ICF acquires tech, advisory services company

Reston-headquartered consulting and tech services provider ICF has acquired New York-based tech and advisory services company Applied Energy Group from Ameresco, it announced Tuesday.

Financial details of the transaction were not disclosed. Massachusetts-based energy efficiency and renewable energy company Ameresco acquired Applied Energy Group in 2011.

“This transaction aligns with our strategy to extend our capabilities in ICF’s growth areas, with specific emphasis on our energy markets advisory and technology-enabled services,” ICF Chair and CEO John Wasson said in a statement.

AEG has more than 100 utility management and demand-side energy experts, according to a news release. The company has a cloud-based energy tech platform that centralizes various demand-side management programs like energy efficiency and demand response.

AEG also provides advisory services including market assessments, potential energy studies, program planning, design, and implementation and evaluation services. It serves electric and gas utilities, state and local governments and state energy offices.

“We have successfully partnered with ICF on dozens of utility management projects and have a proven track record of delivering positive results for our clients,” Ingrid Rohmund, president and general manager of AEG, said in a statement. “As one team, I am confident we can significantly expand our revenue and reach.”

ICF projects AEG will generate approximately $30 million in annual revenue in 2024 at margins comparable to ICF’s overall commercial energy business, according to a news release. The company’s revenues are expected to increase by at least a mid-teens rate in 2025.

Founded in 1969, ICF has approximately 9,000 employees. During the past two decades, ICF has doubled in size every five years on average. It reported fiscal 2023 revenue of $1.96 billion, up 10% from the previous year.