U.S. Army Awards Parsons $38 Million Task Order for Tactical Applications

Rhea-AI Summary

Parsons Corporation (NYSE: PSN) has secured a $38 million task order under the U.S. Army’s Responsive Strategic Sourcing for Services contract. This contract focuses on tactical applications core infrastructure, with a one-year base period and three additional one-year options. The company will enhance mission command applications for improved decision-making and situational awareness. With over 30 years of experience in government services, Parsons demonstrates its commitment to providing innovative solutions that support military operations.

Positive

• Secured a $38 million contract with the U.S. Army, enhancing its revenue stream.
• Strengthens its portfolio in defense technology and services, reflecting market demand in military applications.
• Demonstrates long-term relationship and trust with the U.S. federal government.

Negative

• None.

CENTREVILLE, Va., Dec. 20, 2021 (GLOBE NEWSWIRE) -- Parsons Corporation (NYSE: PSN) has been awarded a $38 million task order on the U.S. Army’s Responsive Strategic Sourcing for Services contract for tactical applications core infrastructure, utilities, and integration. The new contract will have a one-year base period with three one-year option periods.

“We are proud to support the U.S. Army in providing our warfighters with streamlined and consolidated mission command applications that enhance and accelerate critical decision making,” said Robert Lawrence, vice president of Parsons’ mission command and simulation division. “Our team will provide full lifecycle software engineering that will assist the U.S. Army in developing a common operating environment, standardizing mission command systems, and unlocking mission potential.”

Parsons will support the maturation of the acquisition contract command post computing environment (CPCE) and provide design, development, integration and test of software and training content. CPCE gives warfighters a consolidated situational awareness picture in the command post, enhancing their ability to make rapid adjustments according to the combat situation and act decisively to achieve their mission.  

With more than three decades of experience in providing services to the Department of Defense and Federal Agencies, and the company’s position as a leader in all-domain command and control requirements and integrated mission solutions, the award represents Parsons’ continued commitment to delivering innovative solutions to support the warfighter.

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

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:
Crystalyn Koch
+ 1 719.648.8320
Crystalyn.Koch@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?

Parsons Corporation was awarded a $38 million contract for tactical applications core infrastructure.

How long is the duration of the contract awarded to PSN?

The contract has a one-year base period with three optional one-year extensions.

What services will Parsons provide under the new contract with the U.S. Army?

Parsons will provide software engineering support and enhance mission command applications.

What is the focus of Parsons' new task order with the Army?

The focus is on improving tactical applications core infrastructure and enhancing decision-making capabilities.