Press Release Archives - Parsons Corporation Infrastructure, Defense, Security, and Construction Mon, 09 Sep 2024 19:15:18 +0000 en-US hourly 1 Parsons Corporation Named to S&P MidCap 400 /2024/09/parsons-corporation-named-to-sp-midcap-400/ Mon, 09 Sep 2024 20:06:00 +0000 /?p=29124 CHANTILLY, Va. (September 9, 2024) – Parsons Corporation (NYSE: PSN) announced today that the company has been named to S&P Dow Jones Indices prestigious S&P MidCap 400 Index, effective prior […]

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CHANTILLY, Va. (September 9, 2024) – Parsons Corporation (NYSE: PSN) announced today that the company has been named to S&P Dow Jones Indices prestigious S&P MidCap 400 Index, effective prior to the open of trading on September 23, 2024. The company, which celebrated its 80th anniversary earlier this year, is a leading disruptive technology provider in the national security and global infrastructure markets, with capabilities across cyber and intelligence, space and missile defense, transportation, environmental remediation, urban development, and critical infrastructure protection.

“We are honored for Parsons to join the S&P MidCap 400 Index. This accomplishment is a testament to the continued success of our talented workforce and their commitment to successfully delivering on our customers’ missions around the world,” said Carey Smith, Parsons’ Chair, President, and Chief Executive Officer. “Together, we have transformed the company into a high-value solutions provider that is capitalizing on strong tailwinds across our six core end markets. Joining this prestigious list of companies is an important milestone in our storied history and reflects our momentum in creating the future of global infrastructure and national security ahead.”

In 2023, Parsons generated record organic revenue growth of more than 20% in both business segments, along with record results since its initial public offering for total revenue, net income, adjusted EBITDA, operating cash flow, and contract awards. That momentum continued through the first half of 2024, with the company reporting organic growth of more than 20% for both the first and second quarter of 2024. Parsons was also named one of the World’s Most Ethical Companies by Ethisphere for the 15th consecutive year in 2024, reinforcing the critical importance of ethics and integrity in driving a culture of performance, along with numerous other recognitions for hiring and workforce culture.

About Parsons

Parsons (NYSE: PSN) is a leading disruptive technology provider in the national security and global infrastructure markets, with capabilities across cyber and intelligence, space and missile defense, transportation, environmental remediation, urban development, and critical infrastructure protection. Please visit Parsons.com and follow us on LinkedIn and Facebook to learn how we’re making an impact.

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Parsons Supports U.S. Indo-Pacific Defense With $68.5 Million U.S. Army Infrastructure Contract /2024/09/parsons-supports-u-s-indo-pacific-defense-with-68-5-million-u-s-army-infrastructure-contract/ Mon, 09 Sep 2024 12:27:13 +0000 /?p=29121 CHANTILLY, VA. (September 9, 2024) – Parsons Corporation (NYSE: PSN) announced today that the company was awarded a contract by the United States Army Corps of Engineers (USACE) Honolulu District […]

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CHANTILLY, VA. (September 9, 2024) – Parsons Corporation (NYSE: PSN) announced today that the company was awarded a contract by the United States Army Corps of Engineers (USACE) Honolulu District to provide the design-bid-build delivery of new U.S. Army housing units in the Kwajalein Atoll in the Republic of the Marshall Islands. The three-year, $68.5 million single-award contract is new work for the company.

Parsons was also selected by the USACE Honolulu District as a successful offeror on the district’s Pre-Qualified Source Listing (PQSL), making the company eligible to receive future large task orders valued at $50 million or more in the district’s area of responsibility.

“Parsons is a trusted delivery partner to the U.S. Army Corps of Engineers in advancing infrastructure projects that advance U.S. Indo-Pacific Command,” said Jon Moretta, President, Engineered Systems for Parsons. “This award expands our work in the Kwajalein Atoll, a uniquely complex environment for infrastructure due to the logistical challenges of servicing the remote location as well as the highly corrosive and humid environment. We look forward to furthering the Corps of Engineers Honolulu District’s efforts to contribute to stability and security of the Indo-Pacific region.”

