Houlihan Lokey Advises Fluency

Houlihan Lokey is pleased to announce that Fluency, Inc., has received a growth equity investment from Integrity Growth Partners (IGP). Houlihan Lokey served as the exclusive financial advisor to Fluency. The transaction closed on December 16, 2025.

Fluency is the first digital advertising operating system (OS) that transforms paid media operations challenges into breakthrough outcomes by centralizing all major campaign execution workflows into a single solution.

The AI-powered platform eliminates the most time- and resource-intensive aspects of campaign execution and automates campaigns across all major digital ad channels, including walled gardens and the open web. As a result, advertisers can activate, automate, and analyze any number of campaigns with unprecedented efficiency, working at a scale not previously achievable. Fluency powers nearly $3 billion in annual media spend. Its user base supports more than 250,000 monthly campaigns for brands with 50,000+ locations.

Fluency has certified partnerships with many major ad publishers, was named a finalist for the Technology Innovation in the 2024 Amazon Ads Partner Awards, and has ranked on the Inc. 5000 list of the fastest-growing private companies for three consecutive years.

IGP is a Los Angeles-based growth equity firm that invests in founder-led, capital-efficient, lower-middle-market software and tech-enabled services companies. IGP targets high-growth businesses with established products and business models, bringing a differentiated combination of investing and operating experience.

Houlihan Lokey served as the exclusive financial advisor and placement agent to Fluency, leading the marketing, structuring, and negotiation of the transaction and successfully achieving key client objectives. The transaction exemplifies Houlihan Lokey’s ability to leverage deep sector expertise and senior-level relationships with capital providers to identify long-term financial partners aligned with clients’ strategic and financial goals.

The founder and CEO of Fluency, Mike Lane, commented after the deal closed on Houlihan Lokey’s role in the transaction:

“Houlihan Lokey was a phenomenal partner through every step of our capital raise. We would not have reached this successful outcome without their deep industry perspectives, meticulous preparation, tireless investor engagement, and detail-oriented negotiation tactics. They pushed the process forward with intensity and discipline. Importantly, as a founder(s)-backed company raising third-party institutional capital for the first time, we valued their clear rationale and explanation for actions taken at each stage of the deal.

“The Houlihan Lokey team articulated the nuances of our business in a way that built strong investor conviction in our competitive moat and growth potential. Their financial modelling of our business was accurate and defensible, and their analysis of various transaction scenarios allowed us to make informed decisions and negotiate effectively. Specifically, their negotiation of critical deal points created an ideal outcome for management and shareholders who will retain meaningful upside from future growth and execution of our strategy.

“Their extensive investor connectivity allowed us to find an ideal partner for our management team that is aligned with our strategic vision. Their willingness to go above and beyond our expectations has solidified their role as a long-term partner and advisor. We look forward to continuing our work with the Houlihan Lokey team in the future.”

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