Parsons Wins $69 Million U.S. Army High-Performance Computing Research and Development Contract

Rhea-AI Summary

Parsons Corporation (NYSE: PSN) has secured a five-year contract worth $69 million from the U.S. Army Combat Capabilities Development Command to advance exploratory technologies aimed at enhancing the operational capabilities of American warfighters. The contract will focus on developing computational architectures, scalable technologies, and machine learning applications to improve tactical computing and high-performance computing services. Work will be conducted at various Army facilities in Maryland and New Mexico, reinforcing Parsons' commitment to delivering disruptive technology in defense.

Positive

• Secured a $69 million contract with the U.S. Army, validating Parsons' expertise in defense technology.
• Focus on developing advanced computational architectures and machine learning solutions enhances the company's capabilities in high-performance computing.

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• None.

CENTREVILLE, Va., Feb. 9, 2021 /PRNewswire/ -- Parsons Corporation (NYSE: PSN) was awarded a five-year $69 million contract by the U.S. Army Combat Capabilities Development Command (DEVCOM) Army Research Laboratory (ARL) to develop exploratory, disruptive technology that will provide United States warfighters with the technological edge as part of the Army's future vision.

"Our mission is to enhance the Army's C5ISR capabilities with research, development, and innovative technology that increases the effectiveness and operational relevance of the end-user," said Hector Cuevas, Parsons executive vice president and general manager of missile defense and C5ISR. "Parsons' history of building disruptive, operational all-domain systems allows us to help our mission partners achieve their technological vision."

Parsons will research and develop solutions related to computational architectures for tactical computing on the battlefield, scalable technologies and machine learning, and high-performance computing technology services designed to empower the operator. Work will occur at the ARL Computational and Information Sciences Directorate (CISD) facilities in Aberdeen Proving Ground, M.d.; Adelphi, M.d.; and White Sands Missile Range, N.M.

CISD provides scientific research and technology focused on information processing, network and communication sciences, information assurance, and battlespace environments, and advanced computing that create, exploit and harvest innovative technologies to enable knowledge superiority for the warfighter.

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

About Parsons Corporation

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 

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SOURCE Parsons Corporation

FAQ

What is the value of the contract Parsons won with the U.S. Army?

Parsons secured a $69 million contract with the U.S. Army.

What will Parsons develop for the U.S. Army under this contract?

Parsons will develop exploratory technologies including computational architectures, scalable technologies, and machine learning for tactical computing.

How long is the contract Parsons received from the U.S. Army?

The contract awarded to Parsons is for a duration of five years.

Which organization awarded the contract to Parsons Corporation?

The contract was awarded by the U.S. Army Combat Capabilities Development Command (DEVCOM) Army Research Laboratory.

What is the significance of this contract for Parsons Corporation?

This contract demonstrates Parsons' position as a key provider of disruptive technology in the defense sector.