We have been selected as the prime contractor by Pension Benefit Guaranty Corporation (PBGC) for their Financial Management Systems-Information Technology Support Services (FMS-ITSS) contract. This five-year unrestricted single award IDIQ (indefinite-delivery indefinite-quantity) contract, with a $100 million ceiling, represents exciting new work for TeraThink. The award demonstrates the continuing success of our strategy to lead transformation initiatives. We welcome the opportunity to support PBGC in achieving their strategic goals.
Today we are proud to announce that TeraThink has been awarded a $12M single award Task Order from the U.S. Department of Veterans Affairs. We will be performing independent verification and validation (IV&V) services in support of their Financial Management Business Transformation (FMBT) initiative. This multidimensional IV&V support for the VA’s financial business system implementation will utilize CGI’s Momentum® Federal ERP suite. This win demonstrates our long-held reputation for excellent performance delivering Enterprise Resource Planning (ERP) programs.
Almost a year ago, TeraThink and Dominion Consulting merged. It seems like a good time to look back on what we have achieved.
Just because this is going to be hard is not a reason to not do it.
While I know it’s a double negative, it turns out it was exactly the right statement to make early and often. We got here relatively innocently – a casual, almost easy, conversation between entrepreneurs about the future of our respective companies. However, accurately predicting how the next year or so would go would have been impossible. We knew the merger was going to be difficult and complicated, sure, but it played out to be much more than that.
The pursuit of a successful merger and integration is an exercise of incredible loads of work, constant distraction, some elation, occasional frustration (insert sarcastic emoji here), and every other emotion in between. I can genuinely state that the process of closing the deal and then integrating these two great companies was both – one of the most difficult, and one of the most rewarding achievements of my career. Recognizing that the merger trend in our industry is not slowing down, we wanted to share a few of our key lessons learned and critical success factors from our experience with this merger.
The Department of Defense (DoD) has awarded TeraThink a prime position on the Improved Dashboard Analytics and Workflow Support (IDAWS) Blanket Purchase Agreement (BPA). We are excited to apply our Information Management and Predictive Analytics expertise to enhance the tools used by DoD for decision support.
This award extends our long history providing financial management expertise to the DoD. Valued an estimated $140M over 5 years, winning this multi-award BPA is a testament to our team’s excellence supporting the DoD.
The U.S. Department of Agriculture (USDA) awarded TeraThink $10M for Organizational Change Management and Business Process Reengineering. Awarded as part of the USDA Shared Services Lines of Business Solutions (SSLOBS) Blanket Purchase Agreement (BPA), our expansive financial management and modernization experience is directly relevant to USDA objectives. This experience was key to our winning these task orders.
TeraThink has completed an asset purchase agreement to support the Defense Logistics Agency’s J6 Enterprise Technology Services (JETS) contract vehicle. The DLA JETS contract is a multiple-award firm-fixed-price quantity contract with a five-year base period of performance. The DLA has already purchased over $500M in IT services through the vehicle since March 2017. With a three-year option and a total contract ceiling of up to $6 billion, TeraThink’s opportunity to grow at the DLA is substantial.
We believe our digital transformation, enterprise applications, and information management capabilities are a great fit for DLA’s needs. TeraThink’s service offerings clearly align to the recently released 2018-2026 DLA Strategic Plan. We welcome the opportunity to assist DLA Information Operations (J6) in realization of its vision of a global presence, agile and innovative, and focused on the warfighter first.
Today we are proud to announce that Steve Hamric will be joining TeraThink as our new Chief Financial Officer. Steve will oversee all finance and contracts aspects of TeraThink, including financial planning, management, and reporting operations.
We are thrilled to have Steve on board at TeraThink as we enter the next phase of our company’s evolution. His experience will help us to play a stronger role in the industry.