Under this contract, Parsons will deliver new army housing units on-island, the second such contract the company received in under a year. In October 2023, the company announced it was awarded a $44 million contract to deliver army housing units in support of the Department of the Army’s modernization initiatives. Since 2019, Parsons has been awarded more than $400 million in INDOPACOM-related contracts by leveraging their program and construction management; engineering and planning; and complex infrastructure expertise. The company continues to partner with customers across the INDOPAC region to deliver integrated solutions across the national security and critical infrastructure portfolios.

To learn more about Parsons’ global infrastructure solutions, visit Parsons.com/federal-infrastructure/.

About Parsons:

Parsons (NYSE: PSN) is a leading disruptive technology provider in the national security and global infrastructure markets, with capabilities across cyber and intelligence, space and missile defense, transportation, environmental remediation, urban development, and critical infrastructure. Please visit parsons.com and follow us on LinkedIn and Facebook to learn how we’re making an impact.

Forward-Looking Statements:

This document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are based on our current expectations, beliefs and assumptions, and are not guarantees of future performance. Forward-looking statements are inherently subject to uncertainties, risks, changes in circumstances, trends and factors that are difficult to predict, many of which are outside of our control. Accordingly, actual performance, results and events may vary materially from those indicated in the forward-looking statements, and you should not rely on the forward-looking statements as predictions of future performance, results or events. Numerous factors could cause actual future performance, results and events to differ materially from those indicated in the forward-looking statements, including, among others: any issue that compromises our relationships with the U.S. federal government or its agencies or other state, local or foreign governments or agencies; any issues that damage our professional reputation; changes in governmental priorities that shift expenditures away from agencies or programs that we support; our dependence on long-term government contracts, which are subject to the government’s budgetary approval process; the size of our addressable markets and the amount of government spending on private contractors; failure by us or our employees to obtain and maintain necessary security clearances or certifications; failure to comply with numerous laws and regulations; changes in government procurement, contract or other practices or the adoption by governments of new laws, rules, regulations and programs in a manner adverse to us; the termination or nonrenewal of our government contracts, particularly our contracts with the U.S. federal government; our ability to compete effectively in the competitive bidding process and delays, contract terminations or cancellations caused by competitors’ protests of major contract awards received by us; our ability to generate revenue under certain of our contracts; any inability to attract, train or retain employees with the requisite skills, experience and security clearances; the loss of members of senior management or failure to develop new leaders; misconduct or other improper activities from our employees or subcontractors; our ability to realize the full value of our backlog and the timing of our receipt of revenue under contracts included in backlog; changes in the mix of our contracts and our ability to accurately estimate or otherwise recover expenses, time and resources for our contracts; changes in estimates used in recognizing revenue; internal system or service failures and security breaches; and inherent uncertainties and potential adverse developments in legal proceedings, including litigation, audits, reviews and investigations, which may result in materially adverse judgments, settlements or other unfavorable outcomes. These factors are not exhaustive and additional factors could adversely affect our business and financial performance. For a discussion of additional factors that could materially adversely affect our business and financial performance, see the factors included under the caption “Risk Factors” in our Registration Statement on Form S-1 and our other filings with the Securities and Exchange Commission. All forward-looking statements are based on currently available information and speak only as of the date on which they are made. We assume no obligation to update any forward-looking statement made in this presentation that becomes untrue because of subsequent events, new information or otherwise, except to the extent we are required to do so in connection with our ongoing requirements under federal securities laws.

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Parsons to Present at the Jefferies Industrials Conference /2024/08/parsons-to-present-at-the-jefferies-industrials-conference-3/ Wed, 28 Aug 2024 11:25:00 +0000 /?p=29057 CHANTILLY, Va. (August 28, 2024) – Parsons Corporation (NYSE: PSN) will present at the Jefferies Industrials Conference. Carey Smith, chair, president, and chief executive officer, and Matt Ofilos, chief financial […]

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CHANTILLY, Va. (August 28, 2024) – Parsons Corporation (NYSE: PSN) will present at the Jefferies Industrials Conference. Carey Smith, chair, president, and chief executive officer, and Matt Ofilos, chief financial officer, will participate in a fireside chat question and answer session on Wednesday, September 4, 2024, at approximately 9:50 a.m. Eastern Time.

