Pennsylvania Selects ICF for $64 Million Data Modernization Contract
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.
Key Figures
Market Reality Check
Peers on Argus
ICFI was up 1.39% while close consulting peers were mixed: e.g., CRAI +1.47%, FCN +0.86%, but DGNX -15.79% and HURN -1.40%. With no peers in the momentum scanner and no same-day peer news, today’s move appears company-specific to this $64M Pennsylvania contract.
Historical Context
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Jan 13 | European contracts win | Positive | +1.9% | New EU-wide communication contracts with nearly $300M ceiling value. |
| Dec 15 | Maryland contract award | Positive | +1.1% | Selected under Maryland’s $300M-ceiling digital experience contract vehicle. |
| Dec 08 | Employer recognition | Positive | +0.8% | Named a Best Company to Work For with innovation recognition. |
| Dec 03 | Investor conference | Neutral | +1.9% | Participation in Sidoti virtual investor conference and webcast. |
| Oct 30 | Leadership changes | Neutral | -0.1% | CFO retirement and new executive leadership roles announced. |
Recent positive contract and reputational news (European awards, Maryland contract, employer recognition) all saw modestly positive next-day moves, suggesting the stock has historically responded constructively to similar wins.
Over the past few months, ICF has reported several growth and reputational milestones. On Oct 30, 2025, it announced executive leadership changes and Q3 results, followed by a small -0.15% move. Subsequent news skewed positive: European contracts with a $300M ceiling on Jan 13, 2026 and Maryland’s $300M-ceiling digital contract on Dec 15, 2025 both coincided with gains of 1.87% and 1.12%, respectively. Employer recognition and conference participation also aligned with modestly positive price reactions, framing today’s $64M Pennsylvania award as part of an ongoing contract-win narrative.
Market Pulse Summary
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.
AI-generated analysis. Not financial advice.
Scalable Solution Will Drive Operational and Cost Efficiencies
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
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
Contact: Lauren Dyke, lauren.dyke@ICF.com, +1.571.373.5577
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SOURCE ICF
FAQ
What did ICF (ICFI) announce on January 22, 2026?
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