ICF International to acquire Ironworks Consulting
|
“This transaction is emblematic of ICF’s strategy – to continuously expand our range of implementation service offerings in our markets,” said ICF International Chairman and CEO Sudhakar Kesavan. “Ironworks is an excellent strategic fit for ICF, adding complementary capabilities and clients across several of our key markets. With its record of sustained growth and deep client relationships in similar verticals, it strengthens our position in the fast-growing interactive digital services space.” Ironworks is an interactive web development firm that provides customer engagement solutions across web, mobile and social media platforms to blue chip companies in the health, energy and financial services industries, as well as to U.S. federal government agencies and nonprofit organizations. Ironworks is expected to report revenues of $57 million for 2011 and an operating income margin of more than 20 percent. The purchase will be funded through ICF’s existing bank credit line. Ironworks, founded in 2001, offers integrated customer-facing applications, including interactive, portal and content management solutions and business and IT alignment services to a number of of Fortune 500 companies and government agencies. Commercial business is expected to account for approximately 65 percent of Ironworks’ 2011 revenues, representing its work for companies in the health; energy; nonprofit; financial services; and manufacturing, retail, and distribution markets. In the government arena, Ironworks’s clients include Centers for Disease Control and Prevention, Department of Veterans Affairs, and National Science Foundation, among others. “We are pleased to be joining ICF, which we see as an excellent platform to support our future growth,” said Ironworks Chief Executive Officer Scott Walker. “Our priority markets, emphasis on long-term client relationships, and ‘go-to-market’ strategies are consistent, and both of our firms have entrepreneurial cultures that value collaborative work environments.” |
Comment Entry
In the garden
Student completes Naval Academy
Milestones
Fit4Kids offers grant funds for schools
Moody music department wins top honors at festival
Celebrate NASCAR Day with free Pace Car rides
State to publish college grads’ employment rates
New law requires anti-bullying training
Program helps deserving children celebrate Mother’s Day
- More Henrico News