IBM lands Navy financial services deal

IBM Corp. has won a one-year, $35 million contract from the Navy to provide financial and accounting services to streamline its financial operations, the company announced today. The contract could be worth more than $100 million over five years if all options are exercised.

IBM Business Consulting Services of Fairfax, Va., will help the Navy develop standardized financial reporting processes, identify department deficiencies and design new processes to assure audit compliance.

The contract work will be performed in Fairfax, Norfolk, Va., and San Diego. The first phase of the contract is scheduled for completion by March 2006 and could run until 2010 with the options.

IBM Business Consulting Services is a unit of IBM Corp., Armonk, N.Y. The company has more than 255,000 employees and annual sales of $89.1 billion. The company ranked No. 11 on Washington Technology's 2004 Top 100 list, which measures federal contracting revenue. The 2005 list will be published May 9.