Parsons Corporation (NYSE:PSN) announced today that it completed the previously announced acquisition of IPKeys Power Partners, Inc. for $43 million. The strategic acquisition enhances both Parsons’ Federal Solutions and Critical Infrastructure segments, specifically through comprehensive cloud-based cybersecurity, software solutions that operate at the intersection of information and operational technology (IT and OT), and technologies that will help accelerate the global clean energy transition.
Headquartered in Tinton Falls, New Jersey, IPKeys Power Partners is a trusted provider of enterprise software platform solutions that is actively delivering cyber and operational security to hundreds of electric, water, and gas utilities across North America. 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 transaction 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.
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