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ASGN Incorporated (ASGN) is a leading provider of professional staffing and IT solutions, operating across technology, digital, creative, engineering, and life sciences fields. The company serves both commercial and government sectors within the United States and internationally, offering a wide range of services through its three main segments: Apex, Oxford, and ECS.
The Apex segment specializes in supplying technology, digital, creative, scientific, and engineering professionals for contract, contract-to-hire, and permanent placement roles. Apex primarily caters to Fortune 1000 clients and mid-market companies, providing them with critical talent to drive their business operations.
The Oxford segment focuses on delivering highly specialized technology, digital, engineering, and life sciences staffing and consulting services. Known for its expertise in finding hard-to-reach talent, Oxford operates in various skill and geographic markets, ensuring that clients receive top-notch consultancy and staffing solutions.
The ECS segment is dedicated to providing advanced IT solutions, including cloud services, cybersecurity, artificial intelligence, machine learning, application modernization, and science and engineering. ECS serves both commercial enterprises and government entities, including the Department of Defense, intelligence agencies, and civilian agencies, with a strong focus on mission-critical solutions.
Established in 1985 and originally known as On Assignment, Inc., the company rebranded to ASGN Incorporated in April 2018. Headquartered in the United States, ASGN has built a robust reputation for its comprehensive service offerings and ability to meet the evolving needs of its diverse client base.
Recent Achievements and Projects:
- Expansion of cloud services and cybersecurity solutions through the ECS segment, serving both commercial and government clients.
- Strategic partnerships with Fortune 1000 companies to strengthen their digital and technological capabilities.
- Recognition in the industry for providing innovative staffing solutions that address gaps in the technology and life sciences sectors.
With a strong financial foundation and a commitment to delivering high-quality services, ASGN Incorporated continues to position itself as a key player in the professional staffing and IT solutions industry, maintaining a focus on growth and innovation to meet the demands of an ever-changing market.
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.
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.
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