Parsons Completes Acquisition of QRC Technologies
CENTREVILLE, Va. (July 31, 2019) – Parsons Corporation (NYSE:PSN) announced today that it has completed its previously announced acquisition of QRC, LLC (“QRC Technologies” or “QRC”) from private equity firm DC Capital Partners. The acquisition is consistent with Parsons’ transformation strategy of acquiring high-growth, defense and intelligence technology companies with hardware and intellectual property that enhance its technology and transactional revenue growth and margin profile.
The strategic acquisition is Parsons’ first as a public company and its third acquisition in the past 14 months. Parsons plans to leverage its existing artificial intelligence and data analytics core competencies to further differentiate QRC’s product portfolio and expedite actionable intelligence for its customers.
QRC is an agile, disruptive product company headquartered in Fredericksburg, Va., that specializes in radio frequency spectrum survey, record and playback; signals intelligence; and electronic warfare missions for the U.S. Special Operations Command, U.S. Intelligence Community, U.S. Navy, U.S. Marine Corps and international customers.
Parsons (NYSE:PSN) is a leading disruptive technology provider for the future of global defense, intelligence and critical infrastructure across cybersecurity and intelligence, missile defense, space, connected communities and physical infrastructure. Please visit parsons.com and follow us on LinkedIn and Facebook to learn how we’re making an impact.
Non-GAAP Financial Measures
In this press release, Parsons has included certain non-GAAP financial measures as defined in Regulation G promulgated under the Securities Exchange Act of 1934, as amended. The non-GAAP financial measure included is this release is QRC’s expected EBITDA in 2020. Reconciliation of QRC’s expected 2020 EBITDA is not available without unreasonable efforts because Parsons cannot predict with sufficient certainty all the components required to provide such reconciliation, including with respect to the costs and charges relating to transaction and integration expenses, restructuring and integration to be incurred in 2020 and subsequent periods. Parsons provides non-GAAP financial measures to supplement U.S. GAAP measures, as they provide additional insight into Parsons’ and QRC’s financial results. However, non-GAAP measures have limitations as analytical tools and should not be considered in isolation and are not in accordance, or a substitute for, U.S. GAAP. In addition, other companies may define non-GAAP measures differently, which limits the ability of investors to compare non-GAAP measures of Parsons and QRC to those used by peer companies.
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