Parsons Awarded $49 Million Contract To Support U.S. Army Intelligence S&T Programs

Rhea-AI Summary

Parsons Corporation (NYSE: PSN) has been awarded a $49 million task order by the US Army's C5ISR Center for the Intelligence Development Enabled Awareness (IDEA) initiative, which focuses on modernizing intelligence software systems. This contract is part of the larger $37 billion RS3 program and spans three years. The work will leverage Parsons’ PALADIN Lab in Maryland for rapid prototyping to enhance joint operations. This partnership reinforces Parsons’ commitment to delivering cutting-edge defense solutions.

Positive

• Awarded a $49 million task order to enhance intelligence software systems.
• Part of a larger $37 billion RS3 contract, ensuring long-term work opportunities.
• Strengthens partnership with the US Army's Operations and Intelligence Division.

Negative

• None.

CENTREVILLE, Va., Nov. 30, 2022 (GLOBE NEWSWIRE) -- Parsons Corporation (NYSE: PSN) announced today that the US Army Operations and Intelligence Division of the C5ISR Center has selected the company to provide Intelligence Development Enabled Awareness (IDEA) research, development, integration, enhancement, transition, deployment, and sustainment of designated intelligence software systems. The $49 million Responsive Strategic Sourcing for Services (RS3) indefinite-delivery, indefinite-quantity (IDIQ) task order award includes a three-year period of performance and is new work for Parsons.

“The RS3 IDEA effort allows us to continue our deep partnership with the Army’s Operations and Intelligence Division, providing leading edge intelligence software solutions to modernize capabilities within Joint All Domain Operations,” said Parker Burden, Parsons’ senior vice president of all domain solutions.

Parsons’ will leverage their new PALADIN Lab, located at Aberdeen Proving Ground, Maryland, to deliver innovative methods of rapid prototyping to improve, exploit and modernize army concepts of operations in multi-domain operations and the Joint All Domain Operations environment to support technology experimentation and integration activities. These collective efforts will promote capability integration across enterprise systems and infrastructure to support joint architectures, and data and interface standards.

This task order is part of the broader RS3 contract, a $37 billion ceiling-value master IDIQ contract vehicle providing services to support the spectrum of C5ISR mission areas to a diverse group of defense organizations throughout the world.

To learn more about Parsons’ missile defense and C5ISR solutions, visit: parsons.com/markets/missile-defense-c5isr/.

About Parsons:
Parsons (NYSE: PSN) is a leading disruptive technology provider in the national security and critical infrastructure markets, with capabilities across cybersecurity, missile defense, space, C5ISR, transportation, environmental remediation, and water/wastewater treatment. 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:
Angie Benfield
+1 803.334.5277
Angela.Benfield@parsons.com

Investor Relations Contact:
Dave Spille
+ 1 703.775.6191
Dave.Spille@parsons.com

APPROVED FOR PUBLIC RELEASE

FAQ

What is the $49 million task order awarded to Parsons Corporation?

The task order is for the Intelligence Development Enabled Awareness (IDEA) initiative to modernize intelligence software systems for the US Army.

How does the task order awarded to PSN fit into the RS3 contract?

The task order is part of the broader $37 billion Responsive Strategic Sourcing for Services (RS3) contract.

What is the significance of Parsons' PALADIN Lab in this contract?

The PALADIN Lab will provide rapid prototyping to improve and modernize army operational capabilities.

What is the duration of the task order awarded to Parsons?

The task order has a three-year period of performance.

How does this contract impact Parsons Corporation's business?

This contract reinforces Parsons' position in the defense sector and provides significant revenue opportunities.