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Upfront Healthcare has been acquired by 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.
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.
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.
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TBX has been acquired by 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.
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.
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.
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Pharmacy Quality Solutions has been acquired by 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.

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

About 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.
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ClearCompany has been acquired by Gemspring
First Analysis acted as the exclusive financial advisor to ClearCompany, a full-spectrum talent management platform, in Gemspring Capital’s acquisition of the company.

About ClearCompany:
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. ClearCompany integrates data-driven best practices, expert-informed content and tailored software tools to recruit, ramp, recognize and retain employees, uniting people and processes to achieve business success.

About Gemspring:
Gemspring Capital, a Westport, Conn.-based private equity firm with $3.5 billion of capital under management, provides flexible capital solutions to middle market companies. Gemspring partners with talented management teams and takes a partnership approach to helping drive revenue growth, value creation and sustainable competitive advantages. Target companies have up to $500 million in revenue in the aerospace and defense, business services, consumer, financial and insurance services, healthcare services, industrial services, software and tech-enabled services or specialty manufacturing sectors.
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Masttro growth equity investment by FTV Capital
$43,000,000
First Analysis acted as the exclusive financial advisor to Masttro in its $43 million growth equity investment led by FTV Capital.

About Masttro:
Masttro is a leading wealth tech platform that enables a 360-degree view of wealth. The platform provides a single source of accurate data to give wealth owners and their trusted advisors ultimate control, transparency, and peace of mind to make informed, data-driven decisions in real-time. Masttro offers a total wealth overview covering all illiquid and liquid investments including passion assets. It comes with a comprehensive suite of features including direct data aggregation and AI-driven document data extraction to construct the basis for powerful interactive real-time analysis and reporting needs – all protected by best-in-class cybersecurity architecture and data security protocols.
About FTV Capital:
FTV Capital is a sector-focused growth equity investment firm that has raised $6.2 billion to invest in high-growth companies offering a range of innovative solutions in three sectors: enterprise technology and services, financial services, and payments and transaction processing. FTV’s experienced team leverages its domain expertise and proven track record in each of these sectors to help motivated management teams accelerate growth.
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COPILOT has received investment from QHP Capital
First Analysis acted as the exclusive financial advisor to COPILOT Provider Support Services, LLC, in QHP Capital’s investment in the company.First Analysis focuses its advisory services on high-growth, entrepreneur-driven companies like COPILOT. The First Analysis team worked closely with the co-founders and management team to optimally position the company and find the best partner to help COPILOT to continue to achieve its objectives.

About COPILOT:
COPILOT is a digital-first patient-centric reimbursement hub services platform intended to support the relationship between patients, health care providers and pharmaceutical and device manufacturers.
About QHP Capital:
QHP Capital is an investor in technology and services companies in the life sciences and healthcare sectors. QHP Capital spun out of NovaQuest Capital Management, which was formed in 2000 with the vision of building an investment platform to provide strategic capital and industry expertise in partnership with strong management teams.
Exclusive financial advisor
Jellyvision has acquired Picwell
First Analysis acted as the exclusive buy-side financial advisor to Jellyvision, a leading employee benefits engagement solution provider, in its acquisition of Picwell, a healthcare technology company focused on AI-generated benefits decision support.

About Jellyvision:
Jellyvision’s mission is to improve lives by helping people choose and use their benefits. The company’s platform, ALEX, provides employees with 24/7 benefits resources and guidance at key moments when they’re already thinking about their health and well-being. Through behavioral science, Jellyvision engages employees in a benefits experience that leads to smarter decision-making, more money saved, and increased trust in their employer.
About Picwell:
Picwell is a healthcare technology company providing enterprise solutions to enhance health insurance and employee benefits and improve consumer experiences. Its flagship offering, Picwell DX, is a SaaS-based decision support product that uses artificial intelligence to match individuals to the right health benefits during enrollment by predicting future care considerations, estimating out-of-pocket expenses, and accounting for individual preferences. Other solutions support consumerism and high-deductible health plan adoption, consumer engagement and risk management.
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SyTrue has been acquired by ClaimLogiq
First Analysis acted as the exclusive financial advisor to SyTrue in its sale to ClaimLogiq, a leading technology enabling payment integrity platform. First Analysis focuses its advisory services on high-growth, entrepreneur-driven software companies like SyTrue and works with management teams to find the best partner to help achieve their objectives.

