Department of Labor Selects ICF for New $14 Million Workforce Development Contract

Rhea-AI Summary

The U.S. Department of Labor has awarded ICF a $14 million contract for a five-year term to provide technical assistance for apprenticeship programs. This contract will support the agency's Apprenticeship Building America initiative and the Regional Apprenticeship Technical Assistance Centers of Excellence. ICF's extensive expertise in workforce development will help prepare individuals for high-paying jobs, aiming to reduce unemployment rates and enhance economic opportunities. ICF's experience in running DOL apprenticeship programs positions it well to leverage these initiatives effectively.

Positive

• Secured a $14 million contract from the U.S. Department of Labor for apprenticeship programs.
• Contract has a five-year term, indicating stable revenue for the future.
• ICF's expertise in workforce development and past experience with DOL can enhance program effectiveness.

Negative

• None.

Company Will Support Apprenticeship Programs to Help Prepare the Future Workforce

FAIRFAX, Va., July 27, 2022 /PRNewswire/ -- The U.S. Department of Labor (DOL) has awarded global consulting and digital services provider ICF (NASDAQ:ICFI) a new $14 million contract to provide technical assistance and coaching support to its apprenticeship programs. The contract, which was awarded by the Office of Apprenticeship, has a term of five years, including a one-year base and four one-year options.

ICF will bring its extensive workforce development, technical assistance and training, and human capital expertise, and years of experience running DOL apprenticeship programs, to support the agency's Apprenticeship Building America grant program and Regional Apprenticeship Technical Assistance Centers of Excellence.

"ICF is at the forefront of work-based learning—designing and supporting the development of registered apprenticeship programs that prepare youth and adults for sustainable, high-paying jobs while anticipating the needs of tomorrow's economy," said Mark Lee, ICF executive vice president and public sector lead. "We are excited to continue to help DOL leverage the full potential of its apprenticeship programs, a positive step toward lowering unemployment rates and providing economic opportunity for all Americans."

ICF has extensive experience with making those key connection points between employee skill sets, strategic organization goals and workforce motivation. The company provides work-based learning strategies, employment programs, job-readiness assessments and capacity-building tools to public and private organizations across the country to improve workforce and economic outcomes.

Read more about ICF's social programs and workforce development services.

About ICF

ICF is a global consulting services company with approximately 8,000 full- and part-time employees, but we are not your typical consultants. 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 U.S. federal government agencies; our ability to acquire and successfully integrate businesses; and the effects of the novel coronavirus disease (COVID-19) and related federal, state and local government actions and reactions on the health of our staff and that of our clients, the continuity of our and our clients' operations, our results of operations and our outlook. These and other factors that could cause our actual results to differ from those indicated in forward-looking statements that are included in the "Risk Factors" section of our securities filings with the Securities and Exchange Commission. The forward-looking statements included herein are only made as of the date hereof, and we specifically disclaim any obligation to update these statements in the future.

Contact: Lauren Dyke, lauren.dyke@ICF.com, +1.571.373.5577

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SOURCE ICF

FAQ

What is the value of the contract awarded to ICF by the Department of Labor?

ICF has been awarded a $14 million contract by the U.S. Department of Labor.

How long is the contract that ICF received from the Department of Labor?

The contract awarded to ICF is for a five-year term.

What will ICF provide under the newly awarded Department of Labor contract?

ICF will provide technical assistance and coaching support for apprenticeship programs.

Which government initiative is ICF's contract supporting?

ICF's contract supports the Apprenticeship Building America initiative.

What is ICF's experience related to government contracts?

ICF has extensive experience running Department of Labor apprenticeship programs.