CHANTILLY, Va., July 01, 2025 (GLOBE NEWSWIRE) -- Parsons Corporation (NYSE:PSN) announced today that it has acquired Maryland-based Chesapeake Technologies International, Corp (CTI), a portfolio company of Bluestone Investment Partners, in a transaction valued at $89 million.
Founded in 2000, CTI strengthens Parsons' defense customer posture with the Special Operations forces and enhances Parsons' position in the Indo-Pacific Command (INDOPACOM) area of operations. CTI brings extensive capabilities as an all-domain technology solutions provider, powered by cutting-edge products that enhance the warfighters' ability to sense, evaluate and deliver effects within the invisible battlespaces. These capabilities are critical for modern warfare and align with the new administration's spending priorities.
The transaction is consistent with Parsons' strategy of completing accretive acquisitions of companies with revenue growth and adjusted EBITDA margins of at least 10%, while adding critical intellectual property that strengthens the company's existing portfolio. CTI's more than 225 employees, 87 percent of whom hold security clearances, will be aligned to Parsons' Defense & Intelligence business unit.
"Acquiring CTI is a logical addition to our growth strategy, enhancing our mission-ready solutions for the Department of Defense," said Carey Smith, chair, president, and CEO of Parsons. "CTI's spectrum dominance solutions strengthen our portfolio and position us to capture a larger share of the full-spectrum operations market, which is poised for increased government funding due to evolving near-peer threats. Their commitment to addressing our nation's security challenges aligns perfectly with Parsons' mission and culture. I welcome their talented team into the Parsons family as we imagine next, together."
CTI is headquartered in Prince Frederick, Maryland, and focuses on developing advanced, warfighter-focused solutions for military and security applications. Providing a vertically integrated solution stack, CTI allows its customers to SEE (Sense, Evaluate, Effect) the invisible battlespaces and close the target engagement cycle. CTI maintains domain expertise in the electromagnetic spectrum, cyberspace, autonomous systems, and special communications and has a track record of transitioning its prototyped solutions to fielded systems for operational commands.
"We are excited to join forces with Parsons, an ongoing partnership that represents a shared vision for innovation and excellence in serving our nation's warfighters," said Dustan Hellwig, co-founder and chief strategy officer of CTI. "Our cultures are deeply aligned, focusing on relentless innovation and a commitment to enhancing capabilities that directly support the mission of those who protect our freedoms. Together, we will leverage our combined strengths to expand our customer base and deliver cutting-edge solutions that effectively address the evolving challenges faced by the Department of Defense."
The transaction is valued at $89 million, or approximately 10x CTI's estimated 2026 adjusted EBITDA. For 2026, CTI is expected to generate revenue of approximately $89 million. Parsons expects the transaction to be accretive to its fiscal year revenue growth rate, adjusted EBITDA margin, and adjusted diluted earnings per share. Parsons was advised by Raymond James.
About Parsons
Parsons (NYSE:PSN) is a leading disruptive technology provider in the national security and global infrastructure markets, with capabilities across cyber and intelligence, space and missile defense, transportation, environmental remediation, urban development, and critical infrastructure protection. Please visit parsons.com and follow us on LinkedIn and Facebook to learn how we're making an impact.
Forward-Looking Statements
This document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are based on our current expectations, beliefs and assumptions, and are not guarantees of future performance. Forward-looking statements are inherently subject to uncertainties, risks, changes in circumstances, trends, and factors that are difficult to predict, many of which are outside of our control. Accordingly, actual performance, results, and events may vary materially from those indicated in the forward-looking statements, and you should not rely on the forward-looking statements as predictions of future performance, results, or events. Numerous factors could cause actual future performance, results and events to differ materially from those indicated in the forward-looking statements, including, among others: any issue that compromises our relationships with the U.S. federal government or its agencies or other state, local, or foreign governments or agencies; any issues that damage our professional reputation; changes in governmental priorities that shift expenditures away from agencies or programs that we support; our dependence on long-term government contracts, which are subject to the government's budgetary approval process; the size of our addressable markets and the amount of government spending on private contractors; failure by us or our employees to obtain and maintain necessary security clearances or certifications; failure to comply with numerous laws and regulations; changes in government procurement, contract or other practices or the adoption by governments of new laws, rules, regulations, and programs in a manner adverse to us; the termination or nonrenewal of our government contracts, particularly our contracts with the U.S. federal government; our ability to compete effectively in the competitive bidding process and delays, contract terminations, or cancellations caused by competitors' protests of major contract awards received by us; our ability to generate revenue under certain of our contracts; any inability to attract, train, or retain employees with the requisite skills, experience, and security clearances; the loss of members of senior management or failure to develop new leaders; misconduct or other improper activities from our employees or subcontractors; our ability to realize the full value of our backlog and the timing of our receipt of revenue under contracts included in backlog; changes in the mix of our contracts and our ability to accurately estimate or otherwise recover expenses, time and resources for our contracts; changes in estimates used in recognizing revenue; internal system or service failures and security breaches; and inherent uncertainties and potential adverse developments in legal proceedings, including litigation, audits, reviews, and investigations, which may result in materially adverse judgments, settlements, or other unfavorable outcomes. These factors are not exhaustive and additional factors could adversely affect our business and financial performance. For a discussion of additional factors that could materially adversely affect our business and financial performance, see the factors included under the caption "Risk Factors" in our Registration Statement on Form S-1 and our other filings with the Securities and Exchange Commission. All forward-looking statements are based on currently available information and speak only as of the date on which they are made. We assume no obligation to update any forward-looking statement made in this presentation that becomes untrue because of subsequent events, new information or otherwise, except to the extent we are required to do so in connection with our ongoing requirements under federal securities laws.
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