About SyTrue:
SyTrue, the leader in modernizing payer workflows to reduce costs and increase efficiencies, enables healthcare payers to make sense of fragmented, dirty data, driving greater transparency that increases productivity, reduces costs and enhances revenue. Healthcare payers must analyze extensive amounts of unstructured data to identify insights from patients’ episodic health records, which cannot be accessed by traditional methods of search and require expensive chart reviews. SyTrue’s innovative clinical Natural Language Processing (NLP) Operating System NLP OS synthesizes, normalizes and transforms unstructured clinical data into a strategic enterprise-wide digital asset that catalyzes informed decision-making for payment integrity, risk adjustment and care coordination. Developed by clinicians and data scientists with deep healthcare domain expertise, SyTrue’s solutions boost the productivity of review teams and generate higher ROI on clinical and medical chart reviews through greater accuracy, speed, repeatability and scalability. SyTrue has processed more than 10 billion health records, yielding insights that lead to increased efficiencies and improvements in financial performance.
About ClaimLogiq:
ClaimLogiq is a healthcare software and technology company that delivers a proactive approach to payment integrity through a powerful, simplified solution. The unique payer-facing, claim-analyzing solution is HITRUST CSF certified and makes claim reviews accessible to all size healthcare payers for in-depth insight and real-time access into the status of every claim at every stage of the audit life cycle for controlled, consistent, accurate, and defensible outcomes. ClaimLogiq’s innovative software stands out by allowing payers control, configurability, and transparency over the entire claim process and can be applied as a SaaS model, full service, or as a hybrid to suit the specific needs of every payer.
Exclusive financial advisor
SmartWitness has been acquired by Sensata Technologies
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).

About SmartWitness:
SmartWitness is a leading global provider of video telematics solutions with roots dating back to 2007. Ranked as one of the top five providers by industry analysts, the company sells exclusively through integrators and channel partners using its best-in-class platform, SmartAPI. With over 250,000 connected devices deployed and logging 50 million miles per day, SmartWitness provides video telematics hardware, software and services that help partners develop fleet management solutions that optimize operations, improve driving behavior and mitigate risk. Additionally, the FIA European Truck Racing Championship (ETRC) depends on SmartWitness to capture and protect the truth as its official provider of judicial review.
About Sensata Technologies:
Sensata Technologies is a leading industrial technology company that develops sensors, sensor-based solutions, including controllers and software, and other mission-critical products to create valuable business insights for customers and end users. For more than 100 years, Sensata has provided a wide range of customized, sensor-rich solutions that address complex engineering requirements to help customers solve difficult challenges in the automotive, heavy vehicle, off-road, industrial and aerospace industries. With more than 19,000 employees and operations in 13 countries, Sensata’s solutions help to make products safer, cleaner and more efficient, more electrified and more connected.

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Miva
Strategic growth investment from Equality Asset Management
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Miva secured a strategic growth investment from Equality Asset Management
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.

About Miva:
Miva offers a flexible, adaptable and scalable e-commerce platform that enables businesses to drive sales, maximize average order value, cut overhead costs and increase revenue. Miva has been helping businesses realize their potential for over 20 years by empowering retail, wholesale and direct-to-consumer sellers across all industries to transform their business through e-commerce.
About Equality Asset Management:
Equality Asset Management is a growth-focused private equity firm. Equality provides equity capital and strategic and operating support to companies with long-term growth potential in the technology and tech-enabled services sectors. With decades of investment experience and operating experience, the firm has earned a reputation for value-creation, serving as steadfast partners to Founders and CEOs. Equality is based in Boston.
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Selerix Systems secured an investment by NexPhase Capital
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.

About Selerix Systems:
Selerix Systems produces software (Selerix BenSelect and Selerix Engage) used by employers, brokers and carriers to conquer the chaos of benefits administration, employee engagement, and Affordable Care Act (ACA) reporting. The flexibility of the Selerix BenSelect platform accommodates both core and voluntary insurance products with ease. With an active user base of over 8.3 million client employees, Selerix’s innovative software solutions are trusted by organizations in a wide variety of industries, including healthcare, education, transportation/logistics, state and local government, nonprofit, high technology and waste management.
About NexPhase Capital:
NexPhase Capital is a thematic and operationally-focused private equity firm that invests in lower middle market growth-oriented companies within three distinct sectors: consumer, healthcare and software. The firm targets companies that have reached a growth inflection point and are seeking a value-added partner to help navigate the “next phase.” The NexPhase team has extensive industry and operational experience and NexPhase’s partners have invested together for over a decade. The firm has completed more than 80 investments including add-ons and targets control equity investments between $25 million and $150 million.
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Healthify has been acquired by WellSky
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).

