Executive Summary
Two civilian IT contracts totaling $210,275,631 in obligations highlight steady revenue for Maximus Federal Consulting, LLC ($106.3M from Department of Interior) and Cognosante MVH LLC ($104.0M from Department of Veterans Affairs), with no defense exposure. Dominant themes are civilian agency IT support services, including DOD SAP CIO SETA via Interior and VA cloud operations/migration. Highest-conviction bullish signals stem from significant outlays ($106M fully outlayed for Maximus; $82.6M for Cognosante) and ceilings up to $386M combined including options. Key risks include medium pricing risk from Time & Materials structures and high subawards (86% of Cognosante outlays). Watch option exercises toward 2026 end dates amid uncertain outlay pacing.
Tracking the trend? Catch up on the prior Federal IT & Cybersecurity Contracts digest from April 20, 2026.
Investment Signals(2)
- Maximus Federal Consulting Secures $106.3M DOI Obligation for DOD SAP CIO Support(HIGH)▲
$106.3M fully obligated and outlayed under a $199.7M ceiling Time & Materials delivery order awarded July 2020 via full and open competition, providing ~$19-20M annual revenue estimate through January 2026.
- Cognosante MVH Lands $104.0M VA Obligation for T4NG Cloud Services(HIGH)▲
$103.95M obligated with $82.6M outlayed (including $71.2M in subawards) under a $186.2M ceiling Time & Materials delivery order from August 2023 via full and open competition, equating to ~$34.7M annual revenue through August 2026.
Risk Flags(2)
- Execution[MEDIUM RISK]▼
Time & Materials pricing exposes Maximus Federal Consulting, LLC and Cognosante MVH LLC to medium performance risk on $210M combined obligations, with Cognosante facing high subaward retention risk (86% or $71.2M of outlays to 13 subs).
- Budget[MEDIUM RISK]▼
Unexercised options leave $175M upside vulnerable ($93.4M for Maximus; $82.2M for Cognosante) in civilian agencies without NDAA durability.
Opportunities(2)
- ◆
Maximus Federal Consulting, LLC has $93.4M in unexercised options on DOI DOD SAP CIO contract through January 2026.
- ◆
Cognosante MVH LLC (Novetta) eyes $82.2M options on VA T4NG cloud contract through potential November 2026.
Sector Themes(1)
- ◆
Department of Interior ($106.3M) funds DOD SAP CIO SETA support and VA ($104.0M) advances T4NG cloud migration/operations, both under full competition in NAICS 54151x.
Watch List(3)
- 👁
{"entity"=>"MAXIMUS FEDERAL CONSULTING, LLC", "reason"=>"$106.3M fully outlayed but $93.4M options unexercised on DOI contract ending January 2026", "trigger"=>"option exercise announcements"}
- 👁
{"entity"=>"COGNOSANTE MVH LLC / Novetta Solutions LLC", "reason"=>"$82.6M outlayed with 86% subawards on $104.0M VA obligation and $82.2M options pending", "trigger"=>"outlay updates and subaward details through August 2026"}
- 👁
{"entity"=>"Department of Veterans Affairs Technology Acquisition Center", "reason"=>"High subawarding (13 subs, $71.2M) on T4NG cloud services signals potential prime retention challenges", "trigger"=>"subaward performance milestones"}
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