U.S. Department of Defense awards Verizon Business with contract extension
Rhea-AI Summary
Verizon has secured a 24-month extension for its Global Network Solutions (GNS) contract with the Department of Defense, bringing the total contract value to over $98 million. The extension aims to establish a point-to-point connection in Southwest Asia for critical network communications. This builds on Verizon's extensive DoD partnerships, including a $2.67 billion U.S. Navy contract, three EIS awards worth nearly $1 billion, and a $15 million EIS task order for Navy voice and data services. The GNS contract is set for recompetition and award by 2026.
Positive
- Contract extension increases total GNS contract value to $98 million
- Demonstrates continued trust from Department of Defense
- Part of larger defense contracts portfolio including $2.67B Navy contract
- Additional EIS awards valued at nearly $1B
- Secured $15M EIS task order for Navy services
Negative
- Current GNS contract faces recompetition by 2026
News Market Reaction – VZ
In the trading session that priced this news, VZ declined 0.10%, reflecting a mild negative market reaction.
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AI-generated analysis. How Rhea-AI works. Not financial advice.
The award brings the total Global Network Solutions contract value to over
WASHINGTON, Nov. 11, 2024 (GLOBE NEWSWIRE) -- Verizon today announced a 24-month task order extension for its Global Network Solutions (GNS) contract with the Department of Defense (DoD). With this extension, the total revenue for the GNS contract, originally awarded in 2016, will now amount to over
The purpose of the extension is to create a point-to-point connection within Southwest Asia that provides critical network communications capabilities for the U.S. government. The scope of work aligns with DoD CIO mandates for the elimination of time division multiplexing (TDM), an exercise Verizon is performing across multiple federal agencies.
“Verizon’s role in delivering a secure, point-to-point connection in the specified area highlights the Department of Defense’s continued confidence in our ability to provide critical network communications in strategic regions,” said David Rouse, head of Verizon’s defense business.
Verizon’s ongoing partnership with the DoD is extensive, including a 10-year, multi-award
The multiple-award GNS contract is scheduled to be recompeted and awarded by 2026.
For more information on Verizon’s work across the public sector, visit our website.
Verizon Communications Inc. (NYSE, Nasdaq: VZ) powers and empowers how its millions of customers live, work and play, delivering on their demand for mobility, reliable network connectivity and security. Headquartered in New York City, serving countries worldwide and nearly all of the Fortune 500, Verizon generated revenues of
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Media contact:
Geoffrey Basye
geoffrey.basye@verizon.com
(202) 748-1882
