- Broadens ICF's Digital Modernization Capabilities with Leading Open-Source Solutions for
- Health IT Capabilities Significantly Expand ICF's Addressable Market
- Transaction Expected to be Accretive to ICF's EPS Upon Closing
Conference Call to be Held Today at
SemanticBits is expected to generate approximately
SemanticBits provides a full suite of scalable digital modernization services using open-source frameworks, including end-to-end agile at scale development capabilities, cloud-native solutions, data analytics and human-centered design. Founded in 2005, SemanticBits' team of 450 technologists and practitioners bring demonstrated success with large federal health IT projects and expertise across 30 technology platforms, using a fully agile approach that complements ICF's deep federal health domain expertise and digital modernization capabilities. SemanticBits supports
"This latest acquisition is in keeping with our strategy to complement organic growth with acquisitions that strengthen ICF's position in key growth markets and provide meaningful revenue synergies over time," said
"SemanticBits' strong position at CMS also significantly expands ICF's addressable market to include this large agency, which is committed to strengthening and modernizing the country's healthcare system to provide access to high-quality care," Wasson continued. "We see a high degree of cultural alignment with SemanticBits, in our shared passion for maintaining a highly collaborative environment and in our application of innovative thinking to help solve our clients' most complex challenges."
"We are excited to join ICF and offer our civilian agency clients advanced health IT technology and data science solutions informed by deep domain expertise," said
The transaction is subject to regulatory and customary conditions and is expected to close in mid-July. ICF plans to provide updated financial guidance for full-year 2022 that includes the expected contribution from the SemanticBits acquisition when it issues its second quarter results in early August.
Read more about ICF and SemanticBits.
Conference Call Details
ICF's management will further discuss its definitive agreement to acquire SemanticBits at
The live webcast along with supplemental slides will be available at https://event.choruscall.com/mediaframe/webcast.html?webcastid=kWj61mtk. To listen to the live webcast, please register at least 15 minutes prior to the live event and download and install any necessary software. An archive will be available following the live event at https://investor.icf.com/news-events.
ICF's corporate development team managed a proprietary acquisition process with SemanticBits' exclusive financial advisor,
ICF (NASDAQ:ICFI) is a global consulting services company with approximately 8,000 full- and part-time employees, but we are not your typical consultants. At ICF, business analysts and policy specialists work together with digital strategists, data scientists and creatives. We combine unmatched industry expertise with cutting-edge engagement capabilities to help organizations solve their most complex challenges. Since 1969, public and private sector clients have worked with ICF to navigate change and shape the 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 the Private Securities Litigation Reform Act of 1995. Such statements may concern our current expectations about SemanticBits' revenue and post-acquisition revenue rate, the expected closing date, our expectations regarding future opportunities for synergies, our future results, plans, operations and prospects and involve certain risks, including those related to the government contracting industry generally; our particular business, including our dependence on contracts with
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