Fairfax-based ICF International (NASDAQ:ICFI) is expanding into the web development business with the signing of a definitive agreement to purchase another Virginia based firm, Ironworks Consulting, L.L.C.
Richmond-based Ironworks has several offices around the country including one in Tysons Corner. The company is expected to bring in $57 million in revenue for 2011.
ICF will pay $100 million for Ironworks if the agreement follows through. With the acquisition, ICF will be able to provide web services to PC and mobile users, particularly those involved in health, energy, financial services, nonprofit industries, as well as the federal government.
“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.”