ICF International Inc. (NASDAQ: ICFI) said Tuesday it has agreed to purchase an information technology security firm it expects will generate revenue of $24 million this year, according to Associated Press.
The Fairfax, Va., policy, management and technology consulting company said it will buy Jacob & Sundstrom Inc. of Baltimore, which specializes in cybersecurity and identity management services for U.S. federal civilian and defense agencies. It employs about 160 people.
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ICF will fund the all-cash transaction through its credit line. It did not disclose how much it is paying for Jacob & Sundstrom.
It expects the transaction to add to earnings beginning in the first quarter of 2010.
Shares of ICF International fell $1.22, or 4.5 percent, to $25.78 in afternoon trading.
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