Parsons has signed an agreement to acquire digital security firm BlackHorse Solutions in an ‘accretive deal’ worth $203m.
BlackHorse is a provider of cyber, electromagnetic warfare (EW), and information operations for the US Department of Defense (DoD) and intelligence community customers.
The acquisition expands Parsons’ customer base and adds different capabilities related to cyber, digital operations, artificial intelligence / machine learning to Parsons’ portfolio.
The deal will also enable Parsons to expand its proven solutions and products that address next-generation military, intelligence, and space operations.
Parsons noted that the deal aligns with its strategy to acquire companies with revenue growth and adjusted earnings before interest, taxes, depreciation, and amortisation (EBITDA) margins crossing 10%.
Parsons chairman and CEO Chuck Harrington said: “Adding BlackHorse increases our scale in the areas of cyber, electronic warfare, and information dominance, enhancing Parsons’ position to pursue and win upcoming large joint all-domain contract opportunities, which is a key component of our national defence strategy.
“We have partnered closely with BlackHorse in the past, so we know our cultures are well aligned and are excited to welcome their talented team of employees to the Parsons’ family and leverage their exceptional reputation in the market.”
Upon the completion of the transaction, BlackHorse will fall under Parsons’ federal solutions business segment. It will also bring some two hundred employees to Parsons unit.
BlackHorse president and CEO Mike Kushin said: “We are thrilled to join the Parsons family.
“We share a common passion for supporting our nation’s most pressing security challenges, and joining forces continues that tradition while accelerating our growth and expanding our customer base.”
In March, Parsons won a multiple award task order contract supporting intelligence missions from the US Defense Intelligence Agency (DIA).