Houlihan Lokey Inc. has acquired Black Stone IP LLC, a boutique investment bank focused on valuing and trading patent and other intellectual property assets.

Terms of the deal were not disclosed.

Black Stone IP will become part of Houlihan Lokey's financial advisory services and will operate as the Tech+IP Advisory practice. It will be co-led by Black Stone IP CEO Elvir Causevic and Edmund Fish. The practice will include staff in San Francisco, Los Angeles, Chicago and Washington D.C.