First Analysis Mergers and Acquisitions Summary

Venture Capital Firm Profile

In the last 3 years, First Analysis has invested in 8 companies.

First Analysis’ most common sectors for investment aresoftware (23%) and information technology (17%) . The Firm’s most common investment types include venture (53%) and growth capital (23%). In total, First Analysis has invested in 24 US states and 3 different countries.

In the last 3 years, First Analysis has exited 5 companies. The Firm’s most common exit type is trade sale (74%). First Analysis’ largest (disclosed) exit occurred in 2005 when it sold Lake Region Medical for $1.3B.

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M&A Summary

  • M&A Total Activity122
    • M&A Buy Activity59
    • M&A Sell Activity63
  • Total Sectors Invested 20
  • Total Countries Invested 3
  • M&A Buy/Sell Connections 84

First Analysis

One South Wacker Drive, Suite 3900,
Chicago, Illinois 60606
United States
(312) 258-1400
www.firstanalysis.com
onicklin@firstanalysis.com

First Analysis is a financial advisory and investment firm. First Analysis' private equity arm targets investments in growth companies at all stages of development. The Group looks for opportunities based primarily in the US and can commit up to $10 million of equity per transaction. Sectors of particular interest include outsourced services, (business/government services, education, environmental services, healthcare services, marketing services); information technology, (business integration, call centers, healthcare IT, network security, open source, sensor systems, transaction processing); and chemistry enabled businesses (advanced materials, chemicals, healthcare products, polymers, purification). First Analysis was formed in 1981 and is based in Chicago, Illinois.


Investment Criteria

Sectors of Interest: Beverages, Business Services, Chemicals, Communications, Construction, Consumer Products, Consumer Services, E-Commerce, Education, Electrical Equipment, Energy Services and Equipment, Environmental, Financial Services, Food, Healthcare Services, Information Technology, Insurance, Internet Software and Services, Life Science, Manufacturing, Marketing, Medical Products, Metals/Mining, Renewable Energy, Software, Staffing, Technology Hardware, Test/Measurement Equipment

Target Transaction Types: Buyout (LBO, MBO, MBI), Growth Capital, Recapitalization, Secondary Buyout, Stake Purchase, Venture

Geographic Preferences: East US, Midwest US, South US, West US

Transaction Criteria Min Max
Target Revenue - -
Target EBITDA - -
Investment Size - -
Enterprise Value 3 10
values in millions of USD

M&A Summary

Buy vs Sell

Year ≤ '16 '17 '18 '19 '20 '21 T
Buy (2.2/yr) # 48 3 1 4 2 1 59
Sell (1.6/yr) # 55 3 - 1 1 3 63
vol $6.0B $1.0B $7.0B
  122

Most Recent M&A

Company Date Value Type
SmartWitness Holdings, Inc. 2021-10-26 - Add-on Acquisition
Schaumburg, Illinois · www.smartwitness.com
Lender Price 2021-10-12 - Growth Capital
Pasadena, California · www.lenderprice.com
Waggl, Inc. 2021-07-14 - Add-on Acquisition
Sausalito, California · www.waggl.com
BuyerQuest, Inc. 2021-02-18 - Add-on Acquisition
Cleveland, Ohio · www.buyerquest.com
Apixio, Inc. 2020-11-09 - Add-on Acquisition
San Mateo, California · www.apixio.com
VIDA Diagnostics, Inc. 2020-03-17 - Growth Capital
Coralville, Iowa · www.vidalung.ai
4G Clinical 2020-01-29 - Growth Capital
Wellesley, Massachusetts · www.4gclinical.com
SmartWitness Holdings, Inc. 2019-08-27 - Venture
Schaumburg, Illinois · www.smartwitness.com
SynergySuite 2019-07-16 - Venture
Dublin, Ireland · www.synergysuite.com
Current Ways 2019-07-02 - Growth Capital
Santee, California · www.currentways.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
QPS Holdings LLC 2008-03-03 Development Center - Center of Toxicology & Preclinical Sciences 2011-02-14 5
Newark, Delaware · www.qps.com New Taipei City, Taiwan

