Parsons Awarded Fourth Nunn-Perry Award for DoD Mentor-Protégé Program

Rhea-AI Summary

Parsons Corporation (NYSE: PSN) has received its fourth Nunn-Perry Award from the Department of Defense (DOD) for its collaboration with KODA Technologies, enhancing defense capabilities through major programs. The recognition was given at the DOD Mentor Protégé Summit on March 30, 2023. The mentor-protégé agreement focused on project management, business strategy, and technology transfer, leading to KODA's first prime contract from the Missile Defense Agency (MDA). Key achievements include a new Defense Contract Accounting Agency system and technical labs supporting various military projects. KODA's enhanced capabilities are expected to contribute significantly to national technology initiatives.

Positive

• Fourth Nunn-Perry Award from DOD demonstrates strong industry collaboration.
• KODA Technologies secured its first prime contract with MDA, indicating business growth.
• Successful developments include a new DCAA accounting system and technical labs for military projects.

Negative

• None.

CENTREVILLE, Va., April 05, 2023 (GLOBE NEWSWIRE) -- Parsons Corporation (NYSE: PSN) received its fourth Nunn-Perry Award from the Department of Defense (DOD) Mentor Protégé Program for demonstrating excellence in teamwork with KODA Technologies to support the warfighter by delivering capabilities across major defense programs. The pair was recognized for their work to support the Missile Defense Agency (MDA) at the DOD Mentor Protégé Summit, held on March 30 in Orlando, Florida.

“The goals of our mentor protégé agreement with KODA Technologies focused on project management, business strategy, business development, approved accounting systems, technology transfer, and the curation of a test concept development lab and associated toolkit,” said William Clark, project manager for Parsons Defense and Intelligence sector. “The Parsons team takes pride in being a strong industry partner to work with and we are thrilled that this partnership resulted in KODA’s first prime contract awarded by the MDA. We look forward to the continued sharing of best practices and technology development to help them be successful.”

Additional achievements realized through the Parsons and KODA Technologies Mentor Protégé agreement include, the development of a new Defense Contract Accounting Agency (DCAA) accounting system and two digital engineering, modeling and simulation technical labs supporting MDA, Army, and Navy projects.

“As a direct outcome of this program, KODA's new lab and upgraded modeling and simulation capability are already providing value to multiple customers in the missile defense, hypersonics, and space domains by developing innovative concepts for flight test design, launch vehicle instrumentation, and space-debris mitigation. With these enhancements to our existing technical capability and the program’s additional investment in our operations infrastructure, we are postured to be a key contributor in national-priority technology and modernization projects going forward," said KODA Technologies founder and CEO Julie Schumacher. “We thank the Office of the Secretary of Defense, MDA and our mentor, Parsons, for the difference you’ve made in our company's growth and future."

The DOD Mentor Protégé Nunn-Perry Award is named for the contributions of Senator Sam Nunn and former Secretary of Defense William Perry, who played critical roles in the implementation of the DOD Mentor Protégé Program. Established in 1990, the program assists DOD prime contractors in meeting small, disadvantaged business subcontracting goals. The program has since expanded, providing developmental assistance to women-owned small businesses, service-disabled veteran-owned small businesses, and others.

To learn more about Parsons defense capabilities, please visit parsons.com/national-security/.

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.

About KODA Technologies:
KODA provides engineering and analytical services that support advanced technology development and modernization for defense and civil space programs. KODA specializes in systems engineering, integration, and testing for aerospace systems, using advanced methods such as digital / model-based engineering. Please visit www.kodatech.com and LinkedIn to learn more about our capabilities and current career opportunities.

Media Contact:
Angie Benfield
+1 803.334.5277
Angie.Benfield@parsons.com

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

FAQ

What is the significance of the Nunn-Perry Award received by Parsons Corporation?

The Nunn-Perry Award recognizes excellence in teamwork and collaboration in the DOD Mentor Protégé Program, highlighting Parsons' successful partnership with KODA Technologies.

When did Parsons Corporation receive the Nunn-Perry Award?

Parsons Corporation received the Nunn-Perry Award on March 30, 2023, at the DOD Mentor Protégé Summit.

How has KODA Technologies benefitted from its partnership with Parsons?

KODA Technologies benefited by securing its first prime contract from the MDA and developing advanced technical capabilities and systems under the mentor-protégé agreement.