Parsons to acquire IPKeys Power Partners

Parsons Corporation announced that it has entered into a definitive agreement to acquire IPKeys Power Partners. "IPKeys Power Partners enhances Parsons’ critical infrastructure protection capabilities through comprehensive cloud-based cybersecurity, software solutions that operate at the intersection of information and operational technology,, and technologies that will help accelerate the global clean energy transition," the company said. The acquisition brings IPKeys’ established customer base, expanding Parsons’ presence in two rapidly growing end markets: grid modernization and cyber resiliency for critical infrastructure. "The addition of IPKeys brings important software platforms and capabilities that strengthen our integrated solutions that protect critical infrastructure," said Carey Smith, Parsons’ chair, president, and chief executive officer. "A natural extension of our growth strategy, this acquisition reinforces our position in the critical infrastructure protection market, enhances our customer base, spans both of our business segments, and extends our capabilities into adjacent markets. I look forward to welcoming the IPKeys team to the Parsons family as we continue delivering critical resiliency solutions that protect society in the face of increasing and evolving threats." The transaction is valued at $43 million and is consistent with Parsons’ strategy of completing accretive acquisitions of companies with revenue growth and adjusted EBITDA margins of 10 percent or greater, while adding critical intellectual property that strengthens the company’s existing portfolio. IPKeys Power Partners will be primarily integrated into Parsons’ Connected Communities business unit and, specifically, the Parsons X digital accelerator organization.