HEP) and Providence Ventures.
- [First Analysis acted as the exclusive financial advisor to SymphonyRM for its $25 million Series B funding led by TT Capital Partners](https://www.firstanalysis.com/news/investment-banking/symphonyrm-may-2021/): First Analysis acted as the exclusive financial advisor to SymphonyRM for its $25 million Series B funding. SymphonyRM transforms healthcare providers into member-focused enterprises through its innovative HealthOS platform. The round was led by new investment partner TT Capital Partners with continued investment from Adams Street Partners.
- [First Analysis invests in SmartCommerce, a leading frictionless e-commerce solution](https://www.firstanalysis.com/news/venture-capital/smartcommerce-apr-2021/): First Analysis, a leading venture capital investor, has made a new investment in SmartCommerce. SmartCommerce provides data-centric, AI-assisted SaaS solutions for consumer packaged goods (CPG) companies. The $13 million round, led by longtime First Analysis partner Argentum Group, will be used for sales and marketing and continued product development.
- [First Analysis invests in Visage, a leading AI-powered talent recruiting platform](https://www.firstanalysis.com/news/venture-capital/visage-mar-2021/): First Analysis, a leading venture capital investor, has made a new investment in Visage. Visage is a recruiting technology platform that combines the power of artificial intelligence (AI) and a freelance network to enable its customers to source talent more rapidly, effectively and cheaply than with any other technology, freeing recruiters to spend more time with candidates. First Analysis led the $7 million round.
- [First Analysis acted as the exclusive financial advisor to Enli in its sale to Cedar Gate Technologies](https://www.firstanalysis.com/news/investment-banking/enli-jan-2021/): First Analysis acted as the exclusive financial advisor to Enli Health Intelligence (Enli) in its sale to Cedar Gate Technologies (Cedar Gate). First Analysis focuses its advisory services on high-growth, entrepreneur-driven companies like Enli. The First Analysis team was actively engaged throughout the transaction process, including preparation, positioning, investor coordination and contact, due diligence, and negotiation.
- [First Analysis invests in insurtech company PCMI](https://www.firstanalysis.com/news/venture-capital/pcmi-january-2021/): First Analysis, a leading venture capital investor, has made a new investment in PCMI, a leading provider of administration software for the automotive, consumer and industrial warranty and service management markets. The round was led by Boston-based growth equity firm Equality Asset Management and enables PCMI to continue its focus on product expansion and client acquisition in North America and globally.
- [First Analysis acted as the exclusive financial advisor in PCMI’s equity investment](https://www.firstanalysis.com/news/investment-banking/pcmi-jan-2021/): First Analysis acted as the exclusive financial advisor to PCMI Corporation in its first equity investment. PCMI is a leading provider of administration software for the automotive, consumer and industrial warranty and service management markets. The equity investment was led by Boston-based growth equity firm Equality Asset Management. Financial terms were not disclosed.
- [First Analysis portfolio company NimbeLink acquired by Airgain](https://www.firstanalysis.com/news/venture-capital/nimbelink-jan-2021/): Airgain Inc. (Nasdaq: AIRG), a leading provider of advanced antenna technologies used to enable high performance wireless networking across a broad range of devices and markets, including consumer, enterprise and automotive, recently announced it has acquired First Analysis portfolio company NimbeLink, a leader in cellular industrial Internet of Things (IoT) solutions and services. The addition of NimbeLink’s embedded modem products and asset tracking solutions is key to Airgain’s ongoing strate
- [First Analysis portfolio company Apixio acquired by Centene](https://www.firstanalysis.com/news/venture-capital/apixio-dec-2020/): Centene Corp. (CNC) has acquired First Analysis portfolio company Apixio, a healthcare analytics company offering artificial intelligence technology solutions. First Analysis has a long history of researching and investing in healthcare technology companies. First Analysis Managing Director Matthew Nicklin commented, “We appreciate having had the opportunity to be part of the Apixio story. Apixio is a great example of how a strong team addressing a critical need in the healthcare ecosystem can c
- [First Analysis acted as the exclusive financial advisor to Kazmira for its minority equity investment from Perrigo](https://www.firstanalysis.com/news/investment-banking/kazmira-aug-2020/): First Analysis acted as the exclusive financial advisor to Kazmira for its $50 million strategic investment by Perrigo Company (PRGO). In collaboration with Perrigo, the investment will be applied to scale up Kazmira’s facilities and laboratories, proactively engage with regulatory authorities, further develop Kazmira’s product portfolio, extend Kazmira’s reach into retail mass markets, and enhance Kazmira’s strong management and technical teams.
- [First Analysis invests in Fortress Information Security, a risk management solution provider](https://www.firstanalysis.com/news/venture-capital/fortress-information-security-aug-2020/): First Analysis, a leading venture capital investor, has made a new investment in Fortress Information Security, an information security and cyber risk mitigation company that has redefined traditional risk management. Fortress combines automation, continuous monitoring, vulnerability scanning and other powerful technology with human assets to deliver risk management solutions for critical infrastructure clients such as electric utilities.

## Pages
- [About Us](https://www.firstanalysis.com/about-us/): ABOUT US
- [Responsible investment](https://www.firstanalysis.com/venture-capital/responsible-investment/): First Analysis was a pioneer in responsible investment, having established the first private equity fund dedicated to the environmental sector, the Environmental Venture Fund, in 1987. The environmental themes of that first fund (the same themes encompassed in contemporary clean-tech and sustainability funds) remain integral to our current consolidated-focus funds, which also incorporate complementary themes in health care and information technology. Our guidelines for responsible investment, outlined below, reflect our long history of responsible investing and our overriding dedication to ethical and honest conduct.
- [Site use and terms](https://www.firstanalysis.com/site-use-and-terms/): Please be aware that some of the securities and services described on our site may not be available or appropriate for everyone. These materials are not an offer to sell or solicitation of an offer to buy any security, nor shall any such security be offered or sold to any person in any jurisdiction in which such offer, solicitation, purchase or sale would be unlawful under the securities laws of such jurisdiction. In accordance with SEC regulations, non-U.S. investors may contact us for more information about the products and services available to them.
- [Career opportunities](https://www.firstanalysis.com/careers/): You will be a key member of our small but fast-moving, dynamic team serving and investing in growth-focused business-to-business technology companies. Our entrepreneurial structure will afford you the opportunity to be deeply involved in exciting, demanding projects at an early stage of your career. Our granular approach means you’ll have meaningful engagement with the entrepreneurs and enterprises who are our clients and partners, enabling you to develop advanced strategy skills. You will build financial models, develop valuation analyses, create pitchbooks and other presentations and perform due diligence relating to mergers, acquisitions, capital raises, and proprietary investments by the firm's venture capital funds.
