ICF business grows as agencies seek advice
ICF’s core revenue in its fourth quarter of 2009 increases 57 percent over the fourth quarter of 2008
- By Matthew Weigelt
- Mar 15, 2010
The government’s demands for advisory and consulting services helped ICF International Inc. boost its 2009 fourth quarter revenue numbers well above 2008’s figures.
ICF’s revenue in its fourth quarter of 2009 increased to $174.1 million. The 57 percent increase over the $110.8 million reported in the fourth quarter of 2008 was driven by government demand and the acquisition of an advisory firm, according to a report the company released last week.
For all of 2009, the company’s revenue was $614.0 million, an increase of 42 percent from the $432.6 million reported for 2008.
“This was another quarter of strong growth for ICF,” said Sudhakar Kesavan, chairman and chief executive officer. “Our markets benefited from strong demand for both our advisory and implementation services from federal government clients.”
On Dec. 10, 2009, ICF completed its acquisition of Jacob and Sundstrom, an information technology firm specializing in cybersecurity and identity management services to federal civilian and defense agencies.
By combining ICF’s new cybersecurity services with its program management, risk assessment services and energy efficiency programs, which drove much of ICF’s commercial business, “we have significantly expanded the range of advisory and implementation services that ICF can offer to government and energy industry clients,” Kesavan said in the statement.
In the fourth quarter of 2009, ICF was awarded $124 million in contracts, including a five-year indefinite delivery, /indefinite quantity contract from the Army for human resources-related services. The contract could be worth as much as $1.3 billion.
Looking ahead, Kesavan said ICF’s growth reflects its success in leveraging its advisory expertise to win larger projects.
“We have entered 2010 with a solid backlog and a strong pipeline of opportunities,” he said.
ICF International, of Fairfax, Va.., ranks No. 99 on Washington Technology’s 2009 Top 100 list of the largest federal government prime contractors.
Matthew Weigelt is a freelance journalist who writes about acquisition and procurement.