This presentation will be available live via webcast on the investor relations section of Parsons’ website (https://investors.parsons.com/). A replay of the webcast also will be available on the website for 30 days.

About Parsons

Parsons (NYSE: PSN) is a leading disruptive technology provider in the national security and global infrastructure markets, with capabilities across cyber and intelligence, space and missile defense, transportation, environmental remediation, urban development, and critical infrastructure protection. Please visit Parsons.com and follow us on LinkedIn and Facebook to learn how we’re making an impact.

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Parsons Selected As Lead Engineer To Add Express Toll Lanes to State Route 400 In Georgia /2024/08/parsons-selected-as-lead-engineer-to-add-express-toll-lanes-to-state-route-400-in-georgia/ Tue, 27 Aug 2024 14:28:08 +0000 /?p=29049 CHANTILLY, Va. (August 27, 2024) – Parsons Corporation (NYSE: PSN) announced today that the Georgia Department of Transportation (GDOT) and the Georgia State Road and Tollway Authority (SRTA) have selected […]

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CHANTILLY, Va. (August 27, 2024) – Parsons Corporation (NYSE: PSN) announced today that the Georgia Department of Transportation (GDOT) and the Georgia State Road and Tollway Authority (SRTA) have selected a team that includes the company as lead engineer for the State Route 400 (SR 400) Express Lanes Major Mobility Investment Program (MMIP) Project. The project is led by a Public Private Partnership (P3) awarded to SR 400 Peach Partners consisting of Acciona Concesiones, ACS Infrastructure, and Meridiam as the lead operations, maintenance, and toll operations providers. Dragados and Acconia Construction will serve as the lead construction contractors, and Indra USA will serve as the toll systems integration contractor. Parsons will serve as the lead engineer for the construction contractors.

This $4.6B project will add new express lanes in both directions along an approximately 16-mile section of SR 400 from the North Springs MARTA Station in Fulton County to approximately 1 mile north of McFarland Parkway in Forsyth County. The team will utilize electronic tolled express lanes with a 50-year concessions period, state-of-the-art traffic and incident management systems, and a digital twin asset management system. Further growth is forecasted for the corridor, with 144,000 more residents and 114,000 more jobs projected by 2050. Dynamic toll systems will improve traffic flow, reduce congestion and polluting emissions. The project will install Cellular Vehicle-to-Everything roadside technologies that will allow for Connected and Automated Vehicle supervision and orchestration.

“Parsons is proud to be a member of SR 400 Peach Partners, the team selected to partner with GDOT and SRTA on a significant roadway transportation project that will improve mobility and reduce congestion in the northern Atlanta metro area,” said Mark Fialkowski, president of Infrastructure North America for Parsons. “As leaders in design-build, our experts are helping deliver a better world through innovation in design and project delivery.”

The project also includes a $100M state bond investment for major components of MARTA’s Bus Rapid Transit (BRT) line, which will utilize the Express Lanes. The BRT line will begin at the North Springs MARTA Station and extend northward to the Windward Parkway MARTA Park and Ride, providing a seamless connection to MARTA’s Red Line train.

Parsons has decades of experience designing, delivering, and protecting the infrastructure that connects our communities around the world, including roads and highways; bridges; passenger and freight rail; public transit; airports; and ports and waterways. Our experience includes more than 10,000 miles of roadways, 4,500 bridges, and more than 50 advanced traffic management system deployments that help cities and states improve safety and travel efficiency while also reducing emissions and energy costs to enhance the quality of life in the communities we serve.

To learn more about Parsons’ transportation expertise, visit /transportation/.

