IT Service firms are providers of computer, network and Internet-related consulting, design, management and programming services. While valuations for IT services technology companies are lower, on a relative basis, than SaaS and software companies, deal velocity in the sector is increasing for the right kinds of companies. Regional firms with scale, as well as smaller firms with high-value specializations, are in demand globally.
ICF International acquires CITYTECH
CITYTECH, Inc., a Chicago-based digital interactive consultancy
CITYTECH's strong specialization in the Adobe content marketing suite, formerly of Day Software, drew the attention of major acquirers, including global services provider ICF International. A leading partner with Adobe, CITYTECH was a complementary fit with ICF Interactive, a service offering from ICF, which combines user experience, creative services, systems integration, marketing, and e-commerce services into an integrated suite of capabilities designed to meet commercial and government clients’ digital and interactive business needs.
"After several conversations, even flying to multiple offices, we began to learn that our team was going to stay intact, we were going to be part of a growing part of the business, and really able to make a difference and move the needle," said CITYTECH co-founder Matt Van Bergen. "All those things were very important to us to moving forward, while the mechanics of the deal, the valuations, the terms and things like that, we had a great partner in Corum to help lead us through that."
Hear more from Matt Van Bergen on his M&A experience - MP3 Audio
Announcement Date: March 17, 2014
Deal Value: Undisclosed