ICF to Acquire Web Development Firm Ironworks for $100M Cash

ICF International (NASDAQ: ICFI) has signed a definitive agreement to purchase interactive web development firm Ironworks Consulting LLC for $100 million cash, ICF announced Monday.

ICF said it expects the deal to increase its earnings per share in 2012 and include a tax benefit that carries a net present value of approximately $23 million.

Ironworks provides customer engagement solutions across web, mobile and social media platforms to federal agencies and companies in the health, energy and financial services sectors.

Ironworks’ public sector clients include the Centers for Disease Control and Prevention, the Department of Veterans Affairs and the National Science Foundation, among others.

ICF said it expects Ironworks to generate $57 million in calendar year 2011 revenue with an operating income margin of more than 20 percent.

“This transaction is emblematic of ICF’s strategy, to continuously expand our range of implementation service offerings in our markets,” said ICF Chairman and CEO Sudhakar Kesavan. “Ironworks is an excellent strategic fit for ICF, adding complementary capabilities and clients across several of our key markets.”

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