About Parsons

Parsons (NYSE: PSN) is a leading disruptive technology provider in the national security and global infrastructure markets, with capabilities across cyber and intelligence, space and missile defense, transportation, environmental remediation, urban development, and critical infrastructure protection. Please visit parsons.com and follow us on LinkedIn and Facebook to learn how we’re making an impact.

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Parsons Selected To Maintain Advanced Transportation Operation Technology For Major State’s Department Of Transportation /2024/08/parsons-selected-to-maintain-advanced-transportation-operation-technology-for-major-states-department-of-transportation/ Thu, 22 Aug 2024 18:18:20 +0000 /?p=29035 CHANTILLY, Va. (August 22, 2024) – Parsons Corporation (NYSE: PSN) announced today that the company has been awarded nearly $46M to oversee Operations Technology Maintenance Services for a major state […]

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Roads And Highways

CHANTILLY, Va. (August 22, 2024) – Parsons Corporation (NYSE: PSN) announced today that the company has been awarded nearly $46M to oversee Operations Technology Maintenance Services for a major state Department of Transportation.

“We are proud to apply our cutting-edge technologies to improve service delivery,” said Mark Fialkowski, president of Infrastructure North America for Parsons. “As leaders in digital transformation, our capabilities will enhance and streamline our program management delivery model, providing premier transportation technology services and solutions.”

This project includes both preventative and reactive maintenance and spare parts inventory for all project elements. Maintaining roadway technology systems and devices helps enable peak performance and state of good repair, effectively monitoring and managing roadway traffic incidents. These devices include traffic signals, ITS devices, and network infrastructure. In addition to utilizing the state’s existing maintenance management systems to manage the day-to-day program work, Parsons will explore the application of digital twins and AI to help improve scheduling and service reliability.

Parsons has decades of experience designing, delivering, and protecting the infrastructure that connects our communities around the world, including roads and highways; bridges; passenger and freight rail; public transit; airports; and ports and waterways. Our experience includes more than 10,000 miles of roadways, 4,500 bridges, and more than 50 advanced traffic management system deployments that help cities and states improve safety and travel efficiency while also reducing emissions and energy costs to enhance the quality of life in the communities we serve.

To learn more about Parsons’ transportation expertise, visit /transportation/.

About Parsons

Parsons (NYSE: PSN) is a leading disruptive technology provider in the national security and global infrastructure markets, with capabilities across cyber and intelligence, space and missile defense, transportation, environmental remediation, urban development, and critical infrastructure protection. Please visit parsons.com and follow us on LinkedIn and Facebook to learn how we’re making an impact.

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Parsons Awarded Lead Design Contract on $1.66B Honolulu Rail Project /2024/08/parsons-awarded-lead-design-contract-on-1-66b-honolulu-rail-project/ Tue, 20 Aug 2024 21:41:59 +0000 /?p=29022 Company will serve as subcontractor to Tutor Perini CHANTILLY, VA., (Aug. 20, 2024) – Parsons Corporation (NYSE: PSN), a global leader in rail and transit, environment solutions, aviation, and engineering, […]

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Company will serve as subcontractor to Tutor Perini

CHANTILLY, VA., (Aug. 20, 2024) – Parsons Corporation (NYSE: PSN), a global leader in rail and transit, environment solutions, aviation, and engineering, will serve as the lead designer on the Honolulu Authority for Rapid Transportation’s (HART) City Center Guideway and Stations Project in Honolulu, Hawaii. The company is a subcontractor to Tutor Perini Corporation (NYSE: TPC), a leading civil, building and specialty construction company, on the $1.66 billion project.

“We are proud to lead the industry in rail and transit design with an innovative approach and commitment to excellence that ensures we deliver cutting-edge solutions that meet the evolving needs of our clients and communities,” said Mark Fialkowski, President of Infrastructure North America for Parsons. “Our team of experts is dedicated to creating sustainable and efficient transportation systems that enhance connectivity and improve quality of life.”