- [First Analysis’s Business Continuity Plan](https://www.firstanalysis.com/business-continuity-plan/): First Analysis Securities Corporation and its affiliated investment advisers (together “we” or “First Analysis”) have developed a Business Continuity Plan on how we will respond to events that significantly disrupt our business. Since the timing and impact of disasters and disruptions is unpredictable, we will be flexible in responding to actual events as they occur. With that in mind, we are providing you with this information on our business continuity plan.
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- [Portfolio companies](https://www.firstanalysis.com/venture-capital/portfolio-companies/): Select First Analysis portfolio companies
- [Transaction Advisory](https://www.firstanalysis.com/transaction-advisory/): TRANSACTION ADVISORY SERVICES
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- [Research](https://www.firstanalysis.com/research/): RESEARCH
- [Venture Capital](https://www.firstanalysis.com/venture-capital/): VENTURE CAPITAL
- [Home](https://www.firstanalysis.com/): At First Analysis, our approach is founded on comprehensive research and deep sector insights. We harness this knowledge to empower entrepreneurs, enterprises and their investors, transforming industry expertise and robust relationships into tangible results.

## Portfolio Companies
- [TPN.health](https://www.firstanalysis.com/portfolio-companies/tpn-health/): TPN.health is creating the digital infrastructure for behavioral health. Built by clinicians for clinicians, the company established its provider network through free, accredited continuing education and professional tools that enable verified profiles and ongoing maintenance of licenses, credentials, and practice information within a single workflow. Building on this foundation, TPN supports member access through human-led care navigation and enables referral workflows that depend on current provider data and clinical fit. The result is a continuously refreshed network designed to improve provider matching, directory accuracy, and timeliness of access while strengthening measurement and visibility relevant to quality and value-based outcomes.
- [Cycle Labs](https://www.firstanalysis.com/portfolio-companies/cycle-labs/): Cycle Labs is a software company composed of innovators committed to modernizing enterprise solution deployment and reducing risk through world-class test automation. The company encourages its customers and team members to question assumptions and pursue continuous, iterative improvement. Cycle Labs is the creator of the end-to-end Cycle® Continuous Test Automation Platform, which enables organizations to accelerate change and deliver low-risk solutions to complex problems more efficiently than ever before.
- [Intelligent Locations](https://www.firstanalysis.com/portfolio-companies/intelligent-locations/): Intelligent Locations pioneered the development of INTRAX™, delivering an advanced AI-powered localization platform for healthcare enterprises. Its software provides healthcare professionals with intuitive tools to track, measure and analyze assets, staff safety, patient satisfaction, operational workflows, environmental conditions and more. Headquartered in Raleigh’s Research Triangle, with a Center of Excellence in Paris, the company continuously advances its predictive analytics and machine learning capabilities.
- [Gradient Cyber](https://www.firstanalysis.com/portfolio-companies/gradient-cyber/): Gradient Cyber is a fast-growing managed extended detection and response (MXDR) provider serving the U.S. mid-market – an underserved segment of over 300,000 organizations. The company’s proprietary XDR platform, data source flexibility, 24/7 security operations center, high-context situation reports (SitReps) and industry-leading cyber analyst to customer ratio combine to deliver excellent value for resource, expertise and budget-constrained organizations. With proven traction across 35+ market verticals, Gradient Cyber is well positioned to scale even as cybersecurity becomes increasingly complex and talent constrained.
- [Applied StemCell](https://www.firstanalysis.com/portfolio-companies/applied-stemcell/): Applied StemCell is a leading CRO/CDMO specializing in cell and gene therapy. Leveraging its proprietary TARGATT genome editing and iPSC platform, the company is dedicated to supporting clients in research, preclinical development, and clinical manufacturing for novel therapeutics. ASC is committed to offering a platform enabling significant cost reductions in cell drug development, delivering ready-to-use cell medicine, and, most importantly, saving human lives.
- [Sware](https://www.firstanalysis.com/portfolio-companies/sware/): Sware's mission is to rescue life sciences companies from the grip of validation debt; the unpaid cost of release, testing, GxP, and business requirements. The Res_Q software platform offers a complete validation solution. Res_Q eliminates validation debt and ensures peace of mind in an increasingly complex technology ecosystem.
- [Integrated Home Care Services](https://www.firstanalysis.com/portfolio-companies/ihcs/): Integrated Home Care Services is a leading national in-home benefit manager helping health plans, risk-bearing provider organizations and other plan sponsors unlock the full potential of care in the home. Integrated’s solutions are purpose-built to improve outcomes, enhance member experience, simplify administration and deliver sustained affordability while advancing payors’ value-based strategies for in-home care benefits. Integrated’s benefit management solutions include utilization management, network management, referral management, care coordination and claims processing and payment for all major care services in the home – home health, personal care, long-term services and supports, durable medical equipment and supplies, home infusion, private duty nursing, and other home-based services. Integrated supports in-home benefit management across the total member population including Medicare Advantage, Managed Medicaid, commercial, ACA, special needs plans, risk-bearing organizations, self-insured plans and others. Integrated combines over 30 years of value-based home care benefit management expertise and experienced home care specialists, and AI-enabled capabilities to support health plans and risk-based organizations wherever they are in their in-home benefit and care transformation journey – whether looking to supercharge their internal care and network management teams, partner for broader delegated benefit management support services, or pursue a hybrid approach. Integrated Home Care Services acquired First Analysis portfolio company Dina Health in 2026.
- [Kno2](https://www.firstanalysis.com/portfolio-companies/kno2/): Kno2 provides a communication platform that enables secure patient information exchange between healthcare providers, payers and patients. Traditional point-to-point healthcare data exchange systems omit many parties in care chains, increasing healthcare costs and hurting patient experience and outcomes, so healthcare stakeholders are under intense pressure to improve patient data exchange. Kno2's unique platform, delivered via a channel-partner go-to-market strategy, solves this problem with a network that connects all parties.
- [Stamus Networks](https://www.firstanalysis.com/portfolio-companies/stamus-networks/): Stamus Networks believes in a world where defenders are heroes, and a future where those they protect remain safe. As organizations face threats from well-funded adversaries, Stamus relentlessly pursues solutions that make the defender’s job easier and more impactful. As a leader in Suricata-based network security solutions, Stamus Networks helps enterprise security teams know more, respond sooner and mitigate their risk with insights gathered from cloud and on-premise network activity. The Stamus Security Platform combines the best of intrusion detection, network security monitoring, and network detection and response systems into a single solution that exposes serious and imminent threats to critical assets and empowers rapid response.
- [Yunu](https://www.firstanalysis.com/portfolio-companies/yunu/): Yunu provides medical research technology and services to life sciences companies and clinical research environments that perform precision imaging assessments. Yunu’s aim is to ensure breakthrough therapies are accessible to everyone by unifying medical imaging insights and connecting clinical communities. With thousands of clinical trials relying on the platform each day, Yunu is delivering a new standard of oncology trial management.
