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Business Combination
6 Months Ended
Jun. 30, 2023
Business Combinations [Abstract]  
Business Combination

NOTE 13 – BUSINESS COMBINATION

CMY Solutions, LLC.

On May 1, 2023, the Company acquired CMY Solutions, LLC. (“CMY”), a privately-held company that provides engineering and automation solutions to utilities and organizations. The acquisition enhances ICF’s offerings in the field of power and energy advisory services.

As preliminary allocation of purchase consideration of $32.6 million, the Company recorded $10.0 million of intangible assets, $1.2 million in net working capital, and $21.4 million of goodwill. Intangible assets consist of $9.9 million related to existing customer relationships and $0.1 million related to trade names and trademarks. The acquisition of CMY is not material to the Company’s results of operations.