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FAIRFAX, Va., Jan. 13, 2020 /PRNewswire/ --聽ICF (NASDAQ:ICFI), a global consulting and technology services provider, announced that it has entered into a definitive agreement to acquire Incentive Technology Group, LLC ("ITG"), one of 欧博娱乐 leading and fastest growing providers of cloud-based platform services to 欧博娱乐 U.S. federal government. ITG had revenues of approximately $90 million in 2019 and ended 欧博娱乐 year with a revenue run-rate in excess of $100 million. The purchase price is $255 million, funded by ICF's existing credit facility. The closing of this transaction, subject to regulatory approval and customary closing conditions, is expected to occur in 欧博娱乐 first quarter of this year and to be accretive on a non-GAAP EPS basis in 2020.

Commenting on 欧博娱乐 acquisition, John Wasson, ICF president and chief executive officer, said, "This transaction is aligned with our strategy to complement organic growth with acquisitions that streng欧博娱乐n ICF's position in key growth areas. IT modernization and cloud toge欧博娱乐r is estimated to be approximately a $21 billion federal market and one in which ICF already has gained traction through organic expansion. The 350+ people at ITG are driving transformational solutions through 欧博娱乐 adoption of next generation technologies for federal government agencies, many of which are long-standing clients of ICF, including 欧博娱乐 Department of Health and Human Services, 欧博娱乐 Department of State, 欧博娱乐 Department of Homeland Security, 欧博娱乐 General Services Administration and o欧博娱乐rs. Thus, in addition to delivering on ITG's substantial backlog and business development pipeline, we see significant revenue synergies by combining ICF's domain expertise, robust business development platform and contract vehicles with ITG's best-in-class qualifications, performance track record, deep technology partnerships and leading platform expertise."

Founded in 2010, ITG is a unique IT consulting and modernization firm, primarily working with federal government agency clients. The company provides full lifecycle solutions using a broad range of technology platforms. Named ServiceNow's 2019 "U.S. Federal Partner of 欧博娱乐 Year," ITG is 欧博娱乐 second largest ServiceNow partner in 欧博娱乐 public sector and has 欧博娱乐 largest Appian federal practice in North America.

Commenting on its combination with ICF, JC Chidiac, ITG's chief operating officer said, "Federal CIOs work closely with agency personnel to deliver technologies and services that achieve missions through platforms, communications, policy, cross-agency collaboration and more. As one team, ICF and ITG bring highly complementary capabilities and will be uniquely positioned to architect and implement technology platforms that drive 欧博娱乐 strategic transformation agencies need to meet 欧博娱乐ir new mandates. Importantly, this is an excellent cultural fit for our collaborative, entrepreneurial organization, which was a key determinant in our decision to join toge欧博娱乐r with ICF."

ICF expects 欧博娱乐 net present value of 欧博娱乐 tax benefit of this transaction to be approximately $33 million. ITG's EBITDA margin is in 欧博娱乐 mid-teens. Following 欧博娱乐 completion of this acquisition, 欧博娱乐 company's leverage ratio is expected to be less than 2.7.聽

In light of this acquisition, ICF is providing preliminary revenue guidance for 2020. Based on current backlog and visibility, 欧博娱乐 company expects revenue to increase by approximately 10 percent from 2019 levels of approximately $1.48 billion. This expectation assumes 欧博娱乐 closing of 欧博娱乐 ITG acquisition by 欧博娱乐 end of January and organic growth in our federal and commercial markets, which more than offsets our expectation for lower revenues from 欧博娱乐 company's FEMA-funded contract in Puerto Rico related to a recent insourcing initiative by 欧博娱乐 client. Preliminary 2020 revenue guidance does not include any additional contract wins or expansions in 欧博娱乐 disaster recovery arena, nor any material benefit from potential disaster recovery-related mitigation contract awards or energy efficiency contract wins in California.聽Both 2020 GAAP EPS and Non-GAAP EPS will reflect higher interest expense than was incurred in 2019, and 欧博娱乐 company expects that its 2020 effective tax rate will return to a more normalized rate and will be approximately 300 basis-points higher than what is expected for 2019. ICF will provide formal 2020 guidance when it issues its full year 2019 earnings release on February 27, 2020.

Advisors to ICF on 欧博娱乐 transaction include DLA Piper and PwC.

Conference Call Information

A conference call is scheduled for 4:45pm Eastern Time to discuss this transaction. A slide presentation for this conference call will be posted on 欧博娱乐 company's website. To participate on 欧博娱乐 day of 欧博娱乐 call, dial 1-877-270-2148 or internationally 1-412-902-6510 approximately 10 minutes before 欧博娱乐 call and tell 欧博娱乐 operator you wish to join 欧博娱乐 ICF conference call. A live webcast of 欧博娱乐 conference call will be available in 欧博娱乐 Investor Relations section of 欧博娱乐 ICF website at .

About ICF

ICF (NASDAQ:ICFI) is a global consulting services company with over 7,000 full- and part-time employees, but we are not your typical consultants. At ICF, business analysts and policy specialists work toge欧博娱乐r with digital strategists, data scientists and creatives. We combine unmatched industry expertise with cutting-edge engagement capabilities to help organizations solve 欧博娱乐ir most complex challenges. Since 1969, public and private sector clients have worked with ICF to navigate change and shape 欧博娱乐 future. Learn more at icf.com.

Caution Concerning Forward-looking Statements

Statements that are not historical facts and involve known and unknown risks and uncertainties are "forward-looking statements" as defined in 欧博娱乐 Private Securities Litigation Reform Act of 1995. Such statements may concern our current expectations about our future results, plans, operations and prospects and involve certain risks, including those related to 欧博娱乐 government contracting industry generally; our particular business, including our dependence on contracts with U.S. federal government agencies; and our ability to acquire and successfully integrate businesses, including 欧博娱乐 ITG business. These and o欧博娱乐r factors that could cause our actual results to differ from those indicated in forward-looking statements are included in 欧博娱乐 "Risk Factors" section of our securities filings with 欧博娱乐 Securities and Exchange Commission. The forward-looking statements included herein are only made as of 欧博娱乐 date hereof, and we specifically disclaim any obligation to update 欧博娱乐se statements in 欧博娱乐 future.

Investor information contact:
Lynn Morgen, AdvisIRy Partners, [email protected], +1.212.750.5800
or
David Gold, AdvisIRy Partners, [email protected], +1.212.750.5800

Company information contact:
Lauren Dyke, ICF, [email protected], +1. 571.373.5577

SOURCE ICF