Parsons Awarded $104 Million Classified Intelligence Contract

Rhea-AI Summary

Parsons Corporation (NYSE: PSN) has secured a $104 million contract with the Intelligence Community (IC) for a duration of five years. The contract will focus on delivering cybersecurity and intelligence solutions, including vulnerability research and software development, to enhance national security. Michael McKloskey, senior VP, emphasized Parsons' long-standing commitment to supporting the IC's mission. This contract highlights Parsons’ capability to address complex security challenges and provides strategic resources for evolving threats.

Positive

• Awarded a $104 million contract with the Intelligence Community.
• Strengthens position in cybersecurity and intelligence services.
• Demonstrates long-term commitment to national security.

Negative

• None.

CENTREVILLE, Va., Feb. 28, 2022 (GLOBE NEWSWIRE) -- Parsons Corporation (NYSE: PSN) was awarded a $104 million, single-award five-year contract by the Intelligence Community (IC).

“Our teams have delivered defense and intelligence solutions to the intelligence community for decades, providing leading-edge cybersecurity and computer network operations capabilities that protect national security,” said Michael McKloskey, senior vice president of business development for Parsons. “We are ready to continue providing this critical support for innovative requirements that are foundational to the community’s mission success.” 

Parsons will provide vulnerability research, reverse engineering, software development, and engineering support services to the IC. The company develops tailored cyber and intelligence solutions that accelerate mission success across the all-domain environment and provides resources for customers to solve complex security issues while enabling rapid response to existing and emerging, non-traditional threats.

To learn more about Parsons’ leading intelligence solutions, please visit: www.parsons.com/intelligence/

About Parsons

Parsons (NYSE: PSN) is a leading disruptive technology provider in the global security, intelligence, and critical infrastructure markets, with capabilities across cybersecurity, missile defense, space, connected infrastructure, and smart cities. 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.

Media Contact:
Crystalyn Koch
+ 1 719.309.7304
Crystalyn.Koch@parsons.com

Investor Relations Contact:
Dave Spille
+ 1 571.655.8264
Dave.Spille@parsons.com

FAQ

What is the value of the contract awarded to Parsons Corporation?

Parsons Corporation was awarded a $104 million contract.

How long is the contract awarded to Parsons Corporation?

The contract with Parsons Corporation is for five years.

What services will Parsons Corporation provide under the new contract?

Parsons will provide cybersecurity, vulnerability research, software development, and engineering support services.

Which agency awarded the contract to Parsons Corporation?

The contract was awarded by the Intelligence Community.

What is Parsons Corporation's stock symbol?

The stock symbol for Parsons Corporation is PSN.