About Healthify:
Powered by a mission to build a world where no one’s health is hindered by their need, Healthify builds the infrastructure to support social determinants of health (SDoH) initiatives at scale. The company builds and manages accountable networks of community-based organizations and provides the necessary interoperable technology platform to allow the healthcare sector to coordinate care within the network. Healthify works with health plans, providers, and community partners in all fifty states and is dedicated to community partner sustainability and demonstrating ROI for social service interventions to ensure families receive the services they need to thrive.
About WellSky:
WellSky is a technology company leading the movement for intelligent, coordinated care worldwide. Our next-generation software, analytics, and services power better outcomes and lower costs for stakeholders across the health and community care continuum. In today’s value-based care environment, WellSky helps providers, payers, health systems and community organizations solve tough challenges, improve collaboration for growth, harness the power of data analytics and achieve better outcomes by further connecting clinical and social care. WellSky serves more than 20,000 client sites — including the largest hospital systems, blood banks, cell therapy labs, blood centers, home health and hospice franchises, post-acute providers, government agencies and human services organizations. Informed by more than 40 years of providing software and expertise, WellSky anticipates clients’ needs and innovates relentlessly to ultimately help more people thrive.

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Kno2
Series A financing co-led by Providence Ventures and Health Enterprise Partners
$15,000,000
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Kno2 Series A financing co-led by Providence Ventures and Health Enterprise Partners
$15,000,000
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. First Analysis focuses its advisory services on high-growth, entrepreneur-driven companies like Kno2. The First Analysis team worked closely with the management team to optimally position the company and find the best partner to help Kno2 to continue to achieve its growth objectives. First Analysis was actively engaged throughout the transaction process, including preparation, positioning, investor coordination and contact, due diligence, and negotiation.

About Kno2:
Kno2 connects all participants across the care continuum, human or technology, for the secure, effortless, and maximized exchange of patient information. Serving as healthcare’s largest network aggregator, Kno2’s patented API technology provides connectivity and exchange across every major national network, a growing number of regional networks such as HIEs, cloud fax, proprietary platforms that drive critical workflows, and continued expansion of EHR integrations. A technology vendor no longer has to be concerned with the heavy lift of connecting to each network and can stay focused to its core business and application, driving the best user experience possible within their technology. This is what it means to be Kno2 Connected.

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SymphonyRM
Series B financing led by TT Capital Partners
$25,000,000
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SymphonyRM Series B financing led by TT Capital Partners
$25,000,000
First Analysis acted as the exclusive financial advisor to SymphonyRM for its $25 million Series B funding. The First Analysis team worked closely with the management team to optimally position the company and find the best partner to help SymphonyRM to continue to achieve its growth objectives. First Analysis was actively engaged throughout the transaction process, including preparation, positioning, investor coordination and contact, due diligence and negotiation.

About SymphonyRM:
SymphonyRM is helping health systems transform how they acquire, engage, and retain patients by creating an engagement model rivaling the capabilities of world-class, consumer-centered organizations. By generating data-driven, prioritized next best actions for every consumer, prospect and provider in a health system, SymphonyRM is helping organizations anticipate member needs and use proactive outreach to build deeper customer relationships and drive better outcomes while increasing revenue.
About TT Capital Partners:
TT Capital Partners (TTCP) is a healthcare investor, collaborating with healthcare technology and services companies that have the potential to become market leaders. Leveraging the insights garnered from a unique knowledge-based platform, TTCP has invested in some of the most innovative, high-growth healthcare businesses. TTCP is part of the TripleTree healthcare merchant bank.
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SwipeSense has been sold to SC Johnson

About SwipeSense:
SwipeSense is a healthcare technology company whose mission is to eliminate harm in hospitals. The company designs and markets an RTLS platform that powers electronic hand hygiene monitoring, real-time asset tracking, and nursing insights applications. SwipeSense is a high-growth venture backed company headquartered in Chicago, Ill.

About SC Johnson:
SC Johnson is a family company dedicated to innovative, high-quality products, excellence in the workplace and a long-term commitment to the environment and the communities in which it operates. Based in the USA, the company is one of the world’s leading manufacturers of household cleaning products and products for home storage, air care, pest control and shoe care, as well as professional products. It markets such well-known brands as GLADE®, KIWI®, OFF!®, PLEDGE®, RAID®, SCRUBBING BUBBLES®, SHOUT®, WINDEX® and ZIPLOC® in the U.S. and beyond, with brands marketed outside the U.S. including AUTAN®, BAYGON®, BRISE®, KABIKILLER®, KLEAR®, MR MUSCLE® and RIDSECT®. The 135-year-old company employs approximately 13,000 people globally and sells products in virtually every country around the world.
Investment banking and corporate finance services are provided through First Analysis Securities Corporation (“FASC” or “First Analysis Securities”), a subsidiary of First Analysis Corp.