ICF International to purchase IT security firm

AP News
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Posted: Dec 01, 2009 10:19 AM

ICF International Inc., a policy, management and technology consulting company, said Tuesday it has agreed to purchase an information technology security firm it expects will generate revenue of $24 million this year.

The Fairfax, Va., company said it will buy Jacob & Sundstrom Inc. of Baltimore, which specializes in cybersecurity and identity management services for U.S. federal civilian and defense agencies. It employs about 160 people.

ICF will fund the all-cash transaction through its credit line. It did not disclose how much it is paying for Jacob & Sundstrom.

It expects the transaction to add to earnings beginning in the first quarter of 2010.

Shares of ICF International fell $1.60, or 5.9 percent, to $25.40 in morning trading.