Parsons Corporation

Parsons Corporation is an American technology-focused defense, intelligence, security, and infrastructure engineering firm headquartered in Centreville, Virginia. The company was founded in 1944.[2][3]

Parsons Corporation
TypePublic
NYSE: PSN
IndustrySecurity, Defense, Intelligence, Technology, and Critical Infrastructure
FoundedCalifornia, United States (1944 as Ralph M. Parsons Company)
Headquarters
5875 Trinity Pkwy #300, Centreville, Virginia
Key people
Carey Smith CEO
Matt Ofilos, CFO
RevenueUS$ 3.6 billion (2018)[1]

Parsons has more than 16,000 employees across 24 countries. Carey Smith serves as Chairwoman, President, and CEO of Parsons.[4]

History
Former Parsons headquarters in Pasadena, California

Parsons was founded by Ralph M. Parsons in 1944.[3] The company delivered electronics, instrumentation, ground checkout systems design, and engineering for aircraft, missiles and rockets during the Cold War.[5] In 1974, Parsons opened the first part of its headquarters in Pasadena.[6]

In 2004, a $29.5 million contract was given to both Parsons and Gilbert Southern/Massman Construction to redo a portion of the Escambia Bay Bridge near Pensacola, FL after Hurricane Ivan made landfall and knocked off 58 spans of the original bridge and misaligned 66 other spans. Traffic destined for the bridge was rerouted onto US 90 (exit 17 on I-10) for 2 months while construction was taking place, which caused severe traffic jams. The westbound bridge opened to traffic on October 4, six days ahead of schedule, while the eastbound lanes opened to traffic on November 20, 66 days after Ivan made landfall and 27 days ahead of schedule. Both contractors received $1.5 million in bonuses for the early completion.

In 2006, Parsons acquired the Houston-based design and construction company 3D/International.[7]

In late February 2019, Parsons announced the move of its headquarters from Pasadena, California to Centreville, Virginia.[8]

On May 8, 2019, Parsons executed an Initial Public Offering of approximately $500 million on the New York Stock Exchange under the symbol PSN.[9]

In December 2019, it was announced that Parsons and Leidos Holdings Inc. had earned spots on a $4 billion contract to support the cleanup of a former nuclear weapons site in southern Washington state.[10]

Founder's legacy

In 1961, Parsons founded the Ralph M. Parsons Foundation. The foundation became entirely independent from the company in 1974.[11][12]

Signature projects

Notable Parsons projects include:

Acquisitions
 Parsons Corporation 

Company founded by Ralph M. Parsons 1944

Alaris Group[15] May 2005

3D/International[16] Jun 2006

McMunn Associates[17] Mar 2009

Sparta, Inc[18] Nov 2011

Secure Mission Solutions[19] May 2014

Williams Electric[20] Nov 2017

Polaris Alpha[21] May 2018

OG Systems[22] Jan 2019

QRC Technologies[23] Jul 2019

Braxton Science & Technology Group[24] Oct 2020

Blackhorse Solutions[25] Jun 2021

Echo Ridge LLC[26] Jul 2021

Xator Corporation[27] Jun 2022

References
  1. "Financial Highlights". Archive.org. Parsons Corporation. Archived from the original on 19 October 2016. Retrieved 2016-10-19.
  2. "FAQ". Parsons. Retrieved March 2, 2019.
  3. Brown, Heidi. "Rebuilding". Forbes. Retrieved 2018-08-17.
  4. "Parsons Corporation Board Unanimously Elects Carey Smith As Chairwoman | Parsons Corporation". www.parsons.com. Retrieved 2022-05-05.
  5. Thumbs up for performance. // Aviation Week & Space Technology, October 14, 1957, v. 67, no. 15, p. 84.
  6. Scheid, Ann; Lund, Ann Scheid (1999). Historic Pasadena, an Illustrated History. HPN Books. ISBN 9781893619012. Retrieved 10 August 2019.
  7. Cho, Cynthia H. (June 10, 2006). "Parsons Acquires 3D/International". Los Angeles Times.
  8. Peltz, James (28 Feb 2019). "Parsons Corp. is moving its headquarters from Pasadena to Washington, D.C., area". Los Angeles Times. Retrieved 10 August 2019.
  9. Rubin, Debra (9 May 2019). "In May 8 Stock Offering, Parsons Corp. Nets $500M". Engineering News-Record. Retrieved 10 August 2019.
  10. Cordell, Carten (6 December 2019). "Leidos, Parsons win spot on $4B nuclear material cleanup contract". Washington Business Journal. Retrieved 20 December 2019.
  11. "Ralph M. Parsons Foundation Awards $1 Million Grant to Caltech for New Research Laboratory | Caltech". The California Institute of Technology. Retrieved 2018-06-26.
  12. "Ralph M. Parsons Foundation | CSU". www2.calstate.edu. Retrieved 2021-01-30.
  13. Howard, William E. Billions for ICBM Launching Facilities // Missiles and Rockets, May 11, 1959, v. 5, no. 19, p.13-14.
  14. Packard Reminds Industry of Its Duty — Defense. // Missiles and Rockets, September 5, 1960, v. 7, no. 10, p. 17.
  15. "Parsons Acquires The Alaris Group", Los Angeles Times, 5 May 2005, retrieved 31 Aug 2022
  16. Cho, Cynthia (10 June 2006), "Parsons acquires 3D/International", Los Angeles Times, retrieved 28 Aug 2022
  17. Darcy, Darlene (5 March 2009), "Herndon's McMunn Associates sold to Parsons", Washington Business Journal, retrieved 28 Aug 2022
  18. Hubler, David (19 October 2011), "Parsons makes $350M deal to pull services unit out of Cobham", Washington Technology, retrieved 10 Aug 2019
  19. Hoover, Mark (21 Apr 2014), "Parsons deepens cybersecurity capability through latest acquisition", Washington Technology, retrieved 11 Aug 2019
  20. Smith, Kevin (30 Nov 2017), "Parsons acquisition will boost company's defense against cyber attacks", Pasadena Star-News, retrieved 28 Aug 2022
  21. Erwin, Sandra (21 May 2018), "Parsons acquires Polaris Alpha, seeks bigger footprint in defense, space, intelligence", Space News, Space News, retrieved 10 Aug 2019
  22. Wilkers, Ross (8 Jan 2019), "Parsons makes another intell-focused deal", Washington Technology, Public Sector 360, retrieved 10 Aug 2019
  23. Censer, Majorie (22 Jul 2019), "Parsons to acquire QRC", Inside Defense, retrieved 11 Aug 2019
  24. Erwin, Sandra (29 Oct 2020), "Parsons to acquire space and cybersecurity firm Braxton Science & Technology Group", Space News, retrieved 28 Aug 2022
  25. Andrews, Kate (10 Jun 2021), "Parsons to purchase BlackHorse Solutions for $203M", Virgina Business, retrieved 28 Aug 2022
  26. "Parsons Corporation acquired Echo Ridge, LLC for approximately $9M", Market Screener, 4 Aug 2021, retrieved 29 Aug 2022
  27. Edwards, Jane (2 Jun 2021), "Parsons Closes Xator Acquisition", Virgina Business, retrieved 28 Aug 2022
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