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  • Saturday, December 21, 2024

Parsons Strikes $203M Deal for BlackHorse Solutions; Chuck Harrington Quoted

Parsons (NYSE: PSN) has agreed to acquire BlackHorse Solutions for approximately $203 million to broaden its client base and expand its digital, artificial intelligence, machine learning and cyber capabilities to support military, intelligence and space operations.

Parsons said Thursday it expects the transaction to conclude in July and to be accretive to its fiscal 2021 and 2022 adjusted earnings before interest, taxes, depreciation and amortization margin, revenue growth rate and adjusted diluted earnings per share.

“Adding BlackHorse increases our scale in the areas of cyber, electronic warfare, and information dominance, enhancing Parsons’ position to pursue and win upcoming large joint all-domain contract opportunities, which is a key component of our national defense strategy,” said Chuck Harrington, chairman and CEO of Parsons and a previous Wash100 awardee.

Herndon, Virginia-based BlackHorse provides cyber, AI, machine learning, autonomous and distributed detection, electromagnetic warfare and information operations support services to intelligence community and defense customers. The company is expected to record approximately $100 million in revenue for 2022.

BlackHorse and its nearly 200 employees will join the federal solutions business segment of Parsons upon the deal’s closing.

Baird and Latham & Watkins advised Parsons in the transaction. Raymond James & Associates and Cooley served as advisers to BlackHorse.

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