Perspecta awarded a contract to provide data center hosting and migration services to support the California State Teachers' Retirement System

Rhea-AI Summary

Perspecta Inc. (NYSE: PRSP) has secured a significant contract with the California State Teachers' Retirement System (CalSTRS) for data center hosting and migration services. This contract, valued at $17 million for the initial three years, has options extending its total potential value to $42.5 million. Perspecta will migrate critical financial and benefits applications to a cloud platform and support ongoing cloud operations, ensuring robust IT service management and security measures, thus strengthening its partnership with CalSTRS.

Positive

• Awarded a contract with CalSTRS valued at $17 million for three years, potentially $42.5 million with options.
• Enhances cloud service capabilities by migrating critical applications to a secure platform.
• Solidifies long-standing relationship with the State of California.

Negative

• None.

CHANTILLY, Va., Oct. 28, 2020 /PRNewswire/ -- Perspecta Inc. (NYSE: PRSP), a leading U.S. government services provider, announced today that it has been awarded the California State Teachers' Retirement System (CalSTRS) data center hosting and migration services contract. The program, which represents new work for the company, has a three-year base contract value of $17 million and two three-year option periods for a total contract value of $42.5 million.

CalSTRS provides retirement, disability and survivor benefits to more than 964,000 California public school educators and their beneficiaries. Established in 1913, CalSTRS is the largest educator-only pension fund in the world with approximately $257.9 billion in assets under management as of September 30, 2020.

In its role on the program, Perspecta will use Agile teams to migrate specific CalSTRS critical financial and benefits applications to a cloud platform. After migration of the applications, Perspecta will maintain the hosted solution delivering cloud operations, security, disaster recovery, IT service management and program management services.

"This award is a true testament to our strong capabilities and proven performance throughout our long-standing relationship with the State of California," said Rocky Thurston, senior vice president and general manager of Perspecta's civilian, state and local business group. "As a leader in cloud services and digital transformation, we look forward to getting to work with the CalSTRS team. By implementing this program in an Agile environment, we will ensure that the system fully supports the needs of the state and retirees throughout migration and implementation, while building a long-standing partnership for years to come."

About Perspecta Inc.

At Perspecta (NYSE: PRSP), we question, we seek and we solve. Perspecta brings a diverse set of capabilities to our U.S. government customers in defense, intelligence, civilian, health care and state and local markets. Our 280+ issued, licensed and pending patents are more than just pieces of paper, they tell the story of our innovation. With offerings in mission services, digital transformation and enterprise operations, our team of nearly 14,000 engineers, analysts, investigators and architects work tirelessly to not only execute the mission, but build and support the backbone that enables it. Perspecta was formed to take on big challenges. We are an engine for growth and success and we enable our customers to build a better nation.  For more information about Perspecta, visit perspecta.com.

This press release may contain forward-looking statements. These forward-looking statements are made on the basis of the current beliefs, expectations and assumptions of the management of Perspecta and are subject to significant risks and uncertainty. Readers are cautioned not to place undue reliance on any such forward-looking statements. All such forward-looking statements speak only as of the date they are made, and Perspecta undertakes no obligation to update or revise these statements, whether as a result of new information, future events or otherwise. Although Perspecta believes that the expectations reflected in these forward-looking statements are reasonable, these statements involve a variety of risks and uncertainties that may cause actual results to differ materially from what may be expressed or implied in these forward-looking statements.

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SOURCE Perspecta Inc.

FAQ

What is the value of the contract awarded to Perspecta by CalSTRS?

The awarded contract is valued at $17 million for three years, with a total potential value of $42.5 million.

What services will Perspecta provide under the CalSTRS contract?

Perspecta will provide data center hosting and migration services for CalSTRS' critical financial and benefits applications.

How many years is the Perspecta contract with CalSTRS?

The contract is for three years, with two additional three-year option periods.

What is CalSTRS?

CalSTRS, the California State Teachers' Retirement System, is the largest educator-only pension fund in the world.

When was the press release announcing the CalSTRS contract published?

The press release was published on October 28, 2020.