Parsons to Acquire RF Tech Provider QRC for $215M; Chuck Harrington Quoted

Jeff Brody
Chuck Harrington

Parsons (NYSE: PSN) has agreed to buy radio frequency products developer QRC Technologies from private equity firm DC Capital Partners for approximately $215M in cash in a push to expand its portfolio of products in the RF and signals intelligence sector.

“Bringing QRC into the Parsons family complements our existing portfolio, increases our presence in the high-growth markets of spectrum awareness and surveillance, adds critical intellectual property that complements and expands our available capabilities for the Special Operations and Intelligence Communities,” Chuck Harrington, chairman and CEO of Parsons said in a statement published Monday.

“Our expansion into military hardware will provide significant value for both our shareholders and customers across federal solutions and critical infrastructure,” he added.

Fredericksburg, Va.-based QRC develops platforms in RF spectrum survey, record and playback, electronic warfare and signals intelligence in support of the U.S. intelligence community, U.S. Special Operations Command, U.S. Navy, U.S. Marine Corps and international clients. The company is expected to record approximately $56M in revenue and $18M in earnings before interest, tax, depreciation and amortization for 2020.

Goldman Sachs & Co LLC and Latham & Watkins LLP advised Parsons in the deal, while Arnold & Porter Kaye Scholer LLP served as QRC’s adviser.

The transaction marks Parson’s first acquisition as a public company and aligns with its transformation strategy to acquire high-growth companies in defense and intelligence technology markets. The deal also supports the company’s plans to leverage its capabilities in artificial intelligence and data analytics to accelerate the delivery of actionable intelligence to customers.

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