August 21, 2024 - $BigBear.ai Holdings (BBAI.US)$ shares jumped over 30% to $1.74 in pre-market trading on Wednesday. The company announced receiving an award as a subcontractor to Concept Solutions.

BigBear.ai announced it was part of a team with Concept Solutions that was awarded a 10-year shared contract worth as much as $2.4 billion to provide information- and emerging-technology services to the U.S. Federal Aviation Administration.

Privately held Concept Solutions, a Reston, Va., management and technology consulting firm, is one of 14 companies awarded an FAA Information Technology Innovative Procurement Strategic Sourcing, or ITIPSS, contract. BigBear.ai said it will serve as one of 12 subcontractors led by Concept Solutions to support the FAA's Office of Information Technology with services including IT-resource management, financial management and security.

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.

Source: WSJ, BBAI