Parsons Enters $300M Deal for BSTG; Chuck Harrington Quoted

Parsons Enters $300M Deal for BSTG; Chuck Harrington Quoted
Chuck Harrington Chairman

Parsons has entered into a definitive agreement to acquire Braxton Science & Technology Group (BSTG) and its subsidiaries for $300 million, the company reported on Thursday. With the purchase, Parsons will enhance its solutions, products and capabilities across the space, cyber and intelligence markets.

"The addition of BSTG complements our space portfolio, increases our product offerings in high-growth markets, and adds critical intellectual property that complements and expands our capabilities for the U.S. Air Force, Space Force, and research laboratories," said Chuck Harrington, Parsons' chairman and chief executive officer, and 2020 Wash100 Award recipient. 

BSTG has a large portfolio of commercial off-the-shelf (COTS) products and government off-the-shelf products, which have provided mission critical solutions across spacecraft ground control and spacecraft integration. 

The company has more than 50 differentiated space-mission product offerings, such as software and hardware products and advanced engineering services. BSTG has specialized in software development, cybersecurity and domain expertise. 

BSTG has operated within satellite operations, ground system automation, flight dynamics and spacecraft and antenna simulation for the U.S. Department of Defense (DoD) and Intelligence Community (IC). 

With the acquisition, Parsons will gain greater influence within space missions of its national security space customers and be able to address the growth of low earth orbit constellations, small satellite expansion and space cyber resiliency.

Specifically, BSTG has domain expertise with the U.S. Space Force's Enterprise Ground Services (EGS) effort, which will unify spacecraft ground control operations across multiple major government agencies. BSTG will be integrated into Parsons' space and geospatial solutions market, adding more than 370 employees.

"We look forward to welcoming BSTG's employees into the Parsons' family, driving synergistic solutions that leverage our expanded set of space solutions, growing our technology, and furthering our customer's critical missions including joint all-domain operations," Harrington added. 

The acquisition will add to Parsons' strategy of acquiring high-growth, defense and intelligence technology companies with software and hardware intellectual property that support technological and transactional revenue growth and margin profile.

The transaction is expected to be accretive to Parsons' 2021 adjusted earnings per share and close in Q4 2020, subject to customary closing conditions.

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