Parsons (NYSE: PSN) has agreed to acquire IPKeys Power Partners for approximately $43 million as part of efforts to expand its intellectual property portfolio and footprint in grid modernization and cyber resiliency markets.
IPKeys is a Tinton Falls, New Jersey-based company founded in 2014 and provides enterprise software platforms designed to deliver operational security and cybersecurity to electric, gas and water utilities across North America, Parsons said Tuesday.
Carey Smith, chairwoman, president and CEO of Parsons, said IPKeys’ software offerings will strengthen the company’s capabilities designed to safeguard critical infrastructure.
“A natural extension of our growth strategy, this acquisition reinforces our position in the critical infrastructure protection market, enhances our customer base, spans both of our business segments, and extends our capabilities into adjacent markets,” added Smith, a 2023 Wash100 awardee.
Parsons said it will integrate IPKeys with its Connected Communities business unit and Parsons X digital accelerator organization upon the deal’s completion.
The pending acquisition aligns with the Centreville, Virginia-based technology company’s strategy of buying businesses with revenue growth and adjusted earnings before interest, taxes, depreciation and amortization margins of at least 10 percent.