CACI International awarded $165 million Defense contract to automate procurement
Company has seen ‘slower-than-anticipated’ contracting activity.
Technology service provider CACI International Inc. was awarded a $165 million prime contract to provide software to automate procurement at the Defense Department, the company announced Tuesday.
Arlington, Va.-based CACI will provide information technology tools to help Pentagon acquisition agents coordinate financial logistics and contracting more effectively. The contract is for five years.
The prime contract award was accompanied by a $3 million order for customer support to Air Force officers that use a software suite called the Standard Procurement System, which streamlines contracting.
CACI stock immediately jumped about five percent on the news. The company’s shares have been under pressure in the past month. In May, CACI said revenue growth slowed during the quarter ended March 31, in part because of “slower-than-anticipated procurement actions,” according to its latest quarterly earnings report.