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Parsons To Acquire Braxton Science & Technology Group

Parsons to Accuire Braxton

Acquisition enhances space and cyber portfolios; Accretive to revenue growth and adjusted EBITDA margin

CENTREVILLE, VA (Oct. 29, 2020) – Parsons Corporation (NYSE:PSN) announced today that it has entered into a definitive agreement to acquire Braxton Science & Technology Group, LLC (BSTG) and its subsidiaries in a deal valued at $300 million ($258 million less the tax asset). The acquisition increases Parsons’ solutions, products, and capabilities in the space, cyber, and intelligence markets.

BSTG’s broad portfolio of commercial off-the-shelf products—as well as their sustainment of government off-the-shelf products—provide mission critical solutions including spacecraft ground control and spacecraft integration. BSTG has over 50 differentiated space-mission product offerings consisting of software and hardware products combined with advanced engineering services. Their leading product portfolio is built on a technology base of industry best practices for software development, cybersecurity, and domain expertise. BSTG will be integrated into Parsons’ space and geospatial solutions market, adding more than 370 employees, 80% of whom hold security clearances.

“The addition of BSTG complements our space portfolio, increases our product offerings in high-growth markets, and adds critical intellectual property that complements and expands our capabilities for the U.S. Air Force, Space Force, and research laboratories,” said Chuck Harrington, Parsons’ chairman and chief executive officer. “We look forward to welcoming BSTG’s employees into the Parsons’ family, driving synergistic solutions that leverage our expanded set of space solutions, growing our technology, and furthering our customer’s critical missions including joint all-domain operations.”

Headquartered in Colorado Springs, Colorado, BSTG operates at the forefront of satellite operations, ground system automation, flight dynamics, and spacecraft and antenna simulation for the U.S. Department of Defense and Intelligence Community. These capabilities position Parsons to capitalize on the quickly evolving space missions of its national security space customers and address rapid market growth driven by proliferated low earth orbit constellations, small satellite expansion, and space cyber resiliency. BSTG has specific domain expertise with the U.S. Space Force’s Enterprise Ground Services (EGS) effort: a next generation architecture that will unify spacecraft ground control operations across multiple major government agencies.

The transaction is consistent with Parsons’ strategy of acquiring high-growth, defense, and intelligence technology companies with software and hardware intellectual property that enhance its technology and transactional revenue growth and margin profile.

“The combination of our leading defense capabilities, and decades of trusted customer relationships, combined with Parsons’ global scale, cross-industry experience, and disruptive mindset creates a leading space technology provider,” said Ken O’Neil, president of BSTG. “We’re excited to join an organization known for their entrepreneurial spirit, agility, culture of innovation and inclusion, and successful track record of mergers, acquisitions, and integrations. Parsons is a large company with the operational agility of a smaller organization, which attracted us to them and gives us confidence in our future success together.”

The transaction is valued at approximately $258 million, including the net present value of a $42 million transaction-related tax benefit, or approximately 11x Braxton’s estimated 2021 adjusted EBITDA before considering any revenue or cost synergies. For 2021, Braxton is expected to generate revenue of approximately $133 million. The transaction is expected to be accretive to Parsons’ 2021 adjusted earnings per share and close in Q4 2020, subject to customary closing conditions. Parsons was advised by Goldman Sachs & Co. LLC and Latham & Watkins LLP. Braxton was advised by KippsDeSanto & Co. and Sparks Wilson, P.C.

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Braxton Technologies Receives Defensive Cyber Operations Space (DCO-S) Contract Modification Award

July 2, 2020

 

Braxton Technologies, LLC has been awarded an $8,606,785 cost-plus-fixed-fee modification in support of the Defensive Cyber Operations Space (DCO-S) operational project by Space and Missile Systems Center (SMC).

The DCO-S program is tasked with directing and implementing continually advancing cyberspace capabilities to the Space Enterprise. The work on this contract modification integrates with Enterprise Ground Services (EGS) to enable space mission systems with cyber defense capabilities.

Braxton will be responsible for providing Hardware and Software integration for DCO-S Manticore systems.

Braxton’s contribution for DCO-S will be performed in Colorado Springs, Colorado through June 2021. The contract total face value is $88,972,890. Braxton’s award of $8,606,785 will contribute to Research and Development efforts in fiscal 2019 and 2020.

Braxton Technologies, LLC is a member company of Braxton Science & Technology Group (BSTG). BSTG combines companies with expertise and products for Command & Control, Satellite Ground Systems, Software Development, Systems Engineering, Cross Domain Data Dissemination, Cybersecurity, Integration, Test & Checkout, and Satellite Operations.

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Satellite Operations, Prototyping, and Integration (SPI) Year II Award for Braxton

May 2020

 

Colorado Springs, CO., May 14, 2020— Braxton Technologies has been awarded a $31,399,226 cost-plus-fixed-fee contract modification in year two of a Phase IIII Small Business Innovative Research (SBIR) Contract to support Enterprise Ground Services (EGS) Satellite Operations, Prototyping, and Integration (SPI). This contract award enables for cross-domain solutions, design, integration, and rapid delivery team services. The work will continue being performed in Colorado Springs, CO, and will extend the current contract to May 17, 2021. 

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Braxton Technologies Experiences Rapid Growth Despite Pandemic Conditions

Braxton Headquarters

May 2020

 

Colorado Springs, CO., May 28, 2020—Headquartered on Catalyst Campus in Colorado Springs, CO., Braxton Technologies continues to experience rapid growth despite Pandemic conditions.  Braxton has moved non-essential operations offsite due to COVID-19 concerns but has successfully onboarded 39 new employees since the start of year and anticipates additional recruits through the end of the year.  Braxton’s growth has required the acquisition of an additional office suite that is finished and ready to populate once pandemic conditions end.  The new suite embraces elements of innovation and space design and adds a contemporary flare to Downtown Colorado Springs.  The suite has space for 49 permanent desks and has 7 touch-down desks to accommodate employees that may flex between Braxton’s four downtown office locations.   Braxton is proud to stimulate the local Colorado Springs economy by providing jobs in Engineering, Finance, Accounting, and Corporate Services.

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OASIS Small Business Pool 4 Awardee

May 2020

 

Colorado Springs, CO., May 26, 2020 — The General Services Administration (GSA) has awarded Braxton Technologies, LLC the One Acquisition Solution for Integrated Services (OASIS) Small Business Pool 4 contract.  OASIS is a Best-in-Class solution for many government agencies and was developed in response to the government’s substantial need for a hybrid, government-wide acquisition vehicle for complex professional services requirements as defined by the GSA website.  

Braxton Technologies, LLC is a member company of Braxton Science & Technology Group (BSTG). BSTG combines companies with expertise and products for Command & Control, Satellite Ground Systems, Software Development, Systems Engineering, Cross Domain Data Dissemination, Cybersecurity, Integration, Test & Checkout, and Satellite Operations.

This award allows Braxton to compete with other Pool 4 contenders in delivering professional commercial and non-commercial services through the OASIS IDIQ contract vehicles.  The OASIS SB contract core disciplines will include program management, management consulting, logistics, engineering, scientific, and financial services.

OASIS SB Pool 4 (500 employee small business standard size) includes Research and Development in Physical, Engineering, and Life Sciences under the NAICS Code 541715.

For more information about OASIS SB, visit the GSA website https://www.gsa.gov/buying-selling/products-services/professional-services/buy-services/one-acquisition-solution-for-integrated-services-oasis

“This OASIS Pool 4 contract vehicle provides a valuable tool that allows us to bring stellar solutions to our ever-broadening customer set”. – Kenneth W. O’Neil, Braxton President

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