The entire project scope of work includes the design and construction of six rail stations and approximately three miles of elevated rail guideway beginning just east of the existing Middle Street Transit Center Station and ending at the Civic Center Station, which will be located just east of downtown Honolulu. Project design will begin in 2024, while construction is estimated to start in the second half of 2025 with substantial completion expected in 2030.

For more information about Parsons’ rail and transit capabilities, please visit /rail-transit/.

About Parsons:

Parsons (NYSE: PSN) is a leading disruptive technology provider in the national security and global infrastructure markets, with capabilities across cyber and intelligence, space and missile defense, transportation, environmental remediation, urban development, and critical infrastructure protection. Please visit parsons.com and follow us on LinkedIn and Facebook to learn how we’re making an impact.

Forward-Looking Statements:

This document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are based on our current expectations, beliefs and assumptions, and are not guarantees of future performance. Forward-looking statements are inherently subject to uncertainties, risks, changes in circumstances, trends and factors that are difficult to predict, many of which are outside of our control. Accordingly, actual performance, results and events may vary materially from those indicated in the forward-looking statements, and you should not rely on the forward-looking statements as predictions of future performance, results or events. Numerous factors could cause actual future performance, results and events to differ materially from those indicated in the forward-looking statements, including, among others: any issue that compromises our relationships with the U.S. federal government or its agencies or other state, local or foreign governments or agencies; any issues that damage our professional reputation; changes in governmental priorities that shift expenditures away from agencies or programs that we support; our dependence on long-term government contracts, which are subject to the government’s budgetary approval process; the size of our addressable markets and the amount of government spending on private contractors; failure by us or our employees to obtain and maintain necessary security clearances or certifications; failure to comply with numerous laws and regulations; changes in government procurement, contract or other practices or the adoption by governments of new laws, rules, regulations and programs in a manner adverse to us; the termination or nonrenewal of our government contracts, particularly our contracts with the U.S. federal government; our ability to compete effectively in the competitive bidding process and delays, contract terminations or cancellations caused by competitors’ protests of major contract awards received by us; our ability to generate revenue under certain of our contracts; any inability to attract, train or retain employees with the requisite skills, experience and security clearances; the loss of members of senior management or failure to develop new leaders; misconduct or other improper activities from our employees or subcontractors; our ability to realize the full value of our backlog and the timing of our receipt of revenue under contracts included in backlog; changes in the mix of our contracts and our ability to accurately estimate or otherwise recover expenses, time and resources for our contracts; changes in estimates used in recognizing revenue; internal system or service failures and security breaches; and inherent uncertainties and potential adverse developments in legal proceedings, including litigation, audits, reviews and investigations, which may result in materially adverse judgments, settlements or other unfavorable outcomes. These factors are not exhaustive and additional factors could adversely affect our business and financial performance. For a discussion of additional factors that could materially adversely affect our business and financial performance, see the factors included under the caption “Risk Factors” in our Registration Statement on Form S-1 and our other filings with the Securities and Exchange Commission. All forward-looking statements are based on currently available information and speak only as of the date on which they are made. We assume no obligation to update any forward-looking statement made in this presentation that becomes untrue because of subsequent events, new information or otherwise, except to the extent we are required to do so in connection with our ongoing requirements under federal securities laws.

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Parsons Unveils Updated iNET®, an AI-Enabled, SaaS Smart Mobility Solution /2024/08/parsons-unveils-updated-inet-an-ai-enabled-saas-smart-mobility-solution/ Wed, 14 Aug 2024 20:05:00 +0000 /?p=28996 Chantilly, Va. (August 14, 2024) – Parsons Corporation (NYSE: PSN) today announced the launch of the newest iteration of iNET®, the company’s industry-leading intelligent transportation software. Built on the Microsoft […]

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Chantilly, Va. (August 14, 2024) – Parsons Corporation (NYSE: PSN) today announced the launch of the newest iteration of iNET®, the company’s industry-leading intelligent transportation software. Built on the Microsoft Azure platform, the enhanced iNET® revolutionizes transportation network management, efficiency, effectiveness, and safety. By integrating artificial intelligence (AI) and machine learning (ML), it offers advanced monitoring and decision support, an improved user experience, and optimized transportation system performance that helps reduce greenhouse gas emissions. Additionally, it provides unmatched cyber security, all in a configurable software-as-a-service (SaaS) or enterprise platform.

