ICF International to Acquire Ironworks Consulting for ~$100M
ICF International (NASDAQ: ICFI) announced today that it has signed a definitive agreement to purchase Ironworks Consulting, L.L.C. 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. For 2011, Ironworks is expected to have revenues of $57 million and an operating income margin of greater than 20 percent. The cash purchase price will be $100 million, prior to the net present value of a tax benefit of approximately $23 million. The purchase will be funded through ICF's existing bank credit line.
Founded in 2001, Ironworks offers integrated customer-facing applications, including interactive, portal and content management solutions, and business and IT alignment services to a growing roster 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.
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