- [CoolR](https://www.firstanalysis.com/portfolio-companies/coolr/): CoolR provides advanced, end-to-end, IoT-based visual AI solutions for CPG brands and retailers. CoolR helps CPGs and retailers take control of demand and ensure the right products are in the right place at the right time. CoolR’s technology monitors refrigerated, frozen, and ambient shelves, collecting data on out-of-stock opportunities, product performance and execution audits. The information is integrated with visual AI decision-making into everyday commercial execution. CoolR specializes in remote, unbiased monitoring, enabling high-performance results for sales uplift and cost reduction programs for its partners. Flexibility is a key point of differentiation – CoolR’s solution is built so that it is configurable to its clients’ way of working. Whether using cameras or smartphones to generate images, CoolR aims to integrate with current process and then suggest actions and improvements.
- [Drive My Way](https://www.firstanalysis.com/portfolio-companies/drive-my-way/): Drive My Way’s personalized recruiting marketplace matches commercial driver’s license (CDL) and non-CDL truck drivers and owner operators with jobs based on their professional qualifications and personal lifestyle preferences. Drive My Way is making truck driver recruiting personal again by treating the driver as a consumer in the employment relationship and matching truck drivers with jobs that allow them to live the life they want, doing a job they love. Drive My Way partners with employers to start recruiting for retention, creating meaningful connections employers can turn into lasting relationships.
- [EdgeIQ](https://www.firstanalysis.com/portfolio-companies/edgeiq/): EdgeIQ is accelerating the growth of the connected product economy with its industry-leading DeviceOps platform. Its API-first offering helps organizations simplify and scale their DeviceOps implementations. With EdgeIQ, organizations no longer need to write and maintain their own software for managing devices, their data, cloud and application integration, task automation and workflow orchestration. EdgeIQ allows organizations to focus on the most strategic and differentiated elements of their product stack that drive business transformation and superior customer experiences.
- [Insellerate](https://www.firstanalysis.com/portfolio-companies/insellerate/): Insellerate, an innovative marketing and sales engagement platform for the mortgage industry, helps lenders close more loans through better borrower engagement. Insellerate delivers dynamic technology, strategy and content for every channel to ensure engagement throughout the borrower's journey. Insellerate integrates with the software powering lenders’ business today and into the future. Insellerate is a highly scalable, configurable and modern platform that accelerates sales and generates repeat business. SOC 2 and SSAE 18 certified, Insellerate is built to satisfy the most closely regulated businesses, including banks with mortgage subsidiaries.
- [Lender Price](https://www.firstanalysis.com/portfolio-companies/lender-price/): Lender Price is a California-based developer of mortgage technology, including an advanced product, pricing, and eligibility (PPE) engine, a digital lending point of sale (POS), and a non-agency automated underwriting engine. Lender Price provides all types of mortgage lending institutions – wholesale and correspondent lenders, banks, credit unions, and mortgage brokers – with advanced technology designed to eliminate friction, increase transparency and effectively engage with borrowers.
- [Visage](https://www.firstanalysis.com/portfolio-companies/visage/): Founded in 2016, Visage simplifies candidate sourcing and outreach so recruiters can focus on what really matters - their candidates. Visage creates a strong and diverse candidate pipeline so that employers can focus on interviewing and assessing talent rather than searching for it. Visage solves this through its crowdsourcing solution plus advanced AI, a combination that can find the best candidates for open roles in a matter of hours. Its community of over 4,000 global sourcers has access to millions of passive candidates.
- [SmartCommerce](https://www.firstanalysis.com/portfolio-companies/smartcommerce/): SmartCommerce is an AI-based data platform that centralizes and optimizes massive amounts of real-time consumer packaged goods (CPG) product data to create and support solutions that drive frictionless acceleration of e-commerce for CPG and fast-moving consumer goods manufacturers and their retailer partners.
- [PCMI](https://www.firstanalysis.com/portfolio-companies/pcmi/): PCMI offers a modular package of software solutions for administering finance and insurance products, service contracts and extended warranties. PCMI’s SaaS platform, PCRS (Policy Claim and Reporting Solutions), supports and automates the full life cycle 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.
- [Fortress Information Security](https://www.firstanalysis.com/portfolio-companies/fortress-information-security/): 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.
- [VIDA Diagnostics](https://www.firstanalysis.com/portfolio-companies/vida-diagnostics/): VIDA modernizes lung and respiratory care, empowering healthcare organizations and physicians to improve patient outcomes, streamline care coordination and drive efficiencies through a comprehensive approach, proven quality, and clinical leadership. Through quantitative data intelligence and impactful visualizations, VIDA helps physicians manage patients with or at risk of chronic obstructive pulmonary disease (COPD), interstitial lung disease (ILD), lung cancer, and now, COVID-19. VIDA’s software is FDA cleared, CE-marked, Health Canada licensed and TGA registered for clinical use in the US, European Economic Area, Canada, and Australia.
- [4G Clinical](https://www.firstanalysis.com/portfolio-companies/4g-clinical/): 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. First Analysis invested in 4G Clinical in 2019 and successfully exited its investment in 2021 as part of a more than $230 million growth equity investment by Goldman Sachs Asset Management.
- [SynergySuite](https://www.firstanalysis.com/portfolio-companies/synergysuite/): 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.
- [SmartWitness](https://www.firstanalysis.com/portfolio-companies/smartwitness/): 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. Sensata Technologies (ST) acquired SmartWitness in 2021.
- [Current Ways](https://www.firstanalysis.com/portfolio-companies/current-ways/): 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.
- [Tracer](https://www.firstanalysis.com/portfolio-companies/tracer/): Tracer, formerly known as AppDetex, accelerates brand success for the world’s leading brands, including four of the top five most valuable global businesses. In today’s landscape of highly sophisticated digital threats and hyper-competition, the stakes have never been higher for businesses to identify risks and opportunities across the evolving digital universe. The Tracer platform mitigates digital brand misuse to preserve authentic customer interactions and uncovers new categories of dynamic market insights to fuel better business decisions. Applying advanced human-in-the-loop artificial intelligence approaches to continuously analyze data across thousands of global Web2 and Web3 digital sources, the Tracer platform yields rapid infringement detection with market-leading accuracy and faster time to enforcement.
- [Perceptyx](https://www.firstanalysis.com/portfolio-companies/perceptyx/): Since its founding in 2003, Perceptyx has been redefining the employee insights industry, delivering enterprise-level employee listening and people analytics to more than 400 clients, including nearly a third of the Fortune 100. With an unrivaled technology platform and a tailor-made, flexible approach, the Perceptyx platform makes it easy for managers, HR executives and business leaders to discover insights deep within large and complex organizations, driving meaningful action to improve business outcomes. Driven by a deep intellectual curiosity and a culture of innovation, Perceptyx is challenging the status quo — to help people and organizations “see the way forward.” Perceptyx acquired First Analysis portfolio company Waggl in 2021.
