Parsons Corporation (NYSE:PSN) announced today that it has acquired Maryland-based Chesapeake Technology International, Corp (CTI), a portfolio company of Bluestone Investment Partners, in a transaction valued at $89 million.
Founded in 2000, CTI strengthens Parsons’ defense customer posture with the Special Operations forces and enhances Parsons’ position in the Indo-Pacific Command (INDOPACOM) area of operations. CTI brings extensive capabilities as an all-domain technology solutions provider, powered by cutting-edge products that enhance the warfighters’ ability to sense, evaluate and deliver effects within the invisible battlespaces. These capabilities are critical for modern warfare and align with the new administration’s spending priorities.
The transaction is consistent with Parsons’ strategy of completing accretive acquisitions of companies with revenue growth and adjusted EBITDA margins of at least 10%, while adding critical intellectual property that strengthens the company’s existing portfolio. CTI’s 225+ employees, 87 percent of whom hold security clearances, will be aligned to Parsons’ Defense & Intelligence business unit.
“Acquiring CTI is a logical addition to our growth strategy, enhancing our mission-ready solutions for the Department of Defense,” said Carey Smith, chair, president, and CEO of Parsons. “CTI’s spectrum dominance solutions strengthen our portfolio and position us to capture a larger share of the full-spectrum operations market, which is poised for increased government funding due to evolving near-peer threats. Their commitment to addressing our nation’s security challenges aligns perfectly with Parsons’ mission and culture. I welcome their talented team into the Parsons family as we imagine next, together.”
CTI is headquartered in Prince Frederick, Maryland, and focuses on developing advanced, warfighter-focused solutions for military and security applications. Providing a vertically integrated solution stack, CTI allows its customers to SEE (Sense, Evaluate, Effect) the invisible battlespaces and close the target engagement cycle. CTI maintains domain expertise in the electromagnetic spectrum, cyberspace, autonomous systems, and special communications and has a track record of transitioning its prototyped solutions to fielded systems for operational commands.
“We are excited to join forces with Parsons, an ongoing partnership that represents a shared vision for innovation and excellence in serving our nation’s warfighters,” said Dustan Hellwig, co-founder and Chief Strategy Officer of CTI. “Our cultures are deeply aligned, focusing on relentless innovation and a commitment to enhancing capabilities that directly support the mission of those who protect our freedoms. Together, we will leverage our combined strengths to expand our customer base and deliver cutting-edge solutions that effectively address the evolving challenges faced by the Department of Defense.”
The transaction is valued at $89 million, or approximately 10x CTI’s estimated 2026 adjusted EBITDA. For 2026, CTI is expected to generate revenue of approximately $89 million. Parsons expects the transaction to be accretive to its fiscal year revenue growth rate, adjusted EBITDA margin, and adjusted diluted earnings per share. Parsons was advised by Raymond James.