Author: Naomi Cooper|| Date Published: April 17, 2023
Parsons (NYSE: PSN) has completed its $43 million acquisition of utility security software provider IPKeys Power Partners in a push to advance the delivery of grid modernization and cyber resiliency offerings for the critical infrastructure sector.
Parsons said Friday the purchase aligns with the company’s strategy of acquiring businesses with revenue growth and adjusted earnings before interest, taxes, depreciation and amortization margins of at least 10 percent.
The deal was first announced in March and IPKeys will operate within the Parsons X digital accelerator organization and Connected Communities business unit.
Tinton Falls, New Jersey-headquartered IPKeys develops cyber and operational security tools for North America-based electric, water and gas utilities.
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