Parsons Awarded $618 Million Cyber & Intelligence Task Order

Rhea-AI Summary

Parsons Corporation (NYSE: PSN) has secured a significant $618 million task order from the U.S. General Services Administration (GSA). This contract is aimed at enhancing the Intelligence Community's global cyber and intelligence capabilities. The work will involve open-source intelligence, system engineering, and rapid prototyping to address emerging threats. Parsons’ executive Paul Decker emphasized the importance of their acquisitions in providing mission-critical solutions. This development underlines Parsons' position as a key player in defense and intelligence sectors.

Positive

• Awarded a $618 million task order from the U.S. GSA, enhancing revenue.
• Strengthens position in the global cyber and intelligence markets.

Negative

• None.

CENTREVILLE, Va., May 05, 2021 (GLOBE NEWSWIRE) -- Parsons Corporation (NYSE: PSN) was awarded a $618 million task order by the U.S. General Services Administration (GSA) for professional services that advance the Intelligence Community’s global cyber and intelligence technologies for C5ISR, exercise, operations, and information services (CEOIS).

“Our transformative acquisitions truly created a differentiated platform to rapidly provide mission-critical intelligence solutions in support of the customer’s mission,” said Paul Decker, executive vice president and general manager of Parsons’ cyber and intelligence market. “We look forward to working with the customer and bringing the dedicated talents of our employees to achieve mission success.”

Parsons will provide capabilities in open-source intelligence (OSINT), system engineering, integrated training, research and development, and rapid prototyping, enabling the customer’s ability to process, exploit, disseminate, and act on information against emerging and evolving threats.

The company’s experience rapidly developing and deploying full-spectrum cyber capabilities provide warfighters with access to critical information and data at the speed and scale required to gain and maintain their decision advantage.

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 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:
Bryce McDevitt
+ 1 703.851.4425
bryce.mcdevitt@parsons.com

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

FAQ

What is the recent contract awarded to Parsons Corporation (PSN)?

Parsons Corporation was awarded a $618 million task order by the U.S. General Services Administration for cyber and intelligence services.

How does the new GSA contract affect Parsons Corporation's business?

The contract enhances Parsons' revenue and strengthens its role in providing critical intelligence solutions.

What services will Parsons provide under the new task order from the GSA?

Parsons will deliver capabilities in open-source intelligence, system engineering, integrated training, and rapid prototyping.

When was the task order awarded to Parsons Corporation (PSN)?

The task order was awarded on May 5, 2021.