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IBM grabs Navy contract

Contract, worth $35 million in first year, involves streamlining financial and accounting systems.

The Fairfax, Va.-based Business Consulting Services unit of IBM has won a contract with the U.S. Navy worth $35 million in the first year, ending in March 2006, the company said. The deal, which involves streamlining the Navy's financial and accounting systems, has a four-year option, extending to more than $100 million, IBM said.

IBM estimates that the project will require a million hours of labor and hence will create 300 new jobs. About 60 percent of these new positions will be in the Washington, D.C., area, the company said. IBM said it is working on similar transformation contracts with other federal agencies, including the Department of Defense.