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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.
ASGN, a leading provider of IT and professional services, announced two major transactions: the sale of its Oxford Global Resources unit to H.I.G. Capital for $525 million and the acquisition of Avaap's Infor Business Unit for $86 million. The Oxford sale, which accounted for 11.6% of ASGN's revenues, will be reported as Discontinued Operations, and the net proceeds are expected to be approximately $400 million post-tax. Concurrently, ASGN revised its Q2 2021 guidance, projecting revenue growth of 15.4% to 16.6% and increased income estimates, reflecting improved operating performance.
ECS, part of ASGN, has been recognized as an AWS Managed Service Provider (MSP) Partner for the seventh consecutive year, showcasing its expertise in delivering cloud solutions using AWS technology. This designation follows a thorough third-party audit confirming ECS's operational excellence and commitment to supporting enterprises through the entire cloud adoption lifecycle. Additionally, ECS has retained its AWS Premier Consulting Partner status for six years. The company caters to diverse clients, including government agencies and Fortune 1000 firms, emphasizing reliable and secure cloud services.
ASGN Incorporated (NYSE: ASGN) announced the appointment of Maria R. Hawthorne to its Board of Directors, effective June 17, 2021. With over 35 years of expertise in financial strategies and operational leadership, Ms. Hawthorne previously served as President and CEO of PS Business Parks, Inc., where she achieved double-digit shareholder returns. Her experience includes enhancing corporate governance and digital transformation initiatives. ASGN also meets its goal of having at least three female directors by 2022 ahead of schedule with this appointment, strengthening its leadership team.
Oxford Global Resources has enhanced its SAP partnership by delivering a partner managed cloud for SAP Enable Now, focusing on comprehensive training solutions. This expansion is aimed at increasing productivity, reducing costs, and improving client training experiences. The company has been part of the SAP PartnerEdge program since 2017, providing senior-level consultants. With over 20 years of experience, Oxford aims to support companies in achieving their growth and business objectives effectively.
ASGN reported strong Q1 2021 financial results, with revenues of $1,025.7 million, up 3.6% year-over-year. Net income rose to $48.7 million ($0.91 per share), an increase of 11.1% compared to Q1 2020. Adjusted EBITDA also improved to $108.6 million, or 10.6% of revenues. The Federal Government segment saw a significant revenue increase of 21.2% year-over-year. The company announced a new $250 million stock repurchase program, enhancing shareholder value. Cash and equivalents stood at $386.5 million.
ASGN Incorporated (NYSE: ASGN) will release its first quarter 2021 financial results on April 28, 2021, at approximately 4:15 p.m. EDT, followed by a conference call at 4:30 p.m. EDT hosted by CEO Ted Hanson. Prepared remarks will be available on the company's website prior to the call. Investors can join the call by dialing 877-407-0792 or +1-201-689-8263 from outside the U.S. A replay will be accessible from 7:30 p.m. EDT on April 28 until May 12, 2021, using the access code 13718057. More information can be found at www.asgn.com.
ASGN Incorporated (NYSE: ASGN) has released its second annual Environmental Social Governance (ESG) Report, highlighting its commitment to sustainability. The report is interactive, allowing users to analyze data through the Sustainability Accounting Standards Board or MSCI frameworks, and tracks ASGN's ESG progress back to 2017. CEO Ted Hanson emphasized the company's commitment to ESG causes, especially in the post-pandemic landscape, and outlined future goals including establishing a carbon usage baseline and creating a Green Leasing Policy. More details are available at asgn.com/sustainability.
ASGN Incorporated (NYSE: ASGN) has announced a change in Chairmanship, with current Chairman Jeremy Jones retiring on June 18, 2021, after 26 years of service. Arshad Matin, an independent director since 2014, will succeed him. Under Jones, ASGN's market cap grew from $130 million to approximately $5 billion. The company has also appointed two new independent directors, Carol Lindstrom and Vice Admiral Joseph W. Dyer, enhancing its Board with diverse expertise. ASGN emphasizes the importance of robust corporate governance and aims to achieve gender equality on its Board by 2022.
Encantado Technical Solutions, a joint venture of Edgewater and ECS, has secured a prime award for the Sandia National Laboratories contract valued between $400 million and $700 million. This seven-year contract will provide comprehensive IT support to Sandia, enhancing services for approximately 14,000 users and 150,000 devices. The contract will employ Agile methodologies and improve mission computing capabilities, creating new jobs in Albuquerque and Livermore. Encantado's commitment to local communities includes launching a nonprofit to advance STEM initiatives.
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