“We are pleased to bring forward the newest version of iNET®, a modernized solution that optimizes transportation operations while reducing operational cost,” said Ricardo Lorenzo, chief technology officer, Parsons. “Utilizing tools from Microsoft allowed us to enhance the AI features iNET® offers, bringing a smart, secure, cloud-based, and scalable solution to our customers around the world.”

This update introduces iNET® Sidekick, an AI-based virtual traffic operator that utilizes Azure OpenAI Service technology, allowing human operators to gain instantaneous insights into the system data and corrective actions, using a conversational interface. Sidekick indexes iNET® real-time and historical data alongside thousands of pages of agency policy manuals, in order to provide clear and concise guidance to operators in natural language, thus increasing the efficiency, consistency and overall safety of traffic operations. This technology is especially timely with major sporting events like the World Cup and Olympics, which can benefit from the traffic management capabilities, being hosted in North America in the coming years.

“The updated iNET® platform advances Parsons’ and Microsoft’s shared goals of helping public sector organizations accelerate their digital transformation journey,” said Didier Ongena, Government Lead for Worldwide Public Sector, Microsoft. “Built on Microsoft Azure OpenAI Service, iNET® brings enhanced AI and machine learning capabilities to cities, counties, states, and municipalities looking to improve transportation operations, provide better citizen services, and enhance internal efficiency.”

iNET®, Parsons’ award-winning advanced traffic management solution (ATMS), is designed to meet the needs of clients, no matter the size of their operations. This modular system is highly configurable, serving the needs of traditional ATMS users like cities, counties, and states, as well as newer users, like airports, seaports, spaceports, and sporting event venues.

To learn more or request a demo of Parsons’ smart mobility solution, iNET®, visit parsons.com/products/inet/.

About Parsons

Parsons (NYSE: PSN) is a leading disruptive technology provider in the national security and global infrastructure markets, with capabilities across cyber and intelligence, space and missile defense, transportation, environmental remediation, urban development, and critical infrastructure protection. Please visit Parsons.com and follow us on LinkedIn and Facebook to learn how we’re making an impact.

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Parsons Delivers Strong Second Quarter 2024 Operating Earnings And Cash Flow Results /2024/07/parsons-delivers-strong-second-quarter-2024-operating-earnings-and-cash-flow-results/ Wed, 31 Jul 2024 16:07:33 +0000 /?p=28925 Click here to read our Q2 2024 Earnings Press Release.

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Click here to read our Q2 2024 Earnings Press Release.

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Parsons To Acquire BlackSignal Technologies /2024/07/parsons-to-acquire-blacksignal-technologies/ Tue, 30 Jul 2024 20:05:17 +0000 /?p=28922 Acquisition enhances Parsons’ cybersecurity, electronic warfare, and artificial intelligence capabilities CHANTILLY, VA (July 30, 2024) – Parsons Corporation (NYSE:PSN) announced today that it has entered into a definitive agreement to […]

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BlackSignal

Acquisition enhances Parsons’ cybersecurity, electronic warfare, and artificial intelligence capabilities

CHANTILLY, VA (July 30, 2024) – Parsons Corporation (NYSE:PSN) announced today that it has entered into a definitive agreement to acquire BlackSignal Technologies, LLC, a Razor’s Edge portfolio company, in an accretive deal valued at $200 million. Parsons anticipates that the acquisition will close in August 2024.

BlackSignal is a next-generation digital signal processing, electronic warfare, and cybersecurity provider built to counter near-peer threats. This acquisition will expand Parsons’ customer base across the Department of Defense and Intelligence Community and significantly strengthen Parsons’ positioning with full-spectrum cyber and electronic warfare, while adding new capabilities in the counterspace radio frequency domain: markets anticipated to grow more than 10% annually with double digit margin expectations. BlackSignal uses artificial intelligence and machine learning to create innovative signal processing techniques that detect and disrupt difficult-to-access command and control systems and platforms.

