Parsons to acquire QRC

By Marjorie Censer / July 22, 2019 at 7:59 AM

Parsons said today it has agreed to acquire QRC Technologies, a Fredericksburg, VA-based company focused on products for the radio frequency and signals intelligence market, for $215 million in cash.

The deal is Parsons' third acquisition in the last 14 months and marks its first since going public in May.

"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," the company said. "The transaction is consistent with the company's 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."

QRC counts among its customers U.S. Special Operations Command, intelligence agencies, the Navy and the Marine Corps, among others. It is slated to generate about $56 million in 2020 sales, according to Parsons.

Parsons said the deal is valued at about $185 million because it includes a $30 million transaction-related tax benefit.

The company previously acquired Polaris Alpha and OGSystems.