Virginia-based Booz Allen has plenty of work and it’s still hiring

McLean, Virginia-based Booz Allen Hamilton, the largest government IT contractor and one of the largest employers in the D.C. region, ended its most recent quarter with a backlog of $28.6 billion in contracted work, and grew its head count by another 2.6%.

Booz Allen had $2.2 billion in revenue last quarter, its fiscal year 2023 first quarter, 13.1% more than a year earlier and $138.3 million in net income, compared to $92.1 million in the same quarter a year earlier.

The company ended the quarter with an employee count that was 733 higher than a year earlier. Booz Allen has about 18,000 employees in the D.C. region, making it the seventh-largest D.C. area employer, according to Washington Business Journal data.

Booz Allen also reaffirmed its forecast for the fiscal year, with revenue growth of as much as 9%.

Booz Allen recently established a $100 million venture capital fund to invest in early-stage technology companies, specifically in artificial intelligence and cybersecurity, in addition to its own recent acquisitions.

Recent investments include artificial intelligence startups Synthetaic, Latent AI and Reveal Technology.

In 2021, it made one of its largest acquisitions, Herndon, Virginia-based IT modernization contractor Liberty IT Solutions, in a deal valued at $725 million.

Last month, the Department of Justice filed an antitrust lawsuit to block Booz Allen’s planned acquisition of Reston, Virginia-based cybersecurity company EverWatch, citing anti-competitive concerns.

“We strongly disagree with the Department of Justice’s characterization of the proposed $440 million, approximately 500-person EverWatch transaction. We believe the acquisition would bring together two companies with complementary capabilities to support our collective national security interests and would enhance competition overall in an industry that is highly competitive,” Booz Allen said June 30 in response to the DOJ suit.

Jeff Clabaugh

Jeff Clabaugh has spent 20 years covering the Washington region's economy and financial markets for WTOP as part of a partnership with the Washington Business Journal, and officially joined the WTOP newsroom staff in January 2016.

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