ICF International Closes on Acquisition of CITYTECH, Inc.
FAIRFAX, Va. -- March 17, 2014
ICF International (NASDAQ:ICFI), a leading provider of consulting services and
technology solutions to government and commercial clients, announced today
that it has closed on the acquisition of CITYTECH, Inc., a Chicago-based
digital interactive consultancy specializing in enterprise applications
development, web experience management, mobile application development, cloud
enablement, managed services, and customer experience management solutions.
For 2013, CITYTECH had annual revenues of approximately $16 million and 100
Squire Sanders acted as ICF's legal counsel on the transaction. PwC conducted
financial and tax due diligence for ICF. CITYTECH retained Polsinelli as its
legal counsel and Corum Group as its financial advisor.
Incorporated in 2003 as a privately owned business, CITYTECH helps
organizations align technology with their business goals by applying its
expertise in top software development platforms to create the best enterprise
solutions and sophisticated cloud strategies. A leading partner with Adobe,
CITYTECH is a complementary fit with ICF Interactive, a service offering from
ICF, which combines user experience, creative services, systems integration,
marketing, and e-commerce services into an integrated suite of capabilities
designed to meet commercial and government clients’ digital and interactive
About ICF International
ICF International (NASDAQ:ICFI) provides professional services and technology
solutions that deliver beneficial impact in areas critical to the world's
future. ICF is fluent in the language of change, whether driven by markets,
technology, or policy. Since 1969, we have combined a passion for our work
with deep industry expertise to tackle our clients' most important challenges.
We partner with clients around the globe—advising, executing, innovating—to
help them define and achieve success. Our more than 4,500 employees serve
government and commercial clients from more than 60 offices worldwide. ICF's
website is http://www.icfi.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 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 U.S. federal government agencies; and our ability
to acquire and successfully integrate businesses. These statements include
those that refer to ICF’s current expectations about the acquisition of
CITYTECH. Although ICF’s expectations are based on what management believes to
be reasonable assumptions, it cannot assure the expectations reflected in this
document will be achieved as they are subject to risks and uncertainties that
are difficult to predict and may be outside of ICF’s control. Such risks and
uncertainties include the possibility that the benefits anticipated from the
CITYTECH transaction will not be fully realized and other risks in connection
with the transaction. Other factors that could cause our actual results to
differ from those indicated in forward-looking statements are included in the
"Risk Factors" section of our securities filings with the Securities and
Exchange Commission. The forward-looking statements included herein are only
made as of the date hereof, and we specifically disclaim any obligation to
update these statements in the future.
Erica Eriksdotter, +1-703-934-3668
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