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Everforth, Inc. (formerly ASGN Incorporated) reports developments tied to its technology and digital engineering business for commercial enterprises and U.S. government customers. Company updates commonly cover operating results, segment demand, contract activity, share repurchases, acquisitions, and the completed corporate name and NYSE ticker transition from ASGN to EFOR.
The company’s recurring news themes include AI and data, cloud and infrastructure, digital engineering, customer experience, cybersecurity, enterprise platforms, offshore delivery, and brand integration across its operating businesses. Federal updates include Everforth ECS, an IT systems integrator serving defense, intelligence, and federal civilian agencies, while commercial updates include Apex Systems partnerships and services for data, cloud, and FinOps programs.
ECS has been awarded a Blanket Purchase Agreement (BPA) valued at $61.3M by the NOAA Office of Marine and Aviation Operations. This BPA extends a 25-year partnership, enabling ECS to provide technology and logistics support aimed at optimizing NOAA's fleet operations. The agreement includes areas such as strategic planning, system design, and lifecycle management.
ECS has been recognized as an AWS Managed Service Provider Partner for the eighth consecutive year, affirming its commitment to delivering advanced cloud solutions. This designation comes after passing a strict third-party audit demonstrating operational excellence across AWS services. ECS's offerings help customers navigate the AWS cloud adoption lifecycle, ensuring cost savings, flexibility, and enhanced cybersecurity. As part of ASGN, ECS continues to play a pivotal role in the public sector and defense markets, backed by over 3,500 employees nationwide.
ECS has secured a multiple award IDIQ contract to provide application development support to the Federal Communications Commission (FCC). This initiative aims to enhance operational efficiency at the FCC Information Technology Center through project management, software development, and documentation services. ECS will collaborate closely with other contractors to elevate service delivery and improve stakeholder experience. The award underscores ECS's commitment to delivering secure and scalable IT solutions, furthering its partnership with the FCC.
BV Investment Partners announced the sale of GlideFast Consulting, an Elite ServiceNow Partner, to ASGN Incorporated (NYSE: ASGN). GlideFast, founded in 2015 and headquartered in Waltham, Massachusetts, specializes in ServiceNow implementations and support services. Since BV's investment in 2020, GlideFast has expanded significantly, becoming the largest dedicated ServiceNow partner and earning the 2022 Global Elite Partner of the Year title. The transaction, subject to closing conditions, is expected to finalize in July 2022.
ASGN Incorporated (NYSE: ASGN) has signed a definitive agreement to acquire GlideFast Consulting LLC for $350 million in cash. This strategic move will enhance ASGN's presence in the rapidly growing ServiceNow marketplace, aiming for revenues of $6 billion by 2024. GlideFast, an elite ServiceNow Partner with over 1,500 completed ServiceNow projects, is projected to generate about $95 million in revenue in 2022. The acquisition is expected to close in early July 2022 and will support ASGN’s strategic growth plan.
ASGN Incorporated (NYSE: ASGN), a leading provider of IT services, announced its participation in several upcoming conferences: the Cowen 50th Annual Technology, Media & Telecom Conference on June 2, 2022, the Baird 2022 Global Consumer, Technology, & Services Conference on June 6, 2022, and the William Blair Growth Stock Conference on June 8, 2022. At these events, ASGN will present and engage in investor meetings. Live webcasts of the Cowen and William Blair presentations will be accessible on ASGN's investor relations website.
ECS has secured a $19 million contract to enhance the Marine Corps’ M-SHARP, a pivotal web-based training management system. This three-year agreement will focus on operational software engineering, user support, and cloud hosting maintenance. The contract extends ECS's ongoing relationship with the USMC, facilitating improved flight operations and combat readiness. Previously, ECS modernized the training modules and migrated the system to a secure cloud environment, boosting performance. This partnership aligns with the Marine Corps' Force Design 2030 initiative.
ECS, a prominent player in advanced technology, has announced a donation exceeding $4 million to the U.S. Naval Academy for the Advanced Cyber Threat Defense (ACTD) platform. This donation will support the Center for Cyber Security Studies at Hopper Hall, enhancing cyber warfare education for midshipmen. The ACTD platform is currently utilized by various Department of Defense networks, offering robust cybersecurity solutions. This initiative aims to empower the next generation of cyber professionals for the U.S. military and broader national security.
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ASGN reported strong Q1 2022 financial results, surpassing guidance with revenues of $1.1 billion, up 20.3% year-over-year. Income from continuing operations reached $67.6 million, reflecting a 57.9% increase. Adjusted EBITDA was $134.8 million, or 12.4% of revenues, marking a 39.1% rise. Share repurchases totaled $76.9 million. A new CFO, Marie Perry, will succeed Ed Pierce in August. The company projects second quarter 2022 revenues between $1.108 billion and $1.128 billion. ASGN aims for $6 billion in revenue by 2024.