The transaction is consistent with Parsons’ strategy of acquiring high-growth companies with greater than 10% revenue growth and adjusted EBITDA margins. BlackSignal will be integrated into Parsons’ Defense & Intelligence business unit.

“Parsons’ acquisition of BlackSignal will represent a strategic enhancement to our cyber and intelligence and electronic warfare capabilities, reinforcing our commitment to quickly delivering mission-essential solutions that address our customer’s national security requirements,” said Carey Smith, Parsons’ chair, president, and chief executive officer. “Our purpose-built Federal Solutions portfolio is addressing national security threats from near-peer adversaries that are becoming increasingly aggressive with rapidly evolving advanced technologies. I am excited that we will welcome BlackSignal’s accomplished team into Parsons.”

Headquartered in Chantilly, Va., BlackSignal’s culture of innovation and disruption delivers differentiated solutions to address national security challenges related to near-peer threats for the Defense Department and Intelligence Community. The company’s space, cyber, electronic warfare, and digital signal processing capabilities include full-spectrum cyber solutions and tool development; space-based, artificial intelligence-enhanced signal processing; and tactical communication and intelligence systems.

“There is complete alignment with our culture and values, and we share a common passion for supporting our nation’s most pressing security challenges while promoting a people-first culture,” said Ned Zimmer, chief executive officer of BlackSignal. “This partnership will be a force multiplier for our warfighters, accelerate our business growth, and expand our customer base, while providing exciting new opportunities for our employees. I am excited about our future together and to become part of the Parsons team.”

The $200 million cash purchase price represents a 10.5x multiple on the forecasted 2025 EBITDA before considering revenue or cost synergies. Parsons expects that BlackSignal will generate approximately $95m of revenue in 2025e and be accretive to Parsons’ revenue growth, adjusted EBITDA margins, and adjusted EPS. The transaction is expected to close in August 2024, subject to customary closing conditions. Parsons was advised by Raymond James and BlackSignal was advised by Baird.

About Parsons

Parsons (NYSE: PSN) is a leading disruptive technology provider in the national security and global infrastructure markets, with capabilities across cyber and intelligence, space and missile defense, transportation, environmental remediation, urban development, and critical infrastructure protection. Please visit parsons.com and follow us on LinkedIn and Facebook to learn how we’re making an impact.

Forward-Looking Statements

This document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are based on our current expectations, beliefs and assumptions, and are not guarantees of future performance. Forward-looking statements are inherently subject to uncertainties, risks, changes in circumstances, trends, and factors that are difficult to predict, many of which are outside of our control. Accordingly, actual performance, results, and events may vary materially from those indicated in the forward-looking statements, and you should not rely on the forward-looking statements as predictions of future performance, results, or events. Numerous factors could cause actual future performance, results and events to differ materially from those indicated in the forward-looking statements, including, among others: any issue that compromises our relationships with the U.S. federal government or its agencies or other state, local, or foreign governments or agencies; any issues that damage our professional reputation; changes in governmental priorities that shift expenditures away from agencies or programs that we support; our dependence on long-term government contracts, which are subject to the government’s budgetary approval process; the size of our addressable markets and the amount of government spending on private contractors; failure by us or our employees to obtain and maintain necessary security clearances or certifications; failure to comply with numerous laws and regulations; changes in government procurement, contract or other practices or the adoption by governments of new laws, rules, regulations, and programs in a manner adverse to us; the termination or nonrenewal of our government contracts, particularly our contracts with the U.S. federal government; our ability to compete effectively in the competitive bidding process and delays, contract terminations, or cancellations caused by competitors’ protests of major contract awards received by us; our ability to generate revenue under certain of our contracts; any inability to attract, train, or retain employees with the requisite skills, experience, and security clearances; the loss of members of senior management or failure to develop new leaders; misconduct or other improper activities from our employees or subcontractors; our ability to realize the full value of our backlog and the timing of our receipt of revenue under contracts included in backlog; changes in the mix of our contracts and our ability to accurately estimate or otherwise recover expenses, time and resources for our contracts; changes in estimates used in recognizing revenue; internal system or service failures and security breaches; and inherent uncertainties and potential adverse developments in legal proceedings, including litigation, audits, reviews, and investigations, which may result in materially adverse judgments, settlements, or other unfavorable outcomes. These factors are not exhaustive and additional factors could adversely affect our business and financial performance. For a discussion of additional factors that could materially adversely affect our business and financial performance, see the factors included under the caption “Risk Factors” in our Registration Statement on Form S-1 and our other filings with the Securities and Exchange Commission. All forward-looking statements are based on currently available information and speak only as of the date on which they are made. We assume no obligation to update any forward-looking statement made in this presentation that becomes untrue because of subsequent events, new information or otherwise, except to the extent we are required to do so in connection with our ongoing requirements under federal securities laws.

