One of the fundamental differences between COTS and custom software is configuration versus code. There is a recent trend among COTS vendors to extend the depth of configuration to deliver user experiences that previously took customization. Oracle is one of the vendors offering software tools that allow the abstraction of certain parts of traditionally custom code (like interfaces) into more configurable platforms.
Sometimes referred to as low-code platforms, these platforms allow for reuse, standardization, and greater end-user participation and control. Distinct elements of previously custom code elements like business rules or accounting logic can now be seen as “configurable” elements in their own software modules.
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.
TeraThink is awarded a multi year contract to develop a transactions-based system to process premium payments for retirement plans for the Pension Benefit Guaranty Corporation as a subcontractor to SRA Spectrum Solutions Group, Inc.