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ASGN Incorporated has announced the acquisition of Iron Vine Security, a cybersecurity firm, enhancing its position in cybersecurity solutions. With a team of 230 professionals, Iron Vine will join ASGN's ECS Federal segment. The acquisition strengthens ASGN's offerings for federal clients, including agencies like the National Institutes of Health and Securities and Exchange Commission. ASGN plans to grant approximately $7 million in restricted stock unit awards to 36 Iron Vine employees post-acquisition, vesting over several years.
Positive
Acquisition of Iron Vine strengthens ASGN's cybersecurity capabilities.
Increases potential for securing large federal cybersecurity contracts.
Enhances ECS Federal's service offerings to existing federal clients.
Negative
Integration challenges may arise from merging with Iron Vine's operations.
Potential dilution of shares due to restricted stock unit awards.
Acquisition expands ASGN and ECS’ position as a leader in cybersecurity and zero trust solutions
RICHMOND, Va.--(BUSINESS WIRE)--
ASGN Incorporated (NYSE: ASGN), a leading provider of IT services and solutions, including technology and creative digital marketing, across the commercial and government sectors, announced today that it has acquired Iron Vine Security (“Iron Vine” or “the Company”), a leading cybersecurity company that designs, implements, and executes cybersecurity programs for federal customers. Iron Vine’s team of over 230 professionals will become part of ECS Federal, LLC, ASGN’s Federal Government Segment.
Founded in 2008 and headquartered in Washington, DC, Iron Vine delivers end-to-end, next-generation cybersecurity and zero-trust solutions, including cybersecurity program development, security engineering, security operations center (SOC) management, securities controls testing, cloud infrastructure security and digital forensics. The Company is entrusted to protect the critical IT assets of federal clients, including the National Institutes of Health, the Centers for Medicare and Medicaid Services, the Securities and Exchange Commission, the Census Bureau, the Millennium Challenge Corporation, the Department of Education and the Department of State, amongst others.
“We are very pleased to welcome Bill Geimer and his entire team of cybersecurity experts to ASGN,” said ASGN Chief Executive Officer Ted Hanson. “Iron Vine’s cybersecurity strength enhances ECS’ powerful solution set to enable the combined companies to capture some of today’s largest cybersecurity contracts across civilian, defense, and intelligence agencies.”
“ECS has enjoyed a longstanding partner relationship with Iron Vine,” said John Heneghan, ECS president. “We share a commitment to driving results for our customers by leveraging the latest technology along with leading cyber expertise. By combining and expanding our next-gen cybersecurity solutions and talented workforce, we strengthen our ability to deliver innovative solutions that protect our Nation’s most critical resources and move our customers’ missions forward.”
“We are very excited to join ECS and the broader ASGN family,” added Bill Geimer, CEO of Iron Vine. “Combining Iron Vine’s deep cyber expertise with ECS’ technical breadth will provide our combined customers access to an enriched offering of proven, innovative cybersecurity solutions and methodologies.”
In connection with the closing, ASGN expects to grant restricted stock unit awards to 36 Iron Vine employees who are not executives of ASGN on January 3, 2023, covering a number of shares of ASGN common stock having an aggregate value of approximately $7 million on the grant date. Subject to continued service to ASGN, these restricted stock unit awards will vest: (a) one-half on the second anniversary of the closing, and (b) 25 percent on each of the third and fourth anniversaries of the closing. The restricted stock unit awards are granted as employment inducement awards pursuant to the New York Stock Exchange rules.
Legal & Financial Advisors
ASGN retained Sullivan & Cromwell LLP as legal counsel and Iron Vine retained Holland & Knight as legal counsel and G Squared Capital Partners as financial advisor.
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.
Safe Harbor
Certain statements made in this news release are “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and involve a high degree of risk and uncertainty. Forward-looking statements include statements regarding our anticipated financial and operating performance.
All statements in this news release, other than those setting forth strictly historical information, are forward-looking statements. Forward-looking statements are not guarantees of future performance and actual results might differ materially. Please also refer to the 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, 2021 as filed with the SEC on March 1, 2022. We specifically disclaim any intention or duty to update any forward-looking statements contained in this news release.