- [Bindplane](https://www.firstanalysis.com/portfolio-companies/bindplane/): Bindplane (formerly observIQ) revolutionizes observability by providing clarity and control to organizations through the creation of the industry's first OTel-native telemetry pipeline. Designed for modern enterprises, Bindplane offers visibility across cloud, hybrid and on-premises environments. Bindplane ensures today's software development, IT and security teams have the tools they need to thrive in today's challenging market. Bindplane is driven by a commitment to customer success and innovation and is a top 10 contributor to the OpenTelemetry project. Bindplane was acquired by Dynatrace (DT) in 2026.
- [ViralGains](https://www.firstanalysis.com/portfolio-companies/viralgains/): 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.
- [TPS](https://www.firstanalysis.com/portfolio-companies/tps/): 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.
- [AmpliFund](https://www.firstanalysis.com/portfolio-companies/amplifund/): 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. AmpliFund was acquired by Euna Solutions in 2025.
- [Stova](https://www.firstanalysis.com/portfolio-companies/stova/): Stova is an event technology ecosystem that blends technology with best-in-class service to close gaps in event planning processes. Stova offers event organizers a complete full-service event management solution. The company was formed by combining three unique brands, MeetingPlay, Aventri (formerly etouches) and eventcore. As a unified solution, Stova’s end-to-end event management platform and technology-enabled services support each step of the event life cycle, from event creation, marketing and delivery to analytics and reporting.
- [Apixio](https://www.firstanalysis.com/portfolio-companies/apixio/): 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.
- [Netchex](https://www.firstanalysis.com/portfolio-companies/netchex/): 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. Netchex was acquired by GrowthCurve Capital in 2023.
- [NimbeLink](https://www.firstanalysis.com/portfolio-companies/nimbelink/): 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.
- [Checkpoint Surgical](https://www.firstanalysis.com/portfolio-companies/checkpoint-surgical/): Checkpoint Surgical is a privately held medical device company based in Cleveland. The company works alongside surgeons to advance the science and practice of nerve care through education and innovative product development. Checkpoint Surgical’s state of the art nerve stimulation devices inform intraoperative decision making to help surgeons safely and effectively protect, assess and repair peripheral nerves during surgeries. The Checkpoint and Checkpoint Head & Neck devices are single-use, handheld and operated entirely under the surgeon’s direct control. They are used in a wide variety of surgical procedures, including hand, plastic reconstruction, orthopedic, oncologic, trauma, extremity and head and neck surgeries.
- [BuyerQuest](https://www.firstanalysis.com/portfolio-companies/buyerquest/): 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. BuyerQuest was acquired by ODP Corp. (Nasdaq:ODP) in 2021.
- [Medicinal Genomics](https://www.firstanalysis.com/portfolio-companies/medicinal-genomics/): 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.
- [Arthrex](https://www.firstanalysis.com/portfolio-companies/arthrex/): 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.
- [Yello](https://www.firstanalysis.com/portfolio-companies/yello/): 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.
- [VisiQuate](https://www.firstanalysis.com/portfolio-companies/visiquate/): 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. VisiQuate was acquired by Accel-KKR in 2024.
- [Scale Computing](https://www.firstanalysis.com/portfolio-companies/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.
- [Fleetworthy Solutions](https://www.firstanalysis.com/portfolio-companies/fleetworthy-solutions/): Formerly ITS Compliance, Fleetworthy Solutions provides transportation safety and regulatory compliance services to commercial fleets that take them beyond being compliant. Fleetworthy combines exceptional client service, advanced technologies and more than 40 years of transportation industry expertise to make sure drivers and assets are truly “fleetworthy.” The company helps private fleets, for-hire carriers and third-party logistics companies of all sizes surpass compliance with federal, state and local regulations and streamline processes to reduce costs and mitigate risks. Fleetworthy was acquired by Bestpass in 2023.
- [Mediant](https://www.firstanalysis.com/portfolio-companies/mediant/): 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. Mediant was acquired by BetaNXT in 2023.
- [Freeosk](https://www.firstanalysis.com/portfolio-companies/freeosk/): 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.
- [Chrome River](https://www.firstanalysis.com/portfolio-companies/chrome-river/): 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.
- [DataSphere Technologies](https://www.firstanalysis.com/portfolio-companies/datasphere-technologies/): 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.
- [CSA Medical](https://www.firstanalysis.com/portfolio-companies/csa-medical/): CSA Medical develops and manufactures proprietary interventional liquid nitrogen spray cryotherapy systems that utilize software-driven dosimetry and specialty catheters that enable delivery of cryogen spray inside the airways to flash freeze and destroy damaged cells allowing for a rejuvenative pattern of healing. The RejuvenAir System is approved in the EU and under clinical investigation in the United States.
- [AdvancePath Academics](https://www.firstanalysis.com/portfolio-companies/advancepath-academics/): 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.
- [SeQual Technologies](https://www.firstanalysis.com/portfolio-companies/sequal-technologies/): 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.
- [Achilles Group](https://www.firstanalysis.com/portfolio-companies/achilles-group/): 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.

## Research reports
- [SaaS valuations recover somewhat as AI perspective shifts](https://www.firstanalysis.com/research/vertical-saas-jul-2026/): SaaS stocks rebounded in the June quarter, with our universe gaining 18.9% compared with 14.9% for the S&P 500. Our quarterly report examines rising valuations, AI’s impact on investor expectations, weakening growth-multiple correlations, and SaaS M&A and private placement activity. Following Udemy’s merger with Coursera and OneStream’s acquisition by Hg Capital, we removed both companies, leaving 97 companies in our SaaS universe.
- [The state of AI adoption in supply chains](https://www.firstanalysis.com/research/supply-chain-jul-2026/): AI in supply chains is moving from broad promise to practical adoption across monitoring, data synthesis, AI agents, visibility and digital twins. First Analysis highlights companies using AI to improve planning, execution, resilience and decision-making in complex supply chain operations.
- [RSA 2026 and recent conversations: Key takeaways around AI’s impact](https://www.firstanalysis.com/research/cybersecurity-jun-2026/): RSA 2026 cybersecurity report from First Analysis examines four debates about AI’s impact on cybersecurity, including AI security risks, AI-enabled attackers, AI agents and the future role of cybersecurity vendors. The report argues AI is creating new exposures, but also expanding opportunity across the sector.
- [Wider opportunity for IoT companies seeking growth capital](https://www.firstanalysis.com/research/internet-of-things-jun-2026/): Internet of Things report from First Analysis reviews how IoT growth capital dynamics have changed since 2013 across IoT SaaS, hardware, fleet telematics and smart home business models. The report analyzes 19 representative public IoT companies and finds historical category and business model biases have become less predictive.
