Transaction Advisory Services

TRANSACTION ADVISORY SERVICES

Superior execution and growth

Transaction Advisory Services

Founded in 1981, First Analysis has built a lasting legacy of supporting both emerging and established B2B tech companies. We partner with entrepreneurs and their organizations to maximize value in transactions, drawing on our deep sector knowledge and relationships and our outstanding execution capabilities.

First Analysis emphasizes direct senior-level engagement in offering a broad array of transaction advisory services that can support growth-stage businesses across the life cycles of their journeys.

Growth capital

Growth capital raises: $20MM-$100MM for rapidly growing companies with clear use of proceeds to accelerate business.

Minority recapitalizations: Combination of growth capital and liquidity for our partners that need growth capital but aren’t willing to cede majority control to a third-party partner.

M&A

Strategic exit: Build thoughtful, creative engagements with potential strategic buyers or partners to position our clients to be bought, not sold.

Majority recapitalizations: Develop relationships with institutional financial firms to target the best partners for our clients when they want a second bite at the apple.

Select First Analysis transactions

Healthcare IT
Upfront

Exclusive financial advisor

Upfront Healthcare

Has been acquired by Health Catalyst

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Healthcare IT

Exclusive financial advisor

Upfront Healthcare has been acquired by Health Catalyst

$0,000,000

First Analysis acted as the exclusive financial advisor to Upfront Healthcare Services (Upfront), a next-generation patient engagement platform provider, in its sale to Health Catalyst (Nasdaq: HCAT), a provider of data and analytics technology and services to healthcare organizations.

About Upfront Healthcare

Upfront is a mission-driven healthcare company delivering tangible outcomes to leading healthcare systems and provider groups. Its patient engagement and access platform makes each patient feel seen, guiding their care experience through personalized outreach. The backbone of the Upfront experience is its data engine, which analyzes clinical, sociodemographic, and patient-reported data. These insights, along with its advanced psychographic segmentation model, allow Upfront to individually activate patients to get the care they need while building a meaningful relationship between the patient and their health system. Upfront is rooted in partnership, leveraging best-in-class healthcare expertise to maximize the impact of technology and deliver a next-generation patient experience.

upfronthealthcare.com

About Health Catalyst

Health Catalyst (HCAT) is a leading provider of data and analytics technology and services that ignite smarter healthcare, lighting the path to measurable clinical, financial, and operational improvement. More than 1,000 organizations worldwide rely on Health Catalyst’s offerings, including our cloud-based technology ecosystem Health Catalyst Ignite™, AI-enabled data and analytics solutions, and expert services to drive meaningful outcomes across hundreds of millions of patient records. Powered by high-value data, standardized measures and registries, and deep healthcare domain expertise, Ignite helps organizations transform complex information into actionable insights. Backed by a multi-decade mission and a proven track record of delivering billions of dollars in measurable results, Health Catalyst continues to serve as the catalyst for massive, measurable, data-informed healthcare improvement and innovation.

www.healthcatalyst.com

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Future of work
The Benefits Expert

Exclusive financial advisor

TBX

Has been acquired by Selerix

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Future of work

Exclusive financial advisor

TBX has been acquired by Selerix

$0,000,000

First Analysis acted as the exclusive financial advisor to The Benefits eXpert® (TBX), an employee benefits technology company that offers an engagement, education and administrative platform, in its sale to Selerix, a provider of cloud-based benefits administration and communications solutions.

About TBX

Headquartered in Plano, Texas, TBX is transforming the workplace benefits enrollment and administrative landscape through innovative self-service technology. Its mobile-responsive platform streamlines engagement, education and enrollment, empowering employees to make informed benefits decisions. TBX combines behavioral science-based educational videos, a data-driven decision support tool, and bilingual English–Spanish capabilities to deliver clarity and accessibility. Employers gain a no-cost enrollment solution implemented in 45 days or less, with proactive data audits, seamless electronic data exchange, call center support, and exceptional customer service – offering significant administrative and financial relief. TBX is a trusted partner for organizations seeking efficient and impactful benefits management.

tbxbenefits.com

About Selerix

Selerix is an industry-leading benefits administration provider for both core and voluntary benefits. Its solution combines a flexible benefits admin platform with a commitment to providing best-in-class client service. In addition, the Selerix platform includes ACA reporting and employee engagement to deliver a fully featured, all-in-one package. Trusted by brokers, carriers, over 25,000 employer groups, and 14 million individuals, the Selerix mission is to deliver benefits administration solutions that actually benefit employees. 

selerix.com

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Healthcare IT
Pharmacy Quality Solutions

Exclusive financial advisor

Pharmacy Quality Solutions

Has been acquired by Innovaccer

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Healthcare IT

Exclusive financial advisor

Pharmacy Quality Solutions has been acquired by Innovaccer

$0,000,000


Pharmacy Quality Solutions
About Pharmacy Quality Solutions:

