Parsons Wins $185 Million Space Situational Awareness Task Order Contract

Rhea-AI Summary

Parsons Corporation (NYSE: PSN) has secured a task order contract valued at up to $185 million from the Space and Missile Systems Center for Integrated Solutions for Situational Awareness (ISSA) support. The contract features a one-year base period with four additional one-year options. Parsons will provide specialized IT engineering, software development, and data analytics services, enhancing the ISSA system for over 5,000 users. This contract underscores Parsons' commitment to delivering innovative solutions in the space domain.

Positive

• Awarded a contract potentially worth $185 million for ISSA support.
• Contract has a one-year base period with four one-year options, indicating long-term engagement.
• Will provide specialized services enhancing capabilities for over 5,000 users.

Negative

• None.

CENTREVILLE, Va., May 17, 2021 (GLOBE NEWSWIRE) -- Parsons Corporation (NYSE: PSN) has been awarded a task order contract by the Space and Missile Systems Center Special Programs Directorate (SMC/SPG) for Integrated Solutions for Situational Awareness (ISSA) support, potentially worth up to $185 million. The cost-plus-fixed-fee (CPFF) contract has a one-year base period with four one-year options. It will provide SMC/SPG and its strategic partners with highly specialized services in IT engineering, space domain expertise, software development, scientific analysis, and data analytics to develop, maintain, sustain, and enhance the ISSA system.

“We are proud to support SMC in their mission to deliver resilient and affordable space capabilities by continuing to provide our specialized operational and technical expertise for ISSA,” said Rich Aves, executive vice president, Parsons’ space and geospatial business unit. “Our agile and flexible solutions will help to improve and enhance the existing ISSA system and ensure the warfighter and other key stakeholders are fully supported.”

The task order award will enable continued use of Parsons’ existing ISSA software contributions with targeted enhancements to enable continued rapid delivery of mission capability, providing an immediate foundation for growth. In addition to delivering operational, technical, and space domain awareness expertise, Parsons will meet critical innovation and agility goals for the ISSA effort by providing unique solutions in astrophysics, intelligence, data analytics, and multi-domain operations. These solutions will include technical and scientific capabilities such as space vehicle launch characterization, C2 satellite transmission, high accuracy orbit determination, space asset tasking, threat processing, real-time launch characterization and custody, and M&S for directed energy and satellite breakup.

ISSA is a Government-owned software suite supporting a broad range of DoD and civilian Federal agencies with more than 5,000 active users on classified networks. The program supports the development of various code, applications, and modules to meet identified analyst and warfighter needs.

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

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 value of the contract awarded to Parsons Corporation?

The contract awarded to Parsons Corporation is valued at up to $185 million.

How long is the contract period for Parsons' new task order?

The contract features a one-year base period with four one-year options.

What services will Parsons provide under the new contract?

Parsons will provide specialized IT engineering, software development, and data analytics services.

How many users will benefit from the ISSA system?

The ISSA system supports over 5,000 active users on classified networks.