Houlihan Lokey Advises FSI on Its Sale to Ultimo, an IFS Company

Houlihan Lokey is pleased to announce that FSI has been acquired by Ultimo, an IFS Company. The transaction was announced on August 6, 2025.

FSI, a U.S.-based category leader in healthcare facilities and healthcare technology management software, has been acquired by Ultimo, the AI-augmented enterprise asset management (EAM) software company. The acquisition builds on Ultimo’s long-standing expertise as the market leader in healthcare asset management in the Netherlands and Belgium and unlocks a deeper presence in asset-intensive industries in the U.S.

FSI has the only computerized maintenance management system (CMMS) purpose-built for healthcare service professionals. Its solutions span digital transformation, data management, and in-person asset discovery—serving more than a thousand departments across hospitals, healthcare systems, and universities.

Ultimo, an IFS company, energizes the financial resilience, regulatory compliance, and operational excellence for manufacturing, logistics, and healthcare organizations through its AI-augmented EAM solutions.

Houlihan Lokey served as the exclusive financial advisor to FSI. This transaction highlights the firm’s continued momentum in PropTech and vertical software.

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