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  The Federal Deposit Insurance Corporation (FDIC) has awarded a 10-year multiple-award contract for IT application services to Booz Allen Hamilton, IBM, Lockheed Martin and Pragmatics.
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The contract, which has an estimated value of more than $550 million if all options are exercised, is for a broad range of IT services including application development and maintenance, organizational and management support, data management, and software process improvement. These services are expected to improve software development processes to produce and maintain a secure, efficient portfolio of application systems supporting FDIC business requirements.

The contract, which consolidates up to 50 current contracts, is expected to reduce costs, improve services and provide additional accountability. It will use performance-based competitive task orders to ensure cost-effective service delivery and contractor accountability.

The award of this contract completes the FDIC’s effort to consolidate its information technology contracts into fewer longer term strategic contracts. Last fall the FDIC awarded a contract to consolidate 36 contracts for infrastructure support services.

The contract will be effective April 1.

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