Federal IT & Cybersecurity Contracts — October 15, 2026

Peraton Inc. appears on the HHS/CMS order ($58,992,766), the FBI BPA call ($19,899,764) and as Peraton Technology Services at Treasury OCC ($11,733,341), indicating broad civilian franchise depth under Veritas Capital ownership. The HHS order's $47,173,091 subaward pass-through (about 80%) tempers retained economics.

XPECT Solutions LLC's FBI network engineering order is the largest award in the batch, with $66,558,376 outlayed and roughly $98.4M of unobligated base-plus-options value that depends on future option exercise. Option decisions in 2027-2028 are the key catalyst, though XPECT's public status is not established.

SAIC's FHWA infrastructure task order was partly funded incrementally (referenced $12,651,796.45 through 10/31/2024), with about 55% of obligation subawarded to 13 firms, so retained revenue is uncertain. Continued incremental funding is required before the 2027-06-30 end date.

Subawards totaling $47,173,091 across 4 firms represent roughly 80% of the CMS obligation, meaning Peraton retains a minority of the economics on this firm-fixed-price order. Option exercise against the $100,701,677 ceiling remains unconfirmed.

The 2012-awarded EPA MDSS order by ECS Federal (ASGN parent) has only $635,018 outlayed (about 0.9% of obligation) and a 2016-2017 end date, suggesting either closeout lag or a stale record. ASGN should not be credited with current revenue from this order without verification.

General Dynamics IT received a cost-plus-fixed-fee FAA order for FMDS replacement hardware with $0 outlayed as of the data, tied to modernization of the TFMS legacy air traffic system. Execution against this order should be monitored, though the amount is small relative to GD's revenue base.

Dell's $13,412,654 EPA BPA call shows $13,380,268 outlayed, meaning nearly the entire obligation is consumed while the data describes only an initial twelve-month period, implying future value depends on new calls. The recipient's parent, Francisco Partners, is private, so no public equity linkage exists.

Several large orders show obligations far below base-plus-options ceilings: XPECT FBI ($88.6M of $187.0M), SAIC FHWA ($76.6M of $116.6M), Peraton CMS ($59.0M of $100.7M) and Peraton DOJ ($19.9M of $166.7M). Realized revenue depends on option exercise and incremental funding not confirmed in the data.

Several awards are funded on incremental or single-year bases (SAIC FHWA incremental funding through 10/31/2024; Dell EPA initial twelve-month call), creating exposure to continuing-resolution delays and appropriations timing, particularly for orders with Oct-Dec awards such as IBM GSA (2025-10-22) and Amivero GSA (2025-10-09).

Recompete exposure is concentrated in short-duration awards: CORBALT's MACFC order ended 2025-08-28 as a recompete, and IBM's GSA order ends 2026-10-21, while several set-aside awards (Mutatio, Index Analytics, Cykor, Veteran Information Technologies) rely on protected small-business pools that can change with size-standard updates.

Peraton and SAIC each hold multiple large orders in this batch, creating single-name exposure to a small number of civilian IT services franchises and to subaward pass-through dependency.

HHS/CMS IT modernization continues to generate awards: Peraton's CMS order ($58,992,766), Index Analytics' Medicare Part B drug support ($13,603,128) and CORBALT's MACFC recompete ($10,236,868) show sustained demand for Medicare and Medicaid systems work.

Protected small-business and SDVOSB pools delivered roughly $47M in set-aside awards across XPECT ($88.6M, small business), Veteran Information Technologies ($12.5M, SDVOSB), Cykor ($11.2M, SDVOSB), BridgePhase ($14.3M, total small business) and Index Analytics ($13.6M, 8(a)), offering insulated competition for qualifying private recipients.

Login.gov and GSA FAS identity-related demand is visible through Amivero's $10,607,547 BPA call, which has only 8% outlayed, implying significant remaining execution and potential follow-on task orders.

Across the 21 awards, HHS (CMS, Medicare/Medicaid), DOT (FHWA, FAA) and DOJ/FBI account for the largest obligations, with CMS $58.99M and $10.24M plus $13.60M, FHWA $76.61M and $32.16M, and FBI $88.63M and $19.90M. The dominant pattern is civilian IT operations, sustainment and modernization rather than defense work.

Small business, 8(a), SDVOSB and HUBZone-designated recipients captured awards including XPECT ($88.6M), BridgePhase ($14.3M), Index Analytics ($13.6M), Veteran Information Technologies ($12.5M) and Cykor ($11.2M), indicating protected pools remain large in civilian IT.

Multiple awards fund operations and maintenance of existing systems (Treasury SPS O&M for SAIC $10.19M, Treasury PRISM for Unison/ManTech $36.05M, GSA LSAM/FPDS for IBM $12.45M), while several earlier awards show closeout or aged status (ECS Federal 2012 EPA, GDIT 2015 TSA).

{"entity" => "Peraton Inc. (Veritas Capital)", "reason" => "Three awards totaling about $90.6M across HHS, DOJ and Treasury, with an 80% subaward pass-through on the CMS order limiting retained economics.", "trigger" => "CMS option exercise decisions through 2027-10-31 and FBI BPA call follow-on orders"}

{"entity" => "Science Applications International Corporation (SAIC)", "reason" => "Two active awards (FHWA $76.6M incremental funding; Treasury SPS $10.2M) plus a $32.2M FHWA EITSS order with a subaward total exceeding the prime obligation that is unexplained in the data.", "trigger" => "Incremental funding actions for FHWA infrastructure order; reconciliation of EITSS subawards; SPS recompete ahead of 2028-09-30"}

{"entity" => "XPECT Solutions LLC", "reason" => "Largest award in batch at $88.6M with $66.6M outlayed, creating active consumption but substantial unfunded option value (about $98.4M) to the $187.0M ceiling.", "trigger" => "FBI NEMO option exercise decisions through 2027-09-24"}

{"entity" => "General Dynamics Corp", "reason" => "FAA FMDS hardware order of $22.3M with $0 outlayed and a legacy GDIT TSA order closing out at $12.3M with reported $0 outlays, showing mixed execution signals.", "trigger" => "FAA order invoicing progress and TSA closeout reconciliation"}

{"entity" => "International Business Machines Corporation (IBM)", "reason" => "GSA LSAM/FPDS time-and-materials order of $12.45M is 47% outlayed with a current end of 2026-10-21 that falls near the start of a likely continuing resolution period.", "trigger" => "GSA follow-on solicitation before 2026-10-21 and FY2027 appropriations resolution"}

{"entity" => "Amivero LLC / GSA Login.gov", "reason" => "Amivero's $10,607,547 BPA call has only 8% outlayed with a current end of 2026-10-09, making option exercise a near-term decision point for Login.gov support work.", "trigger" => "Option exercise decision around 2026-10-09"}