FDIC awards $550 million IT services contract

The Federal Deposit Insurance Corporation awarded four contractors a 10-year $550 million contract to provide information technology application services.

The agency awarded the contract to Booz Allen Hamilton Inc., IBM Corp., Lockheed Martin Corp. and Pragmatics Inc. Pragmatics is a minority owned small business.

The IT services they will supply include application development and maintenance, organizational and management support, data management and software process improvement.

The contract consolidates about 50 contracts and will work will be awarded through performance-based, competitive task orders, the agency said.

The FDIC insures deposits in banks and thrift institutions for up to $100,000 and identifies and monitors risks to the deposit insurance funds.

The contract services are expected to improve the software processes for maintaining the secure application systems that support the FDIC's business requirements.

The contract will take effect April 1.