- [How healthcare is finally learning to use the data it has](https://www.firstanalysis.com/research/healthcare-technology-may-2026/): Despite broad EHR adoption, health information exchange infrastructure built under FHIR mandates and TEFCA has not resolved the clinical data delivery gap, particularly across post-acute, behavioral health, and community-based care settings. The report examines four eras of clinical data infrastructure and profiles more than 20 companies across the exchange, normalization, delivery, and integration layers, including health information exchange platforms, EHR integration, identity resolution, clinical terminology standardization, and ambient clinical documentation technology.
- [Bear market for SaaS companies justified?](https://www.firstanalysis.com/research/vertical-saas-apr-2026/): SaaS company valuations declined sharply in the March 2026 quarter even as recent growth and near-term growth guidance continued to reflect little negative impact from the AI transition. The report examines SaaS stock performance, revenue growth, valuation-to-growth correlations, AI-related uncertainty around platforms and margins, and sector market activity including M&A and private placements.
- [What PBM federal reform means for the Rx value chain](https://www.firstanalysis.com/research/healthcare-technology-apr-2026/): The business model that enabled three vertically integrated PBMs to control about 80% of all retail prescriptions in the United States is being fundamentally rewritten, with a new landscape emerging defined by transparency, decisions driven by data and the unbundling of pharmacy benefit services into specialized, technology-enabled components. The report maps the post-reform prescription drug value chain across five functional categories — source, adjudicate, verify, optimize and dispense — and discusses transparency infrastructure, analytics, navigation tools and modern pharmacy benefit platforms.
- [Compelling opportunity for tech that makes supply chains more flexible, resilient](https://www.firstanalysis.com/research/supply-chain-mar-2026/): Supply chain technologies that support flexibility, resilience and diversification are becoming more important as companies respond to disruption, tariff volatility, geopolitical risk and the limits of rigid legacy systems. The report discusses technologies enabling flexibility and diversification in geographic sourcing, transportation, supply chain operations and supply sourcing, and profiles Axya, Coldcart, ColdTrack, GoodShip, SmartDocs and Zapro.
- [Stabilizing growth, historic concentration, and a valuation reset in a more selective market](https://www.firstanalysis.com/research/cybersecurity-mar-2026/): An annual analysis of publicly traded enterprise-focused cybersecurity company performance in 2025 — covering revenue growth and guidance, stock performance, software-sector valuation compression, and historically high market-cap concentration, with a review of sector index performance, M&A, and private placement activity over the past quarter.
- [Supply chain](https://www.firstanalysis.com/research/supply-chain/): The way we work is changing rapidly. We’re interested in technologies that redefine where, how and when work is done, including workforce management and optimization as well as talent acquisition, development, and management platforms.
- [Network security industry trends](https://www.firstanalysis.com/research/network-security-industry-trends-apr-1997/): From the archive: Network security
- [Industry forums highlight 5 key themes in pharma IT](https://www.firstanalysis.com/research/pharma-it-feb-2026/): Quarterly insights: Pharma IT
- [Key takeaways from the First Analysis Healthcare IT Panel](https://www.firstanalysis.com/research/healthcare-technology-feb-2026/): With demand rising and capacity tightening, healthcare is being pushed to do more with less – making data liquidity, true interoperability and responsible AI adoption essential levers for sustaining margins and improving outcomes. Key takeaways from the First Analysis Healthcare IT Panel – featuring Therasa Bell (Kno2), Jason Keeler (former COO, University of Chicago Medicine) and Scott Ptacek (Oliver Wyman) – show how aging-driven demand, a worsening workforce shortage, and a payer-mix shift toward government programs are accelerating this shift. The report synthesizes their perspectives, presents a framework of healthcare technology companies enabling the transformation, and highlights representative players across foundational data exchange, automation, workforce amplification, care model reconfiguration, and operational decision support.
- [Little change in SaaS valuations as per-seat model remains in question](https://www.firstanalysis.com/research/vertical-saas-jan-2026/): SaaS valuations were flat with last quarter, with the average SaaS company enterprise value multiple at 6.4x, and 5.5x estimated 2026 revenue (down from 5.6x), as the 99-company SaaS universe declined 4.3% on average, underperforming the S&P 500’s 2.4% gain. Given the group’s relatively low valuations, we expect 5%–10% of the SaaS universe to be acquired in 2026, with AI potentially catalyzing M&A activity (as AI firms seek to monetize their AI capabilities in SaaS applications) and challenging legacy SaaS per-seat revenue models.
- [Securing the enterprise browser](https://www.firstanalysis.com/research/cybersecurity-jan-2026/): As this shift unfolds, it is worth looking at the market itself. How mature is it? How large will it become? Who is adopting this technology? Although multiple vendors now have credible deployments, the enterprise browser category is still early in formal market maturity. We view it as an early but rapidly accelerating segment with three prominent characteristics:
- [Parcel Forum takeaways: Tech provides better odds in complex shipping game](https://www.firstanalysis.com/research/supply-chain-dec-2025/): At this fall’s Parcel Forum conference, speakers highlighted the growing need for technology that supports omnichannel e-commerce parcel shipping as shipping becomes increasingly complex.
- [How regulation and risk are driving pharma QMS modernization](https://www.firstanalysis.com/research/pharma-it-nov-2025/): Regulatory convergence, scientific complexity, and digital transformation are reshaping pharmaceutical quality management. Once focused primarily on compliance, today’s quality systems are becoming strategic drivers of resilience, efficiency, and growth. Pharma companies are investing in cloud-based, AI-enabled electronic quality management systems (eQMS) to meet these evolving demands. Our analysis examines how next-generation eQMS solutions are advancing quality, safety, and operational performance — and highlights both established leaders and emerging, digital-first innovators redefining the field.
- [SaaS growth outlook and valuations remain subdued](https://www.firstanalysis.com/research/vertical-saas-oct-2025/): The average SaaS company enterprise value multiple of 2025 estimated revenue was 6.4 at the end of the September quarter, down from 6.5 last quarter. For 2026 estimated revenue, the average multiple was 5.6, flat with last quarter. Analysts now expect average revenue growth of 14.0% in 2025, up from 13.1% last quarter, as companies continue to guide conservatively and earnings generally beat expectations. However, the 2026 average revenue growth outlook dropped to 12.0% from 12.5% last quarter.
