Perspecta lands $787 million Navy contract extension

Perspecta Inc. has won a contract extension with the U.S. Navy worth $787 million to continue providing IT services to the military branch.

It’s a one-year continuation of the the Next Generation Enterprise Networks, or NGEN, contract that was awarded to a Perspecta predecessor company in 2013. Perspecta (NYSE: PRSP) and several big-name competitors are waiting on a contract recompete, called NGEN-R, to hit the streets. 

CEO Mac Curtis saw this coming. He said last month on an earnings call — the Chantilly company’s first since its debut in May after a closely watched spin-merge — that he expected to sign a sole-source extension soon for the high-profile work providing hardware, services and management for the Navy Marine Corps Intranet, which supports 700,000 users at 2,500 sites. 

Perspecta also expects to get a modification added for an another eight-month extension, the company said Thursday. The NGEN contract was set to expire Sept. 30. The extension will run through…

Read the full story from the Washington Business Journal.