ASGN Incorporated to acquire GlideFast Consulting, an Elite ServiceNow Partner


RICHMOND, Virginia–(BUSINESS WIRE)–ASGN Incorporated (NYSE:ASGN), a leading provider of IT services and solutions, including technology and creative digital marketing, to the commercial and government sectors, today announced the signing of a a definitive agreement to acquire GlideFast Consulting LLC (“GlideFast” or “the Company”), an elite ServiceNow partner and leading IT consulting, implementation and development firm, for $350 million in species. The transaction, which is subject to Hart-Scott-Rodino (HSR) and other customary closing conditions, is expected to close in early July 2022.

Founded in 2015 and based in Waltham, Massachusetts, GlideFast provides custom solutions and professional services for ServiceNow implementations, integrations, managed support and application development. With over 1,800 certifications and 1,500 ServiceNow projects completed, GlideFast was recently named the 2022 ServiceNow Americas Elite Segment Partner of the Year. GlideFast’s experienced team of over 350 consultants across the United States, Canada and India will be part of Apex Consulting Services. ServiceNow is quickly becoming the go-to operating system for companies around the world looking to optimize their processes and digitize their entire business. The cloud-based digital workflow platform reported 30.5% revenue growth in the first quarter of 2022 at constant currencies and expects similar revenue growth in the second quarter.

Backed by an active pipeline and more than 150 active customers, GlideFast is expected to generate approximately $95 million in full-year 2022 revenue and mid-teens EBITDA margins. The results of GlideFast will be included in the results of ASGN from the date of acquisition. For 2023, GlideFast estimates revenue growth of approximately 30% over 2022 and EBITDA margins in the mid-teens. These estimates do not include any revenue synergies related to ASGN’s current opportunity pipeline.

“In line with our three-year strategic growth plan, our acquisition of GlideFast supports ASGN’s commitment to acquire in-demand business consulting firms whose growth, combined with anticipated revenue synergies and organic growth from our underlying businesses, will bring ASGN closer to our goal of $6 billion in revenue by 2024,” said ASGN Chief Executive Officer Ted Hanson. “By aligning our current IT consulting offerings with those of GlideFast’s expertise, we will relaunch our ServiceNow business within Apex Consulting Services and have immediate access to an industry-leading sales force and consulting team. Together, we will ensure that ASGN’s business customers have the talent to drive the next generation of business process modernization.

With a total addressable market for the ServiceNow platform estimated at approximately $190 billion by ServiceNow, there’s a long streak ahead of the combined companies. Like that of Apex Systems, GlideFast’s customer base spans multiple verticals, including TMT (telecom, media, technology), financial services, consumer goods and industrials, business and government services, and healthcare. health.

“We look forward to welcoming GlideFast to the ASGN and building a team of world-class ServiceNow consultants together,” said ASGN President Rand Blazer. “With significant customer synergies as well as the cultural similarities between our two businesses, we will quickly and strategically expand GlideFast’s operations within our current customer base, while leveraging their value-added services and proven track record to leverage part of our new business pipeline growth.

“GlideFast is the 2022 Global Elite Partner of the Year. We are excited to continue to grow our ServiceNow practice by providing best-in-class implementation services to ASGN’s Fortune 1000 customers. This investment from ASGN will significantly enhance our ability to serve the ServiceNow market,” concluded GlideFast CEO Michael Lombardo.

Updates to previously announced financial estimates for the second quarter of 2022

ASGN also confirmed today that it expects second quarter 2022 revenue to be within the previously reported range of $1,108.0 million to $1,128.0 million. It also expects adjusted EBITDA for the quarter to exceed the high end of the previously reported range of $135.0 million to $140.0 million, primarily due to a higher estimated revenue mix. business advice.

About ASGN Incorporated

ASGN Incorporated (NYSE: ASGN) is a leading provider of IT services and solutions, including technology and creative digital marketing, to the commercial and government sectors. ASGN helps enterprises and government organizations develop, implement and operate critical IT and business solutions through its integrated offering of professional staffing and IT solutions. For more information, visit us at asgn.com.

Safe Harbor

Certain statements made in this press release are “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and involve a high degree of risk and uncertainty. Forward-looking statements include statements regarding our anticipated financial and operating performance.

All statements contained in this press release, other than those containing strictly historical information, are forward-looking statements. Forward-looking statements are not guarantees of future performance and actual results may differ materially. In particular, we do not guarantee that the proposed revenue scenarios described above will be achieved. Other examples of forward-looking statements in this press release include, but are not limited to, statements regarding our ability to attract, train and retain qualified recruitment consultants, the availability of qualified contract professionals, the management of our growth, the continued performance and improvement of our business. extensive information systems, our ability to manage our litigation, the successful integration of our acquired subsidiaries, and other risks detailed from time to time in our reports filed with the SEC, including our Annual Report on Form 10-K for the fiscal year ended December 31, 2021 as filed with the SEC on March 1, 2022. We specifically disclaim any intention or obligation to update any forward-looking statements contained in this press release.

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