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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.
Positive
Acquisition of GlideFast Consulting for $350 million to strengthen ServiceNow offerings.
Projected revenue of GlideFast for 2022 is approximately $95 million with mid-teen EBITDA margins.
GlideFast's anticipated revenue growth of 30% in 2023 compared to 2022.
The acquisition aligns with ASGN's goal of $6 billion in revenues by 2024.
Negative
None.
Upon the close of the acquisition, ASGN will become a major player in the large and growing ServiceNow marketplace
ASGN Provides Updates to its Previously-Announced Financial Estimates for Q2 2022
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 signed a definitive agreement to acquire GlideFast Consulting LLC (“GlideFast” or “the Company”), an elite ServiceNow Partner and leading IT consulting, implementation and development company, for $350 million in cash. The transaction, which is subject to Hart-Scott-Rodino (HSR) and other customary closing conditions, is expected to close in early July 2022.
Founded in 2015 and headquartered in Waltham, Massachusetts, GlideFast provides tailored solutions and professional services for ServiceNow implementations, integrations, managed support and application development. With more than 1,800 certifications and 1,500 completed ServiceNow projects, GlideFast was recently named the 2022 ServiceNow Americas Elite Segment Partner of the Year. GlideFast’s experienced team of over 350 consultants across the United States, Canada and India will become part of Apex Consulting Services. ServiceNow is quickly becoming the go-to operating system of enterprises worldwide looking to optimize their processes and digitize their entire businesses. The cloud-based digital workflow platform saw 30.5 percent revenue growth in the first quarter of 2022 on a constant-currency basis and is anticipating similar topline growth in the second quarter.
Supported by an active pipeline and over 150 active customers, GlideFast is expected to generate approximately $95 million in revenues for the full year 2022 and EBITDA margins in the mid-teens. GlideFast’s results will be included in ASGN’s results from the date of acquisition. For 2023, GlideFast estimates revenue growth of approximately 30 percent over 2022 and EBITDA margins in the mid-teens. These estimates do not include any revenue synergies related to ASGN’s current pipeline of opportunities.
“Consistent with our three-year strategic growth plan, our acquisition of GlideFast supports ASGN’s commitment to acquire in-demand commercial consulting companies whose growth, combined with anticipated revenue synergies and the organic growth of our underlying business, will bring ASGN closer to our goal of $6 billion in revenues by 2024,” said ASGN Chief Executive Officer, Ted Hanson. “By aligning our current IT consulting offerings with that of GlideFast’s expertise, we will jumpstart our ServiceNow business within Apex Consulting Services and immediately gain access to an industry-leading salesforce and consulting team. Together, we will ensure that ASGN’s commercial client base has the right talent to push forward the next generation of enterprise business process modernization.”
With a total addressable market for the ServiceNow platform estimated at approximately $190 billion by ServiceNow, there is a long runway ahead for the combined companies. Like that of Apex Systems, GlideFast’s client base is across multiple industry verticals, including TMT (Telecom, Media, Technology), Financial Services, Consumer and Industrials, Business & Government Services and Healthcare.
“We look forward to welcoming GlideFast to ASGN and together building a world-class ServiceNow consulting team,” said ASGN President, Rand Blazer. “With significant client synergies along with the cultural similarities amongst our two businesses, we will quickly and strategically scale GlideFast’s operations within our current customer base, while at the same time leverage their value-added services and proven track record to build upon our growing new business pipeline.”
“GlideFast is the 2022 Global Elite Partner of the year. We are excited to continue to expand our ServiceNow practice by delivering top notch implementation services to ASGN’s Fortune 1000 customers. This investment from ASGN will greatly enhance our ability to serve the ServiceNow marketplace,” concluded GlideFast CEO, Michael Lombardo.
Updates to Previously-Announced Financial Estimates for Q2 2022
ASGN also reconfirmed today that it expects revenues for the second quarter 2022 will be within its previously-announced range of $1,108.0 million to $1,128.0 million. It also expects Adjusted EBITDA for the quarter will exceed the high-end of its previously-announced range of $135.0 million to $140.0 million mainly as a result of an estimated higher mix of commercial consulting revenues.
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. In particular, we make no assurances that the proposed revenue scenarios outlined above will be achieved. Additional examples of forward-looking statements in this press release include, without limitation, statements regarding our ability to attract, train and retain qualified staffing consultants, the availability of qualified contract professionals, management of our growth, continued performance and improvement of our enterprise-wide information systems, our ability to manage our litigation matters, the successful integration 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, 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.
