Canadian Consulting Engineer

Parsons to acquire IPKeys Power Partners

March 21, 2023
By CCE

The software developer focuses on grid modernization and cybersecurity for critical infrastructure.

Parsons acquires IPKeys

Image courtesy Parsons.

Consulting engineering firm Parsons has entered a definitive agreement to acquire IPKeys Power Partners, which develops enterprise software for utilities, grid operators and energy markets.

Founded in 2014, IPKeys focuses on grid modernization and cybersecurity for critical infrastructure, serving hundreds of utilities across North America, to help accelerate the global clean energy transition.

“The addition of IPKeys brings important software platforms and capabilities that strengthen our integrated solutions,” says Carey Smith, Parsons’ chair, president and CEO. “A natural extension of our growth strategy, this acquisition reinforces our position in the critical infrastructure protection market, enhances our customer base, spans our business segments and extends our capabilities into adjacent markets.”

“We are excited to join our tools, technology and experience with Parsons’ critical infrastructure protection solutions, further proliferating the resiliency of the power grid and other infrastructure,” says IPKeys CEO Robert Nawy.

The transaction is valued at US$43 million. IPKeys will be primarily integrated into Parsons’ ‘connected communities’ business unit and the ‘Parsons X’ digital accelerator organization.

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