ASGN Incorporated (NYSE: ASGN), a leading provider of IT services and solutions, including technology and creative digital marketing, to all sectors of commerce and government, announced today that it has closed its previously announced acquisition of GlideFast Consulting LLC (“GlideFast” or “the Company”) for a total cash consideration of $ 350 million. GlideFast’s experienced team has been part of Apex Consulting Services within ASGN’s Commercial Segment.
GlideFast’s financial results will be included in the third quarter of ASGN’s 2022 finances from the acquisition date. The Company is expected to generate approximately $ 95 million in revenues for the entire year 2022 and mid-youth EBITDA margins. For 2023, GlideFast estimates revenue growth of approximately 30 percent in 2022 and mid-youth EBITDA margins. The GlideFast integration gives ASGN access to a $ 190 billion ServiceNow -met market.
“We are pleased to announce the closure of our acquisition of GlideFast,” said ASGN Chief Executive Officer, Ted Hanson. “This acquisition fits perfectly with our M&A strategy of acquiring in-demand digital solution capabilities that can be strategically acquired in our large account portfolio. ASGN has a long -standing Fortune 1000 account base, and GlideFast has leading -edge ServiceNow capabilities. Together, by implementing the ServiceNow platform, ASGN and GlideFast will support our customers in establishing a new digital layer that automates workflows and streamlines business processes. ”
In addition, in connection with the closing, ASGN is awarding restricted stock unit awards to 42 key GlideFast employees covering approximately 72,500 shares. Pursuant to continuing service with ASGN, these grants will provide: (a) half on the second anniversary of the grant date, and (b) 25 percent on each of the third and fourth anniversaries of the grant date. Restricted stock unit awards are awarded as employment awards in accordance with New York Stock Exchange rules.
About ASGN Incorporated
ASGN Incorporated (NYSE: ASGN) is a leading provider of IT services and solutions, including technology and creative digital marketing, across the commercial and government sectors. ASGN helps corporate enterprises and government organizations develop, implement and operate critical IT and business solutions through its integrated offering of professional staffing and IT solutions. For more information, visit us at asgn.com.
Certain statements made in the release of this news are “forward statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and involve a high level of risk and uncertainty. Forward-looking statements include statements about our expected financial and operational performance.
All statements in this news release, except those that present strictly historical information, are future statements. Future statements are not guarantees of future performance and actual results may differ significantly. In particular, we make no guarantees that the proposed revenue scenarios outlined above will be achieved. Additional examples of promising statements in this press release include, without limitation, statements about our ability to attract, train and retain qualified staffing consultants, the availability of qualified contract professionals, managing our growth, continuous performance and improvement of our business- extensive information system, our ability to handle our litigation matters, the successful merger of our acquired subsidiaries and other risks detailed from time to time in our reports filed with the SEC, including our Annual Report on Form 10-K for the year ended December 31.
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