The transaction is expected to close within the first quarter of this year and is part of ICF's move to expand its information technology modernization support services in the U.S. federal market.
Financial services company Baird advised ITG on the deal.
“ITG has really emerged as a leader in platform-enabled, digital transformation. The combination with ICF makes a lot of strategic sense. There is tremendous commonality in culture and vision,” John Song, a managing director of Baird, told ExecutiveBiz.
Founded in 2010, ITG offers cloud-based platform services, business process engineering, enterprise architecture, Agile systems engineering and other digital services to federal agencies. The Arlington, Va.-based digital consulting firm earned $90M in 2019 revenues and closed the year with a revenue run-rate in excess of $100M.