Big Bear AI Stoney!!!!
$2B contract from the FAA.
$1.78 pre-market
The Reddit children will be chasing this one today!
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BigBear.ai and Concept Solutions team awarded shared IDIQ contract with U.S. Federal Aviation Administration to provide IT solutions and emerging tech
BigBear.ai (NYSE: BBAI) (“the company”), a leading AI and emerging technologies partner for enterprise and defense, today announced that the company received an award as a subcontractor to Concept Solutions, LLC (CS). CS is one of fourteen companies awarded a Federal Aviation Administration (FAA) Information Technology Innovative Procurement Strategic Sourcing (ITIPSS) contract supporting the Office of Information Technology (AIT). This multiple-award IDIQ contract, with a $2.4 billion shared ceiling over ten years, will enable the Federal Aviation Administration to acquire a full range of IT capabilities, solutions, and emerging technologies, offering state-of-the-art IT-related service solutions.
The ITIPSS contract is essential for procuring non-National Airspace System (non-NAS) IT services, supporting various functions such as IT resource management, financial management, and security.
Concept Solutions will lead a team of 12 subcontractors to support the AIT in achieving its strategic IT initiatives, delivering comprehensive, multi-disciplinary IT-related services, and contributing to the FAA’s mission of aviation safety and excellence.
BigBear.ai will support CS to manage information systems nationwide, providing support for administrative, financial, and security programs to enhance operational and facility management capabilities, as well as assist in evolving existing programs and implementing innovative solutions aligned with the FAA’s strategic goals, including future technology modernization efforts.
“Through this contract, BigBear.ai brings to FAA and the Concept Solutions team a long-term sustainment partner, far beyond initial implementation of off-the-shelf technology,” shared Robert Wedertz, SVP, Federal at BigBear.ai. “Our proven history of supporting the U.S. Government has enabled us to rapidly modernize myriad bespoke solutions, facilitate deep integration, and provide embedded support. These core tenets of BigBear.ai partnerships distinguish us in the Federal space and we are privileged to be part of this team.”
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I doubt their share of the pie will be all that great... but since when does that matter?
Short that space stock of yours btw.
Short em all actually.
