Parsons Corporation to Acquire Sparta, Inc. From Cobham plc
Acquisition Deepens Parsons' Offerings to National Security Marketplace
(firmenpresse) - PASADENA, CA -- (Marketwire) -- 10/19/11 -- Parsons Corporation today announced that it has entered into a definitive agreement with Cobham plc (LSE: COB) pursuant to which Parsons, a leading provider of mission-critical technical services to the U.S. government, will acquire Sparta, Inc. (dba Cobham Analytics Solutions) and its subsidiaries, a wholly owned subsidiary of Cobham plc, for $350 million. The transaction is subject to U.S. government approvals.
Sparta is a provider of advanced systems engineering, cybersecurity, and mission support services, primarily to the U.S. Department of Defense, Department of Homeland Security, and the intelligence community.
Parsons is an engineering, construction, technical, and management services firm with $2.7 billion in revenue in 2010. Its U.S. government business unit currently serves a broad range of national security customers in mission-critical technical support, training, and program management.
"By acquiring Sparta, Parsons enhances its ability to offer mission-oriented technical and professional services to new and existing customers in the U.S. national security marketplace. For more than 30 years, Sparta has established itself as a provider of advanced systems engineering supporting U.S. national security requirements," said Chuck Harrington, Chairman and CEO of Parsons. "For more than 65 years, Parsons has taken on some of the toughest challenges faced by its customers, including and especially the U.S. Department of Defense and other government agencies."
"By combining Sparta's highly skilled and innovative workforce with Parsons', we are accelerating our strategy of broadening and deepening our services portfolio to our customers and strengthening cybersecurity offerings for potential new customers in key sectors such as critical infrastructure, manufacturing, healthcare, and energy," continued Harrington. "We are excited to be able to add a complementary professional services organization like Sparta to our growing technical services business."
Sparta has two principal business units. The Defense Business Unit is instrumental in the design, development, testing, fielding, and sustainment of effective weapons systems focusing on missile defense, tactical systems, space systems, and network-centric systems. The National Security Business Unit includes an experienced cadre of engineering and technical domain experts who provide the U.S. intelligence and homeland security communities with innovative solutions for intelligence production, information assurance, and computer network operations.
"We're very pleased that the talented teams across Sparta will now be a part of Parsons, which has a reputation as a highly innovative and capable enterprise. As Cobham's business strategy has evolved, it makes sense for Sparta to be a part of an organization such as Parsons, which can offer more opportunities. Under the stewardship of Parsons, we know that Sparta will offer the very high level of customer engagement and support that its customers have come to rely on," said Cobham CEO Andy Stevens.
In 2010, Sparta's revenues were $322.7 million. Sparta has approximately 1,100 employees working in 15 primary offices across the United States, with its largest facilities in Virginia and Alabama.
"We at Parsons are extremely excited to have the opportunity to work with the talented men and women of Sparta," said Todd Wager, Parsons Group President. "Sparta's technological and system competencies will add significantly to Parsons' existing strengths. We anticipate a seamless integration, with both Sparta and Parsons delivering on-time solutions to our customers with exactly the dependability they've come to rely on from us. Joining Sparta's team with ours will give Parsons a deeper presence within the defense, homeland security, and intelligence markets, while providing Sparta with the resources and management support needed to grow our combined business. We're greatly looking forward to the prospect of working with our new colleagues at Sparta."
Lazard served as exclusive financial adviser to Parsons on this transaction.
Founded in 1944, Parsons is a global engineering, construction, technical, and management services firm headquartered in Pasadena, California. Parsons is a leader in many diversified markets with a focus on infrastructure, environmental, and defense/security. Parsons delivers design/design-build, program/construction management, professional services, and innovative alternative delivery solutions to federal, regional, and local government agencies, as well as to private industrial customers worldwide. For more about Parsons, please visit .
Sparta provides scientific and systems engineering and technical assistance (SETA) services to U.S. Intelligence and Missile Defense agencies. Sparta's Intelligence and National Security services include the collection, processing, analysis, and production of information and provision of tools for network and information security. Sparta is an industry leader in network security, network operations, and cyber analytics. Sparta supports U.S. Missile Defense agencies with systems engineering, modeling and simulation, test and evaluation, and has played an important role in development and deployment of U.S. missile defense systems for more than 30 years.
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Datum: 19.10.2011 - 09:03 Uhr
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