Pennsylvania Selects ICF for $64 Million Data Modernization Contract

ICF (NASDAQ:ICFI) was awarded a $64 million contract by the Pennsylvania Insurance Department to modernize and operate its environmental claims management system for the Pennsylvania Underground Storage Tank Indemnification Fund.

Rhea-AI Summary

ICF (NASDAQ:ICFI) was awarded a $64 million contract by the Pennsylvania Insurance Department to modernize and operate its environmental claims management system for the Pennsylvania Underground Storage Tank Indemnification Fund.

The recompete contract includes a five-year base period plus a five-year option. ICF will migrate core Fund Management System applications to the cloud, deliver real-time analytics, and use data and automation to improve performance, reliability, security, and operational and cost efficiencies.

Positive

• $64 million contract award by Pennsylvania Insurance Department
• Contract structure: 5-year base + 5-year option
• Cloud migration of core Fund Management System applications
• Real-time analytics and automation to streamline state workflows

Negative

• None.

Argus Jan 23 session

+1.17% close to close Open Argus

Details

News Market Reaction – ICFI

In the Jan 23 session, ICFI gained 1.17%, reflecting a mild positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

Market Context

This announcement adds a $64M Pennsylvania data modernization recompete to ICF’s growing portfolio o...

Analysis

This announcement adds a $64M Pennsylvania data modernization recompete to ICF’s growing portfolio of government digital projects. The five-year base term plus a five-year option supports longer-term revenue visibility in environmental claims and fund management systems. Set against recent large European and Maryland awards, it reinforces a theme of recurring public-sector wins. Investors may watch upcoming earnings, backlog trends, and execution on these multi-year contracts as key indicators of durability.

Key Figures

Contract value: $64 million Base period: 5 years Option period: 5 years

Contract value

$64 million

Pennsylvania Insurance Department data modernization contract

Base period

5 years

Recompete contract base period

Option period

5 years

Single option period on Pennsylvania contract

Historical Context

5 past events · Latest: Jan 13

5 events

1. Jan 13

   European contracts win

   24h Move

   +1.9%

   New EU-wide communication contracts with nearly $300M ceiling value.

2. Dec 15

   Maryland contract award

   24h Move

   +1.1%

   Selected under Maryland’s $300M-ceiling digital experience contract vehicle.

3. Dec 08

   Employer recognition

   24h Move

   +0.8%

   Named a Best Company to Work For with innovation recognition.

4. Dec 03

   Investor conference

   24h Move

   +1.9%

   Participation in Sidoti virtual investor conference and webcast.

5. Oct 30

   Leadership changes

   24h Move

   -0.1%

   CFO retirement and new executive leadership roles announced.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Scalable Solution Will Drive Operational and Cost Efficiencies

RESTON, Va., Jan. 22, 2026 /PRNewswire/ -- ICF (NASDAQ:ICFI), a leading global solutions and technology provider, was recently awarded a $64 million contract by the Pennsylvania Insurance Department to modernize and operate its environmental claims management system. The recompete contract has a five-year base period with one five-year option period.

ICF will build a scalable, modernized Fund Management System (FMS) to support the Pennsylvania Underground Storage Tank Indemnification Fund (PA USTIF). The company will migrate core FMS applications to the cloud to improve and accelerate service delivery. The new platform will leverage data and automation to streamline state workflows; improve performance, reliability and security; deliver real-time analytics; and drive operational and cost efficiencies.

"Leveraging our expertise in applied design, data and leading technologies, as well as environmental planning, we're working to simplify and optimize the delivery of government services," said David Birken, ICF senior vice president for digital modernization and experience. "We look forward to delivering a modernized, cohesive system that accelerates responsible and compliant management across Pennsylvania and improves health and environmental outcomes."

ICF combines technology solutions with local staff who have deep, industry-specific expertise to help state and local governments deliver more with less. Working with various states nationwide, ICF has achieved measurable results in building stronger, more resilient communities. 

About ICF

ICF is a leading global solutions and technology provider with approximately 9,000 employees. At ICF, business analysts and policy specialists work together with digital strategists, data scientists and creatives. We combine unmatched industry expertise with cutting-edge engagement capabilities to help organizations solve their most complex challenges. Since 1969, public and private sector clients have worked with ICF to navigate change and shape the future. Learn more at icf.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; our ability to acquire and successfully integrate businesses; and various risks and uncertainties related to health epidemics, pandemics, and similar outbreaks. These and other factors that could cause our actual results to differ from those indicated in forward-looking statements that 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.

Contact: Lauren Dyke, lauren.dyke@ICF.com, +1.571.373.5577

View original content to download multimedia:https://www.prnewswire.com/news-releases/pennsylvania-selects-icf-for-64-million-data-modernization-contract-302668192.html

SOURCE ICF

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What did ICF (ICFI) announce on January 22, 2026?

ICF announced a $64 million contract to modernize and operate Pennsylvania's environmental claims management system.

How long is the Pennsylvania contract awarded to ICF (ICFI)?

The award has a five-year base period with a five-year option.

What will ICF (ICFI) deliver under the $64 million Pennsylvania contract?

ICF will build a modern Fund Management System, migrate core applications to the cloud, and provide real-time analytics and automation.

How will the new platform affect Pennsylvania operations under ICF's contract?

The platform is intended to improve performance, reliability, security, and drive operational and cost efficiencies.

Which fund does ICF (ICFI) support with the new system in Pennsylvania?

The project supports the Pennsylvania Underground Storage Tank Indemnification Fund (PA USTIF).