Parsons Awarded $178M Intelligence Contract

Rhea-AI Summary

Parsons Corporation (NYSE: PSN) has secured a $178 million indefinite delivery/indefinite quantity contract from the Intelligence Community (IC) for a duration of five years. The company aims to enhance the security of classified information, facilities, and personnel globally through comprehensive risk analysis and countermeasures. Parsons aims to continue supporting the nation's intelligence community, focusing on critical infrastructure, cyber capabilities, and multi-domain operations.

Positive

• Secured a $178 million contract indicating strong future revenue.
• Contract duration of five years, providing long-term business stability.
• Focus on enhancing national security aligns with government priorities.

Negative

• None.

CENTREVILLE, Va., July 6, 2020 /PRNewswire/ -- Parsons Corporation (NYSE:PSN) was awarded a $178 million, five-year indefinite delivery/indefinite quantity (ID/IQ) contract by the Intelligence Community (IC).

"For decades, Parsons has advanced the mission security and capabilities of our nation's intelligence community, specifically in cyber, network infrastructure and multi-domain battlespace operations," said Robert Miller, senior vice president of business development for Parsons. "We are honored to provide holistic support to the networks and critical infrastructure that are foundational to the community's mission success." 

The company will provide security and protection of classified and sensitive information, facilities, assets, infrastructure and personnel worldwide through a comprehensive analysis of risk and deployment of physical and technical security countermeasures.

About Parsons
Parsons (NYSE: PSN) is a leading disruptive technology provider in the global defense, 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 Safe Harbor Statement  
This presentation 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-11] 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:
Bryce McDevitt
+ 1 703.851.4425
bryce.mcdevitt@parsons.com 

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

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SOURCE Parsons Corporation

FAQ

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

Parsons Corporation was awarded a $178 million contract.

How long is the contract awarded to Parsons Corporation?

The contract is for a duration of five years.

What is the contract awarded to Parsons Corporation related to?

The contract is related to providing security and support for the Intelligence Community.

What are the main services provided under the contract awarded to Parsons Corporation?

Parsons will provide security and protection for classified information and critical infrastructure.

Which company received the contract from the Intelligence Community?

Parsons Corporation (NYSE: PSN) received the contract.