- [Compelling opportunity providing healthcare benefits to small businesses](https://www.firstanalysis.com/research/future-of-work-sept-2025/): The U.S. small and medium-size business (SMB) market remains underserved by traditional healthcare solutions, creating a critical need for innovative, cost-effective, and flexible employee benefits. SMBs face complex challenges, including rising health insurance costs, regulatory compliance, and a confusing array of plan options. These obstacles often lead businesses to reduce benefits or forgo them altogether, impacting talent acquisition and retention. This analysis examines the current SMB healthcare benefits landscape, explores trends shaping demand for accessible and affordable plans, and highlights how technology-enabled platforms are enabling smarter, more efficient solutions.
- [SaaS valuations jump despite little change in growth outlook](https://www.firstanalysis.com/research/vertical-saas-jul-2025/): The average SaaS company enterprise value multiple of 2025 estimated revenue was 6.5 at the end of the June quarter, up from 5.4 last quarter. For 2026 estimated revenue, the average multiple was 5.6, up from 4.7 last quarter. Analysts now expect average revenue growth of 13.1% in 2025, up from 12.4% last quarter, and 12.5% in 2026, down from 12.9% last quarter.
- [RSA 2025 and recent conversations: Key insights and takeaways](https://www.firstanalysis.com/research/cybersecurity-jul-2025/): We present our key takeaways from RSA 2025 and other recent conversations with operators, chief information security officers, acquirers and investors across the cybersecurity ecosystem.
- [Time for online sellers to embrace return prevention tech](https://www.firstanalysis.com/research/e-commerce-optimization-jul-2025/): Online return rates are significantly higher than traditional retail return rates, with 30% of online orders being returned compared to just 9% for physical stores.
- [Food as Medicine: The convergence of nutrition and clinical care in U.S. healthcare](https://www.firstanalysis.com/research/healthcare-technology-may-2025/): Food as Medicine has established a foothold in the U.S. healthcare system. The Food as Medicine concept holds that interventions that align patients’ diets with their clinical needs—such as medically tailored meals, customized groceries, and produce subsidies—have the potential to improve health outcomes while reducing total cost of care.
- [Growth expected to slow further; group underperforms market](https://www.firstanalysis.com/research/software-as-a-service-apr-2025/): The market and business disarray caused by the tariff war has made it difficult to assess prospects for many sectors, including SaaS companies. Our analysis of SaaS market conditions through March 31 may provide some helpful insight, since it provides a snapshot of conditions just prior to the tariffs.
- [Sector maturation, narrower paths to success in still fast-growing market](https://www.firstanalysis.com/research/cybersecurity-apr-2025/): We present our annual analysis of publicly traded, enterprise-focused cybersecurity firm performance. We highlight that 2024 aggregate revenue grew 16.7%, substantially slower than 2023’s 21.9% growth and 2022’s 30.8% growth. Average 2024 revenue growth was 16.6%, better than initial guidance for 15.1% growth on average; initial 2025 growth guidance is 13.4% on average.
- [What the second Trump term could mean for pharma IT](https://www.firstanalysis.com/research/pharma-it-mar-2025/): We explore the potential impact of Trump’s second term on three aspects of the pharma sector and what the changes might mean for pharma IT.
- [Five themes from CES 2025 and recent conversations](https://www.firstanalysis.com/research/internet-of-things-mar-2025/): Based on our meetings and observations on the CES show floor and follow-up conversations with attending companies in the weeks since then, we identified five key themes for B2B IoT.
- [SaaS growth outlook higher, but valuations little changed](https://www.firstanalysis.com/research/software-as-a-service-feb-2025/): Our SaaS universe’s average enterprise value multiple of 2024 estimated revenue was 7.0 at the end of the December quarter, up from 6.8 last quarter. For 2025 estimated revenue, the average multiple was 6.0, flat from last quarter.
- [Fraud fighters: Tech innovators address increasingly sophisticated, growing threats](https://www.firstanalysis.com/research/enterprise-productivity-jan-2025/): At several conferences during the fourth quarter, we were astounded by the prominence of fraud as a major challenge for participants and by the proliferation of innovative technologies to combat this growing epidemic.
- [Challenges and promise of AI in cybersecurity](https://www.firstanalysis.com/research/cybersecurity-jan-2025/): We reflect on both the frustrations and successes we’ve heard about AI in cybersecurity.
- [Shoptalk Fall: Four themes from the 2024 show](https://www.firstanalysis.com/research/e-commerce-optimization-dec-2024/): Despite being smaller than the other two Shoptalks, Shoptalk Fall featured many high-quality e-commerce technology companies and knowledgeable industry participants. We identified four key themes for e-commerce tech and highlight some of the companies benefitting from them.
- [MVNO proliferation puts spotlight on competitive differentiation, ancillary capabilities](https://www.firstanalysis.com/research/internet-of-things-oct-2024/): The number of mobile virtual network operators (MVNOs) serving the IoT market appears to have increased dramatically over the past few years.
- [Valuations rise again with modest SaaS stock appreciation](https://www.firstanalysis.com/research/software-as-a-service-oct-2024/): Our SaaS universe's average enterprise value multiple of 2024 estimated revenue was 6.8 at the end of the September quarter, up from 6.4 last quarter. For 2025 estimated revenue, the average multiple was 6.0, up from 5.6 last quarter.
- [Vertical SaaS](https://www.firstanalysis.com/research/vertical-saas/): Software as a Service (SaaS) tailored to specific industries offers unique value propositions by addressing niche market needs. We focus on vertical SaaS solutions that solve industry-specific challenges, driving efficiency and innovation.
- [Pharma IT](https://www.firstanalysis.com/research/pharma-it/): Technology plays an increasingly significant role in the pharmaceutical industry, from drug discovery to patient engagement. We are interested in IT solutions that accelerate pharmaceutical research, improve clinical trials and enhance drug delivery and patient care.
- [Learning tech](https://www.firstanalysis.com/research/learning-tech/): Learning tech is reshaping how organizations, employees and educational institutions build skills through AI-powered learning platforms, skills intelligence tools, coaching technology and immersive experiences. First Analysis focuses on learning technology companies that make skill development more personalized, measurable and embedded in the flow of work.
- [Internet of Things (IoT)](https://www.firstanalysis.com/research/internet-of-things/): The IoT sector is rapidly expanding, connecting devices and systems in ways that unlock new efficiencies and capabilities. We focus on companies that are leading the charge in creating interconnected, smart environments.
- [Infrastructure tech](https://www.firstanalysis.com/research/infrastructure-tech/): Robust digital infrastructure is the backbone of the modern economy. We’re interested in technologies that strengthen connectivity, data storage capabilities and security to ensure businesses can operate efficiently and scale effectively.
- [Healthcare IT](https://www.firstanalysis.com/research/healthcare-it/): The healthcare sector's digital transformation presents immense opportunities for innovation. We focus on IT solutions that improve patient care, streamline healthcare operations and enable better health outcomes through data analytics, telehealth and personalized medicine.