Pharmacy Quality Solutions (PQS) aligns healthcare payers and pharmacies to achieve their shared goals of better patient outcomes and healthcare quality performance. As a neutral, trusted intermediary supporting the evolution of value-based care, PQS facilitates nationwide pharmacy-based care through its partners and the EQUIPP platform. Using deep clinical pharmacy knowledge and over a decade of performance management experience, PQS helps clients develop strategies, implement quality improvement programs and optimize the quality of healthcare for their Medicare, Medicaid and commercial populations.

www.pharmacyquality.com

About Innovaccer:

Innovaccer is the data platform that accelerates care innovation through innovative AI technologies. Innovaccer’s AI-powered healthcare platform unifies patient data across systems and care settings and empowers healthcare organizations with scalable, modern applications that improve clinical, financial, operational and experiential outcomes. Innovaccer’s EHR-agnostic solutions have been deployed across more than 1,600 hospitals and clinics in the U.S., enabling care delivery transformation for more than 96,000 clinicians and helping providers work collaboratively with payers and life sciences companies. Innovaccer has helped its customers unify health records for more than 54 million people and generate over $1.5 billion in cumulative cost savings. The Innovaccer platform is an industry-leading data and analytics platform, the Best in KLAS CRM solution, and the No. 1 rated population health technology platform by Black Book.

innovaccer.com

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Healthcare IT
Bhslogo Tl 12032024094940

Exclusive financial advisor

BHS

Has partnered with ReviveHealth and Eir Partners

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Healthcare IT

Exclusive financial advisor

BHS has partnered with ReviveHealth and Eir Partners

$0,000,000


Bhslogo Tl 12032024094940
About BHS:

As a trusted provider of high-touch mental health and well-being solutions, BHS is focused on bettering lives and driving desired outcomes for its customers. With over 40 years of experience, BHS has provided long-standing, comprehensive programs to employers and their employees, higher education institutions and their students, unions/associations and their members, healthcare systems and their patients and communities and their residents. Since its inception, BHS has been committed to providing high-quality clinician-led experiences, as evidence proves that a human-to-human approach leads to better participant results and more substantial customer outcomes. BHS is dedicated to guiding individuals to the right resources at the right time and enhancing their health, productivity, and safety while simultaneously improving the culture, performance, and profitability of the organizations it serves. Helping people and organizations is BHS’s priority and passion.

www.bhsonline.com

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Latest advisory news

Advisory Success Stories
Investment banking
Healthcare IT
Tbx Tombstone 2025

First Analysis acted as the exclusive financial advisor to TBX® in its sale to Selerix

First Analysis acted as the exclusive financial advisor to The Benefits eXpert® (TBX®), an employee benefits technology company that offers an engagement, education and administrative platform, in its sale to Selerix, a provider of cloud-based benefits administration and communications solutions.
Learn more: First Analysis acted as the exclusive financial advisor to TBX® in its sale to Selerix Load More : First Analysis acted as the exclusive financial advisor to TBX® in its sale to Selerix
Investment banking
Healthcare IT
Upfront 2025

First Analysis acted as the exclusive financial advisor to Upfront Healthcare in its sale to Health Catalyst

First Analysis acted as the exclusive financial advisor to Upfront Healthcare Services (Upfront), a next-generation patient engagement platform provider, in its sale to Health Catalyst (Nasdaq: HCAT), a provider of data and analytics technology and services to healthcare organizations.
Learn more: First Analysis acted as the exclusive financial advisor to Upfront Healthcare in its sale to Health Catalyst Load More : First Analysis acted as the exclusive financial advisor to Upfront Healthcare in its sale to Health Catalyst
Investment banking
Healthcare IT
Pqs 2024 Gfx 21032024225415

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

First Analysis acted as the exclusive financial advisor to Pharmacy Quality Solutions (PQS), a leading pharmacy-payer performance technology, in its sale to Innovaccer. The terms of the transaction were not disclosed.
Learn more: First Analysis acted as the exclusive financial advisor to Pharmacy Quality Solutions in its sale to Innovaccer Load More : First Analysis acted as the exclusive financial advisor to Pharmacy Quality Solutions in its sale to Innovaccer
Investment banking
Healthcare IT
Bhs 2024 Gfx 12032024095740

First Analysis acted as the exclusive financial advisor to BHS in its partnership with ReviveHealth and Eir Partners

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.
Learn more: First Analysis acted as the exclusive financial advisor to BHS in its partnership with ReviveHealth and Eir Partners Load More : First Analysis acted as the exclusive financial advisor to BHS in its partnership with ReviveHealth and Eir Partners
Investment banking
Future of work
Clearco 2023

First Analysis acted as the exclusive financial advisor to ClearCompany in Gemspring Capital’s acquisition of the company

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.
Learn more: First Analysis acted as the exclusive financial advisor to ClearCompany in Gemspring Capital’s acquisition of the company Load More : First Analysis acted as the exclusive financial advisor to ClearCompany in Gemspring Capital’s acquisition of the company

Investment banking and corporate finance services are provided through First Analysis Securities Corporation (“FASC” or “First Analysis Securities”), a subsidiary of First Analysis Corp.