CHICAGO – Februrary 7, 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.

Upfront provides a market-leading patient activation and engagement platform and a proprietary strategic marketing analytics and content personalization solution for healthcare enterprises. Upfront’s automated patient acquisition and retention solutions enable healthcare organizations to win loyalty and guide patients to optimal care by leveraging hyper-personalized experiences.

Upfront’s patient activation expertise, combined with Health Catalyst’s robust patient engagement portfolio, aims to enhance the patient experience by ensuring patients stay informed throughout the care process. Together, these solutions will help healthcare providers deliver improved, data-driven patient care.

“We’re thrilled to join the Health Catalyst family. By combining Upfront’s capabilities with Health Catalyst Ignite, we’re creating a comprehensive solution to elevate patient engagement and activation,” said Ben Albert, CEO and co-founder at Upfront. “First Analysis was an invaluable partner throughout this process. Their deep understanding of the healthcare sector and commitment to our vision enabled us to identify the right partner. Their expertise and guidance were critical to achieving this milestone.”

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

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. For more information, please visit 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. For more information, please visit www.healthcatalyst.com.

About First Analysis

Founded in 1981, First Analysis has a 44-year track record of serving emerging growth companies and established industry leaders within its focused areas of domain expertise. Our investment banking practice leverages industry insights developed through our research and investing activities to deliver value to clients across the life cycle of a business. Providing senior-level attention to every client, First Analysis offers superior execution across a comprehensive range of investment banking services, including merger and acquisition advisory, growth financings and private equity recapitalizations. For more information, please visit www.firstanalysis.com.

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