IBM wins Navy contract

IBM won a contract to provide financial and accounting services as part of a project to streamline the Navy's financial systems.

Company officials said the contract is worth about $35 million in its first year. It could total more than $100 million if Navy officials use its four-year option period.

The contract is with IBM's Business Consulting Services unit in Fairfax, Va. The group specializes in advising government agency officials on increasing the efficiency of government computer systems, business processes and personnel.

The Navy Financial Improvement Plan will require more than 1 million hours of labor, according to Navy estimates, and IBM officials say they expect to add up to 300 new jobs over the course of the contract.

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