In a deal worth up to $200 million,
Parsons Corporation announced that it had bought Maryland-based Sealing Technologies, Inc. (SealingTech), a cyber and technology business. SealingTech, a 2012 startup, increases Parsons' customer base across the Department of Defense and Intelligence Community and strengthens the company's capabilities in critical infrastructure protection, integrated mission-solutions powered by AI and ML, edge computing and edge access modernization, defensive cyber operations, and secure data management.
The deal follows Parsons' strategy of making accretive purchases of businesses with revenue growth and adjusted EBITDA margins that are both above 10%, while also acquiring crucial intellectual property that expands the company's current portfolio. The almost 150 SealingTech staff members, 70% of whom have security clearances, will be a part of Parsons' Defense & Intelligence business area. Parsons' Federal Solutions and Critical Infrastructure customers and projects will be able to use SealingTech's capabilities.
“The addition of SealingTech is a natural extension of our growth strategy, adding critical, mission-ready solutions for our Department of Defense and Intelligence Community customers,” said Carey Smith, Parsons’ chair, president, and chief executive officer. “SealingTech’s defensive cyber capabilities complement our leading offensive cyber capabilities and increase our share in the full-spectrum cyber operations market, which is expected to receive more government funding because of accelerating and evolving cyber threats. Their mission-focused approach and passion for delivering impactful solutions for our nation’s most pressing security challenges aligns seamlessly with Parsons’ business and culture. I look forward to welcoming this talented team of employees into the Parsons’ family as we collectively imagine next.”
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