Benzinga | Feb 10, 2021 02:38PM EST

Parsons Corp. Inks New Department Of Defense, Homeland Security Contracts: What Investors Need To Know

Parsons Corp. (NYSE:PSN) has received two new federal government contracts, one for upgrading battlefield planning technology and one to expand COVID-19 testing services.

On The Battlefield: Parsons received a five-year, $69-million contract by the U.S. Army Combat Capabilities Development Command Army Research Laboratory for the development of technology that will provide combat fighters with a high-tech edge in future battles.

The Centreville, Virginia-based company said it will focus on developing solutions related to computational architectures that can be used in tactical computing strategies on the battlefield. These solutions will include scalable technologies and machine learning.

Parsons will conduct its research and development efforts at the ARL Computational and Information Sciences Directorate facilities in Aberdeen Proving Ground and Adelphi, both in Maryland, and at White Sands Missile Range in New Mexico.

"Our mission is to enhance the Army's C5ISR capabilities with research, development, and innovative technology that increases the effectiveness and operational relevance of the end-user," said Hector Cuevas, Parsons executive vice president and general manager of missile defense and C5ISR.

"Parsons' history of building disruptive, operational all-domain systems allows us to help our mission partners achieve their technological vision."

Fighting COVID-19: Separately, Parsons has been tapped by the U.S. Department of Homeland Security with a multiaward COVID-19 testing indefinite-delivery/indefinite-quantity contract with a shared ceiling value of $2 billion.

Testing will support Homeland Security employees and cover managed testing services and molecular diagnostic test kits and testing services.

Last year, the company developed DetectWise, a suite of health monitoring solutions that uses touchless kiosks and biometric screeners for non-contact temperature screenings of people seeking to access an area.

These screenings, which are digitally linked with an individual's COVID-19 test history, are now being used in several industries including aviation, health care and senior living facilities, and Parsons added this system could be included in the company's offering for the Homeland Security indefinite-delivery/indefinite-quantity contract.