- [Go-to-market tech](https://www.firstanalysis.com/research/go-to-market-tech/): We recognize the transformative impact of innovative go-to-market (GTM) technologies on businesses' ability to scale and adapt. We focus on companies leading the way in increasing customer lifetime value, accelerating revenue growth and enhancing customer engagement.
- [Enterprise productivity](https://www.firstanalysis.com/research/enterprise-productivity/): Tools and platforms that enhance enterprise productivity are pivotal in a digital-first world. We seek out innovative companies that automate processes, facilitate collaboration and empower businesses to operate more efficiently and effectively, particularly in the lending tech, real estate tech, wealth tech and insurance tech sectors.
- [E-commerce optimization](https://www.firstanalysis.com/research/e-commerce-optimization/): The e-commerce sector continues to experience tremendous growth. Our focus is on technologies that enhance online shopping experiences, improve operational efficiency and drive sales growth with advanced analytics, artificial intelligence and personalized customer experiences.
- [Cybersecurity](https://www.firstanalysis.com/research/cybersecurity/): Digital threats are constantly evolving, so our cybersecurity focus has been relevant for more than three decades. Since cybersecurity is a critical priority for businesses worldwide, our research highlights cutting-edge solutions that tackle new types of threats in the evolving IT landscape as well as innovative companies disrupting established cybersecurity sectors.
- [Future of work](https://www.firstanalysis.com/research/future-of-work/): The way we work is changing rapidly. We’re interested in technologies that redefine where, how and when work is done, including workforce management and optimization as well as talent acquisition, development, and management platforms.
- [Valuations reverse lower, 2025 growth expectations also down](https://www.firstanalysis.com/research/software-as-a-service-jul-2024/): Our SaaS universe’s average enterprise value multiple of 2024 estimated revenue was 6.4 at the end of the June quarter, down from 7.1 last quarter. For 2025 estimated revenue, the average multiple was 5.6, down from 6.1 last quarter. Revenue growth in 2024 is now expected to be 13.4% on average, up from 13.0% last quarter. In 2025, revenue is expected to grow by 14.2% on average, down from 15.0% last quarter. Correlations between enterprise value multiples of revenue and revenue growth rates have returned to more normal levels above 0.6 in the past two quarters. The six largest-capitalization SaaS companies outperformed our general universe. While the outperformance of these larger SaaS names may continue for a while based their relatively high current growth rates, longer-term we expect the growth advantage to return to smaller capitalization stocks that can maintain higher growth rates. We also provide an overview of sector M&A activity and private placements during the quarter.
- [Validation tech provides critical protection and a compelling opportunity](https://www.firstanalysis.com/research/pharma-it-jul-2024/): The proliferation of new technologies and capabilities in healthcare introduces new risks. How can companies keep error from creeping into big data sets and AI output? How can companies deploy new technologies and capabilities so they interact effectively with legacy systems? Validation processes are an unglamorous but critical key to addressing these challenges. The FDA mandates critical systems, including software, used in manufacturing, storing and testing products be validated and kept in a validated state throughout their life cycles. Recently, the FDA has been encouraging life science companies to adopt computer system validation (CSV) software that enables a risk-based approach to validating computer systems. As a result, the market for CSV software is seeing robust growth. We highlight CSV vendors we see making inroads in the market with software solutions that better meet life science companies' CSV needs. We also provide an overview of pharma IT publicly traded stock performance and valuation, sector M&A activity, and private placements during the quarter.
- [RSA 2024 and recent conversations: Key insights and takeaways](https://www.firstanalysis.com/research/cybersecurity-jul-2024/): We present our key takeaways from the 2024 RSA cybersecurity conference and recent industry conversations.
- [Will this tenant pay? Tech helps find a better answer](https://www.firstanalysis.com/research/enterprise-productivity-jun-2024/): Consumer financial stress resulting from the long-term shortage of housing in the United States and consequent housing inflation appears to be driving an increase in multifamily housing tenant fraud, which was already widespread. Traditionally, many property managers have used credit scores to evaluate prospective tenants, but credit scores' backward-looking nature means they don't capture current financial stress, and credit scores don't verify income. These challenges have accelerated the growth of an industry of alternative credit qualification platforms. These platforms leverage the internet's ubiquitous connectivity with software that taps consumer data sources that previously were impossible to access inexpensively and at scale, such as employment income, rent payment history, and personal expenditures. We profile 12 companies using alternative data to help landlords and property managers get a better answer to the critical question: Will this tenant pay? We also provide an overview of enterprise productivity publicly traded stock performance and valuation, sector M&A activity, and private placements during the past two quarters.
- [Rise of harmful internet bots underscores need for effective technology solutions](https://www.firstanalysis.com/research/e-commerce-optimization-may-2024/): The pandemic’s acceleration of e-commerce growth has made it more attractive than ever for a shadow industry of ethically compromised entrepreneurs to siphon sales from legitimate e-commerce sites using automated software called scalper bots. Harmful bots altogether, including outrightly criminal bots, represented 32% of all internet traffic as recently as 2023, up from 24% a decade ago. The damage wrought by scalper and other bots that divert sales from legitimate sites ranges from higher costs and frustration for consumers to lost sales and reputational damage for legitimate sellers. While many have advocated for legislation and regulation to stop bots, little has come from these efforts. We think companies offering technology solutions to counter bots offer a much more effective and immediate path to minimize the bot threat. We profile several innovative companies addressing the bot threat in four categories: CAPTCHA, multi-factor authentication, and behavioral analysis technology solutions that help sellers defend against bots and offensive bots that empower consumers. We also provide an overview of e-commerce optimization publicly traded stock performance and valuation, sector M&A activity, and private placements during the quarter.
- [SaaS companies expect growth to slow further in 2024](https://www.firstanalysis.com/research/software-as-a-service-apr-2024/): The average growth rate indicated by guidance for 2024 was 13.8%, down from 15.9% for 2023. Actual revenue growth in 2023 was 16.9%, well below 2022’s 28.9% growth, and the 1.0 point difference between the 2023 guided and actual growth rates was unusually low. Our SaaS universe stocks declined 0.9% on average in the March quarter, underperforming the 10.2% gain for the S&P 500. Stock price performance dispersion was relatively high in the quarter, ranging from the Internet of Things (IoT) group’s 15.4% average gain to the Future of Work group’s 12% average decline. The average enterprise value multiple of estimated 2024 revenue was 7.1 at the end of March, up slightly from 6.7 at the end of December. Correlations between enterprise value multiples of estimated forward revenue and estimated forward revenue growth rates reverted to more normal levels. We believe the higher correlations reflect the fact that more small- and mid-capitalization SaaS companies participated in the market’s strength during the quarter such that enterprise value multiples of revenue better aligned with revenue growth prospects. We also provide an overview of sector M&A activity and private placements during the quarter.

