Parsons [PSN] on Tuesday said it has agreed to acquire IPKeys Power Partners, a small company that provides smart data management and cybersecurity solutions to its customers in the electric, gas and water utilities markets.
Parsons said the transaction is valued at $43 million. IPKeys has about 70 employees and is based in New Jersey.
The acquisition brings Parsons new customers, gives it solutions at “the intersection of information and operational technology,” expands its work in grid modernization and cyber resiliency for certain critical infrastructures, and technologies to help with the transition to clean energy.
“The addition of IPKeys brings important software platforms and capabilities that strengthen our integrated solutions that protect critical infrastructure,” Carey Smith, chairwoman, president and CEO of Parsons, said in a statement. “A natural extension of our growth strategy, this acquisition reinforces our position in the critical infrastructure protection market, enhances our customer base, spans both our business segments, and extends our capabilities into adjacent markets.”
IPKeys’ customers include hundreds of electric, water and gas utilities across North America.
Parsons said the acquisition is consistent with its strategy of doing deals with companies growing their sales, having adjusted operating margins of at least 10 percent, and adding intellectual property.