ICF International to acquire Ironworks Consulting
ICF International, a provider of consulting services and technology solutions to government and commercial clients, has agreed to purchase Innsbrook-based Ironworks Consulting, LLC for the cash purchase price of $100 million, officials with ICF announced today.
“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.”
The Varina Ruritan Club celebrated its 80th anniversary with a banquet Nov. 10, during which it presented several annual awards, including Policeman of the Year – to Henrico Officer Aaron M. Lancaster (top) – and Firefighter of the Year – to Julian T. Lipscomb (second from top).
The club also received a plaque from the Henrico Division of Fire (third from top) expressing the division's appreciation for the club and its support of fire prevention programs. > Read more.
The grand opening of The Rink outdoor ice skating rink at West Broad Village will be held Saturday, Nov. 14, beginning at 11 a.m. with skating and family activities. At 4 p.m., grand opening festivities – featuring exhibitions of ice sculpting, ice skating and cheering, as well as fire pits, costumed characters, and food vendors – will begin. Skating costs are $8 for children and $10 for adults, with $4 skate rentals available. Parking is free. The Rink is located at 3939 Duckling Drive, Glen Allen. For details, visit http://www.Facebook.com/TheRinkWBV > Read more.
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