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Elevate Inglewood Partners Selected As Best Value Proposer For The Inglewood Transit Connector Project /2024/07/elevate-inglewood-partners-selected-as-best-value-proposer-for-the-inglewood-transit-connector-project/ Mon, 29 Jul 2024 20:25:00 +0000 /?p=29107 CHANTILLY, Va. (July 29, 2024) – Parsons Corporation (NYSE: PSN) announced today that the company will serve as lead designer and a subconsultant to Elevate Inglewood Partners (“EIP”), a public-private […]

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CHANTILLY, Va. (July 29, 2024) – Parsons Corporation (NYSE: PSN) announced today that the company will serve as lead designer and a subconsultant to Elevate Inglewood Partners (“EIP”), a public-private partnership consortium comprised of Plenary Americas US Holdings, Inc. (equity member), Tutor Perini Corporation (lead contractor), Woojin Industrial Systems Co., Ltd. (automated transit system operator and supplier) and Alternate Concepts, Inc. (lead operations and maintenance contractor), that has been selected as the Best Value Proposer by the City of Inglewood (the “City”) for the Inglewood Transit Connector (“ITC”) Project.

The project will include the design, construction, financing, operation and maintenance of a 1.6-mile automated people mover that will connect the Metro K Line and Inglewood’s new major employment and destination centers, including the Kia Forum, Sofi Stadium, YouTube Theater, the Intuit Dome, as well as the housing and commercial destinations in the surrounding area.

“We’re excited to work with the City of Inglewood to improve transit reliability, reduce carbon emissions, and relieve traffic congestion while providing efficient passenger transportation,” said Mark Fialkowski, president, Infrastructure North America for Parsons. “The Inglewood Transit Connector will expand transit options not only for residents, but also for the many employees, visitors and fans from city venues, housing and commercial centers.”

The City has partnered with LA Metro and the County of Los Angeles to establish the ITC Joint Powers Authority, which will oversee the design, construction, operations and maintenance of the ITC following contract award. EIP and the City are currently in discussions and negotiations regarding the project’s pricing and contractual terms.

Parsons has decades of experience designing, delivering, and protecting the infrastructure that connects our communities around the world, including roads and highways; bridges; passenger and freight rail; public transit; airports; and ports and waterways. Our experience includes more than 10,000 miles of roadways, 4,500 bridges, and more than 50 advanced traffic management system deployments that help cities and states improve safety and travel efficiency while also reducing emissions and energy costs to enhance the quality of life in the communities we serve.

To learn more about Parsons’ rail and transit expertise, visit /rail-transit/.

About Parsons

Parsons (NYSE: PSN) is a leading disruptive technology provider in the national security and global infrastructure markets, with capabilities across cyber and intelligence, space and missile defense, transportation, environmental remediation, urban development, and critical infrastructure protection. Please visit parsons.com and follow us on LinkedIn and Facebook to learn how we’re making an impact.

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The post Elevate Inglewood Partners Selected As Best Value Proposer For The Inglewood Transit Connector Project appeared first on Parsons Corporation.

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