## Transactions
- [Mednet](https://www.firstanalysis.com/transaction/mednet-2025/): First Analysis acted as the exclusive financial advisor to Mednet, a leading provider of eClinical data management software, in its sale to CRScube. The transaction brings together two established eClinical technology providers whose complementary capabilities support the growing demand for flexible, integrated clinical research solutions across North America and Asia.
- [Intelligent Locations](https://www.firstanalysis.com/transaction/intelligent-locations-2025/): First Analysis acted as the exclusive financial advisor to Intelligent Locations, a leading provider of AI-powered real-time location software for healthcare enterprises, in its growth investment from Marlin Equity Partners, a global investment firm specializing in the software, technology and services sectors.
- [Upfront Healthcare](https://www.firstanalysis.com/transaction/upfront-healthcare/): 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.
- [TBX](https://www.firstanalysis.com/transaction/tbx/): 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.
- [Pharmacy Quality Solutions](https://www.firstanalysis.com/transaction/pharmacy-quality-solutions-2024/): $0,000,000
- [BHS](https://www.firstanalysis.com/transaction/bhs-2024/): $0,000,000
- [ClearCompany](https://www.firstanalysis.com/transaction/clearcompany-2023/): $0,000,000
- [Masttro](https://www.firstanalysis.com/transaction/masttro-2023/): $43,000,000
- [COPILOT](https://www.firstanalysis.com/transaction/copilot-2023/): $0,000,000
- [Jellyvision](https://www.firstanalysis.com/transaction/jellyvision-2023/): 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.
- [SyTrue](https://www.firstanalysis.com/transaction/sytrue-2022/): $0,000,000
- [SmartWitness](https://www.firstanalysis.com/transaction/smartwitness-2021/): First Analysis acted as the exclusive financial advisor to SmartWitness, a leading global provider of video telematics solutions, in its sale to Sensata Technologies (ST).
- [Miva](https://www.firstanalysis.com/transaction/miva-2021/): $0,000,000
- [Selerix Systems](https://www.firstanalysis.com/transaction/selerix-systems-2021/): $0,000,000
- [Healthify](https://www.firstanalysis.com/transaction/healthify-2021/): $0,000,000
- [Kno2](https://www.firstanalysis.com/transaction/kno2-2021/): $15,000,000
- [SymphonyRM](https://www.firstanalysis.com/transaction/symphonyrm-2021/): $25,000,000
- [SwipeSense](https://www.firstanalysis.com/transaction/swipesense-2021/): $0,000,000
- [PCMI Corporation](https://www.firstanalysis.com/transaction/pcmi-corp-2021/): $0,000,000
- [Enli Health Intelligence](https://www.firstanalysis.com/transaction/enli-health-intelligence-2021/): $0,000,000
- [Trialscope](https://www.firstanalysis.com/transaction/trialscope-2020/): First Analysis worked with many strategic and financial parties during the COVID-19 pandemic to drive a rapid outcome that met TrialScope’s financial and strategic goals.
- [Kazmira](https://www.firstanalysis.com/transaction/kazmira-2020/): $50,000,000
- [sticky.io](https://www.firstanalysis.com/transaction/sticky-io-2019/): $0,000,000
- [Built In](https://www.firstanalysis.com/transaction/built-in-2019/): $22,000,000
- [PrescribeWellness](https://www.firstanalysis.com/transaction/prescribewellness-2019/): First Analysis acted as the exclusive financial advisor in the sale of PrescribeWellness, a leading cloud-based patient relationship management solutions company. First Analysis provided advisory expertise to PrescribeWellness throughout the transaction, including preparation, positioning, investor coordination and contact, due diligence and negotiation.
- [Pluralsight](https://www.firstanalysis.com/transaction/pluralsight-2019/): $397,000,000
- [Benefitfocus](https://www.firstanalysis.com/transaction/benefitfocus-2019/): $275,000,000
- [Casella Waste Systems](https://www.firstanalysis.com/transaction/casella-waste-systems-2019/): $105,000,000
- [Mirixa Corp.](https://www.firstanalysis.com/transaction/mirixa-corp-2019/): $0,000,000
- [ClearCompany](https://www.firstanalysis.com/transaction/clearcompany-2018/): $60,000,000
- [NeoGenomics](https://www.firstanalysis.com/transaction/neogenomics-2018/): $143,692,500
- [CalAmp Corp.](https://www.firstanalysis.com/transaction/calamp-corp-2018/): $200,000,000
- [Charah Solutions](https://www.firstanalysis.com/transaction/charah-solutions-2018/): $88,200,000
- [FairWarning](https://www.firstanalysis.com/transaction/fairwarning-2018/): $60,000,000
- [Pluralsight](https://www.firstanalysis.com/transaction/pluralsight-2018/): $310,500,000
- [Club Automation](https://www.firstanalysis.com/transaction/club-automation-2018/): $0,000,000
- [Coupa Software](https://www.firstanalysis.com/transaction/coupa-software-2018/): $200,000,000
- [Tabula Rasa HealthCare](https://www.firstanalysis.com/transaction/tabula-rasa-healthcare-2017/): $82,500,000
- [2U Inc.](https://www.firstanalysis.com/transaction/2u-inc-2017/): 2U, based in Landover, Md., partners with top tier colleges and universities to create online programs. Its cloud-based software-as-a-service platform allows partners to educate and engage students globally.
- [MVTRAC](https://www.firstanalysis.com/transaction/mvtrac-2017/): $0,000,000
- [Advanced Disposal](https://www.firstanalysis.com/transaction/advanced-disposal/): $383,200,000
- [ORBCOMM Inc.](https://www.firstanalysis.com/transaction/orbcomm-inc/): $250,000,000
- [Avison Young](https://www.firstanalysis.com/transaction/avison-young/): $130,000,000
- [WorkWave](https://www.firstanalysis.com/transaction/mvtrac/): $0,000,000
- [Advanced Disposal](https://www.firstanalysis.com/transaction/advanced-disposal-2016/): Advanced Disposal, now part of Waste Management (WM), is the fourth largest non-hazardous solid waste management company in the United States, as measured by revenue. The company provides non-hazardous solid waste collection, transfer, recycling and disposal services for residential, commercial and industrial customers across the Southeast, Midwest and Eastern regions of the United States, as well as in the Commonwealth of the Bahamas.
- [Certona](https://www.firstanalysis.com/transaction/certona-2016/): $0,000,000
- [NantHealth](https://www.firstanalysis.com/transaction/nanthealth-2016/): $91,000,000
- [Apixio](https://www.firstanalysis.com/transaction/apixio-2016/): $19,250,000
- [Cartasite](https://www.firstanalysis.com/transaction/cartasite-2016/): $0,000,000
- [CSI Software](https://www.firstanalysis.com/transaction/csi-software-2015/): $0,000,000