Parsons' Newly Acquired Braxton Technologies Awarded Tibbetts Innovation Excellence

Rhea-AI Summary

Parsons Corporation (NYSE: PSN) announced that its recent acquisition, Braxton Technologies, received the prestigious Tibbitts Award for excellence in SBIR and STTR efforts. Braxton's leader, Ed Baron, was also honored with an individual Tibbetts Award for his significant contributions to the defense sector. This recognition underscores Braxton's impact on the Colorado Springs economy, generating over $370 million for local businesses. Since 2013, Braxton has secured $160 million in Phase III SBIR funding, aiming to enhance its capabilities within Parsons' space solutions market.

Positive

• Braxton Technologies awarded the Tibbitts Award, enhancing Parsons' reputation in innovation.
• Recognized contributions of Ed Baron bolster leadership credibility.
• Braxton's success in obtaining $160 million in Phase III SBIR funding positions it for further growth.

Negative

• None.

COLORADO SPRINGS, Colo., Jan. 26, 2021 /PRNewswire/ -- Parsons Corporation's (NYSE: PSN) newly acquired Braxton Technologies, LLC, has been awarded the prestigious Tibbitts Award, which recognizes excellence in Small Business Innovation and Research (SBIR) and Small Business Technology Transfer (STTR) efforts. Braxton leader Ed Baron was also recognized with an individual Tibbetts Award for his significant contributions and advocacy for SBIR programs within the defense and aerospace community. Baron's dedication and ingenuity positively impacted the Colorado Springs economy, resulting in job growth and over $370 million towards local businesses.

The Tibbetts Award winners are evaluated on how they use the SBIR program to stimulate technical innovation that encourages commercialization of federal research through diverse participation. Previous winners have notable social, economic, and business impacts resulting from their SBIR/STTR funding.

"I am honored to be recognized along with our wonderful staff by the Small Business Administration (SBA) for our efforts within the SBIR program," said Baron, senior vice president of space and geospatial solutions. "A great amount of our country's technical innovation is forged by small businesses in extremely competitive environments. Support through the SBIR program allowed us to deliver advanced, affordable capabilities along with partners in the Air Force Research Lab's Space Vehicles Directorate. Recognition by the SBA, the champions of small business, is truly humbling."

Since winning the first SBIR award in 2013, Braxton has leveraged $160 million in Phase III SBIR funding from the Department of Defense, creating a strategic roadmap to use existing contracts to build on each other successively while identifying growth areas. Braxton develops software for multiple space operations and weapons systems programs, and will join Parsons' space and geospatial solutions market. Parsons plans to continue leveraging Braxton's SBIR/STTR successes.

The SBIR program is supported by 11 federal agencies and has awarded over $50 billion in funding to small business since it's inception in 1982.

To learn more about Parsons' leading space capabilities, please visit: https://www.parsons.com/capabilities/space/

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.

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 significance of the Tibbitts Award for Parsons Corporation?

The Tibbitts Award recognizes excellence in SBIR and STTR efforts, enhancing Parsons' reputation for innovation.

How much funding has Braxton Technologies received from the SBIR program?

Braxton Technologies has secured approximately $160 million in Phase III SBIR funding since 2013.

Who received the individual Tibbetts Award from Parsons?

Ed Baron, leader of Braxton Technologies, received the individual Tibbetts Award for his contributions to defense innovation.