CENTREVILLE, Va., March 23, 2021 /PRNewswire/ -- Parsons Corporation (NYSE: PSN) was awarded an indefinite-delivery, indefinite-quantity (IDIQ) multiple award task order contract by the Defense Intelligence Agency (DIA) for the Solutions for Information Technology Enterprise III (SITE III). The 10-year contract has a five-year base period and five option periods, worth a shared value of $12.6 billion across awardees. SITE III provides strategic, technical, and program management guidance and support services to facilitate the operations and modernization of the agency's infrastructure, systems, and applications.
"We look forward to partnering with DIA on SITE III to deliver innovative IT solutions," said Richard J. D'Alessandro, senior vice president of Parsons' geospatial solutions market. "Our expertise in program management, technology integration, IT infrastructure, and applications development will aid the modernization efforts of DIA and its mission partners."
The DIA's primary objective with SITE III is to support warfighters, policymakers and acquisition leaders across the Defense Intelligence Enterprise (DIE) by achieving an Information and Communications Technology advantage. The SITE III contract provides managed services directed towards improving integration, information sharing, and information safeguarding through the use of a streamlined information technology (IT) approach representing an alignment with the Intelligence Community's Information Technology Enterprise (IC ITE) as directed by the director of national intelligence.
The contract will support many critical departments and agencies, including DIA, CCMDs, Air Force, Space Force, Army, Marine Corps, Navy, Coast Guard, Joint Reserve Intelligence Program, National Command Authorities, other DoD Agencies, multi-national partners and non-DoD organizations with intelligence missions.
SITE III is the third in a series of DIA enterprise IDIQ contracts and the follow-on contract to the existing E-SITE IT acquisition contract, which expired in December 2020. DIA plans to deliver multiple awards to both small and large businesses through the SITE III contract.
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This document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are based on our current expectations, beliefs and assumptions, and are not guarantees of future performance. Forward-looking statements are inherently subject to uncertainties, risks, changes in circumstances, trends and factors that are difficult to predict, many of which are outside of our control. Accordingly, actual performance, results and events may vary materially from those indicated in the forward-looking statements, and you should not rely on the forward-looking statements as predictions of future performance, results or events. Numerous factors could cause actual future performance, results and events to differ materially from those indicated in the forward-looking statements, including, among others: any issue that compromises our relationships with the U.S. federal government or its agencies or other state, local or foreign governments or agencies; any issues that damage our professional reputation; changes in governmental priorities that shift expenditures away from agencies or programs that we support; our dependence on long-term government contracts, which are subject to the government's budgetary approval process; the size of our addressable markets and the amount of government spending on private contractors; failure by us or our employees to obtain and maintain necessary security clearances or certifications; failure to comply with numerous laws and regulations; changes in government procurement, contract or other practices or the adoption by governments of new laws, rules, regulations and programs in a manner adverse to us; the termination or nonrenewal of our government contracts, particularly our contracts with the U.S. federal government; our ability to compete effectively in the competitive bidding process and delays, contract terminations or cancellations caused by competitors' protests of major contract awards received by us; our ability to generate revenue under certain of our contracts; any inability to attract, train or retain employees with the requisite skills, experience and security clearances; the loss of members of senior management or failure to develop new leaders; misconduct or other improper activities from our employees or subcontractors; our ability to realize the full value of our backlog and the timing of our receipt of revenue under contracts included in backlog; changes in the mix of our contracts and our ability to accurately estimate or otherwise recover expenses, time and resources for our contracts; changes in estimates used in recognizing revenue; internal system or service failures and security breaches; and inherent uncertainties and potential adverse developments in legal proceedings, including litigation, audits, reviews and investigations, which may result in materially adverse judgments, settlements or other unfavorable outcomes. These factors are not exhaustive and additional factors could adversely affect our business and financial performance. For a discussion of additional factors that could materially adversely affect our business and financial performance, see the factors included under the caption "Risk Factors" in our Registration Statement on Form S-1 and our other filings with the Securities and Exchange Commission. All forward-looking statements are based on currently available information and speak only as of the date on which they are made. We assume no obligation to update any forward-looking statement made in this presentation that becomes untrue because of subsequent events, new information or otherwise, except to the extent we are required to do so in connection with our ongoing requirements under federal securities laws.
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