M&A by Sector

Sector Current # Value All-time # Value
Software 6 (24%) - 13 (22%) -
Information Technology 3 (12%) - 10 (17%) -
Internet Software and Services 5 (20%) - 8 (14%) -
Medical Products 3 (12%) - 7 (12%) -
Financial Services 1 (4%) - 3 (5%) -
Life Science 2 (8%) - 3 (5%) -
Business Services 1 (4%) - 2 (3%) -
Chemicals - - 1 (2%) -
Digital Media 1 (4%) - 1 (2%) -
Education - - 1 (2%) -
Electrical Equipment - - 1 (2%) -
Electronics - - 1 (2%) -
Energy Services and Equipment 1 (4%) - 1 (2%) -
Environmental - - 1 (2%) -
Food - - 1 (2%) -
Healthcare Services - - 1 (2%) -
Machinery - - 1 (2%) -
Marketing 1 (4%) - 1 (2%) -
Technology Hardware - - 1 (2%) -
Utilities 1 (4%) - 1 (2%) -
Total 25 - 59 -

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 24 (96%) - 57 (97%) -
  California 3 (12%) - 10 (17%) -
  Illinois 2 (8%) - 7 (12%) -
  Massachusetts 4 (16%) - 4 (7%) -
  New Jersey - - 4 (7%) -
  Ohio 2 (8%) - 3 (5%) -
  New York 1 (4%) - 3 (5%) -
  Minnesota 1 (4%) - 3 (5%) -
  Texas 1 (4%) - 2 (3%) -
  Florida 1 (4%) - 2 (3%) -
  Connecticut 1 (4%) - 2 (3%) -
  Washington - - 2 (3%) -
  Pennsylvania - - 2 (3%) -
  Georgia - - 2 (3%) -
  Wisconsin 1 (4%) - 1 (2%) -
  Oregon 1 (4%) - 1 (2%) -
  Michigan 1 (4%) - 1 (2%) -
  Louisiana 1 (4%) - 1 (2%) -
  Iowa 1 (4%) - 1 (2%) -
  Indiana 1 (4%) - 1 (2%) -
  Idaho 1 (4%) - 1 (2%) -
  Delaware 1 (4%) - 1 (2%) -
  Virginia - - 1 (2%) -
  Utah - - 1 (2%) -
  Colorado - - 1 (2%) -
Ireland 1 (4%) - 1 (2%) -
United Kingdom - - 1 (2%) -
Domestic 24 (96%) - 57 (97%) -
Cross-border 1 (4%) - 2 (3%) -
Total 25 - 59 -

Acquisitions by Deal Type

Type Current # Value All-time # Value
Venture 13 (52%) - 31 (53%) -
Growth Capital 10 (40%) - 13 (22%) -
Buyout (LBO, MBO, MBI) 1 (4%) - 11 (19%) -
Divestiture - - 1 (2%) -
PIPE - - 1 (2%) -
Secondary Buyout 1 (4%) - 1 (2%) -
Stake Purchase - - 1 (2%) -
Total 25 - 59 -

Exits by Deal Type

Type Total # Value
Trade Sale - Public Company 34 (54%) 2.3B (37%)
Trade Sale 14 (22%) 1.1B (17%)
Secondary Sale 8 (13%) 1.9B (29%)
Merger 3 (5%) 1.0B (16%)
IPO 3 (5%) -
Stake Sale 1 (2%) 87M (1%)
Total 63 $6.4B

Deal Values

sell # Total
> $1B 3 $3.3B
$100M to $1B 10 $3.4B
< $100M 8 $323M
TOTAL $7.0B
Largest Lake Region Medical, Inc.
$1.3B (2005-11-22)

M&A Connections

Deals
Acquired from
Investor(s)
2%
1 (2%)
Strategic(s)
2%
1 (2%)
Exited to
Investor(s)
13%
8 (13%)
Strategic(s)
76%
48 (76%)

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