Parsons plans to acquire enterprise software platform solutions provider IPKeys Power Partners of Tinton Falls, New Jersey, for $43 million.
Parsons President and CEO Carey Smith said they expect the transaction to refine the Centreville, Virginia-based company's portfolio of cloud-based cybersecurity and software products that protect critical infrastructure.
It will also help expand Parson's customer base in a fast-growing market in need of modern, reliable, secure, resilient and sustainable power systems.
According to the company, the IPKeys team will be absorbed within its Connected Communities business unit and Parsons X digital accelerator arm once the acquisition is finalized.
"The addition of IPKeys brings important software platforms and capabilities that strengthen our integrated solutions that protect critical infrastructure," said Smith, a 2023 Wash100 awardee.
"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."
