Houlihan Lokey Advises FEI Systems on Its Sale to Acentra Health

Houlihan Lokey is pleased to announce that FEI Systems has been acquired by Acentra Health, LLC, a portfolio company of The Carlyle Group. The transaction closed on August 3, 2026.

Headquartered in Columbia, Maryland, FEI Systems is a leading provider of innovative health information technology solutions that assist federal, state, and local health and human services agencies in caring for the unique and complex needs of vulnerable populations. From case management solutions that support individuals needing long-term services and supports (LTSS) or behavioral health services, to configurable modules that help clients successfully manage incident reporting, data analysis, claims and invoices, provider management, and more, FEI Systems enables coordinated person-centered connections across the continuum of care that lead to improved health outcomes.

Headquartered in McLean, Virginia, Acentra Health combines deep public sector knowledge, clinical expertise, and technological ingenuity to modernize the healthcare experience for state, federal, and commercial partners and their priority populations. From designing and developing advanced claims, encounter, and provider solutions that drive efficiency and cost savings to delivering clinically focused solution models for care management, clinical assessments, and quality oversight, Acentra Health is accelerating better health outcomes.

The acquisition establishes one of the industry’s most comprehensive portfolios of Medicaid Enterprise System, care management, LTSS, home- and community-based services, and behavioral health solutions. The combined technology portfolio is designed to help government organizations manage critical healthcare functions through a single platform, including provider administration, claims processing, case management, incident reporting, analytics, and coordinated care delivery.

Houlihan Lokey served as the exclusive financial advisor to FEI Systems, and marketed, structured, and negotiated the transaction on behalf of the company.

Houlihan Lokey’s Government Services & Technology team is part of Houlihan Lokey’s broader Aerospace, Defense & Government practice, which has a staff of approximately 30 investment financial professionals in Washington, D.C., London, and Los Angeles, and is among the largest dedicated industry banking groups worldwide.

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