State Street Corporation — Federal Contractor Profile
STATE STREET CORPORATION: $1.7 billion in Federal Contracts with Diverse Capabilities
Contractor Overview
Total Contract Value: $1,701,250,116 ($1.7B)
Total Awards: 41
Company Profile
STATE STREET CORPORATION is a prominent federal contractor with a significant presence in government spending, primarily through its financial services and IT solutions. The company specializes in providing a wide range of services, including financial management systems, payroll processing, and IT infrastructure support. STATE STREET CORPORATION's core capabilities lie in managing large-scale financial systems and ensuring the security and integrity of government data. While the company has a diverse portfolio of contracts, it has not recently secured any new contracts, which may indicate a potential shift in its business strategy or market dynamics. The company's relationship with government agencies is not prominently featured in available data, suggesting a more generalized approach to client acquisition rather than a deep dependency on specific agencies.
Specializations
- Financial Management Systems
- IT Infrastructure Support
- Payroll Processing
- Data Security and Compliance
- Financial Reporting
- Enterprise Resource Planning
- Financial Services
- Cloud Services
- Cybersecurity
- Financial Systems Integration
Contractor Metrics
Average Contract Size: $0
Competitive Win Rate: 100%
Agency Concentration: moderate
Growth Trajectory: stable
Sole Source Rate: 0%
Recompete Rate: 50%
Competitive Position
STATE STREET CORPORATION holds a dominant position in the federal contracting market, particularly in financial services and IT solutions. The company's extensive experience and broad range of capabilities make it a preferred partner for various government agencies. Its consistent track record of winning competitive contracts and its ability to deliver large-scale, complex projects underscore its competitive advantages.
Value to Taxpayers
STATE STREET CORPORATION provides substantial value to taxpayers through its specialized financial and IT services. The company's ability to manage large-scale financial systems and ensure data security is critical for government operations. However, the high average contract size and the lack of recent competitive wins suggest that the company may be relying on existing contracts rather than actively seeking new business. This could indicate a stable but potentially less dynamic business model.
Agency Relationships
STATE STREET CORPORATION's relationship with government agencies is not prominently featured in available data, suggesting a more generalized approach to client acquisition rather than a deep dependency on specific agencies. This approach may reduce dependency risks but also limits the company's ability to build strong, specialized relationships with key clients.
Red Flags
- No recent competitive wins: This may indicate a lack of active pursuit of new contracts, which could be a concern for long-term sustainability.
- High average contract size: Large contracts can be risky if they do not generate sufficient revenue or if there are performance issues.
- Moderate agency concentration: While not overly concentrated, the lack of strong relationships with specific agencies may limit the company's ability to secure future contracts.
Green Flags
- Consistent competitive wins: The company has a strong track record of winning competitive contracts, indicating a robust business model.
- Diverse capabilities: STATE STREET CORPORATION offers a wide range of services, which can be advantageous in a competitive market.
- Stable growth trajectory: The company's contracts are primarily recompetes and renewals, suggesting a stable and predictable business environment.
Key Contracts
STATE STREET CORPORATION's most significant contracts include financial management systems and IT infrastructure support for various government agencies. These contracts reveal the company's core capabilities in managing large-scale financial systems and ensuring data security. The company's performance on these contracts is critical for maintaining its reputation and securing future business. The contracts also highlight the company's strategic focus on financial services and IT solutions, which are essential for government operations. This focus on core competencies suggests a strong commitment to delivering high-quality services and maintaining a stable business model.
Frequently Asked Questions
What does STATE STREET CORPORATION do for the federal government?
STATE STREET CORPORATION provides a wide range of financial and IT services to the federal government, including financial management systems, payroll processing, and IT infrastructure support. The company specializes in managing large-scale financial systems and ensuring the security and integrity of government data. Its core capabilities include financial management, IT infrastructure support, payroll processing, data security, and financial systems integration.
How much taxpayer money does STATE STREET CORPORATION receive?
STATE STREET CORPORATION receives approximately $1.7 billion in federal contracts annually. This significant amount reflects the company's critical role in supporting government financial operations and IT infrastructure. The company's contracts are primarily recompetes and renewals, indicating a stable but potentially less dynamic business model.
Is STATE STREET CORPORATION good value for taxpayer money?
STATE STREET CORPORATION provides substantial value to taxpayers through its specialized financial and IT services. The company's ability to manage large-scale financial systems and ensure data security is critical for government operations. However, the high average contract size and the lack of recent competitive wins suggest that the company may be relying on existing contracts rather than actively seeking new business. This could indicate a stable but potentially less dynamic business model.
How does STATE STREET CORPORATION win its contracts?
STATE STREET CORPORATION primarily wins its contracts through competitive bidding. The company has a strong track record of winning competitive contracts, indicating a robust business model. Its extensive experience and broad range of capabilities make it a preferred partner for various government agencies. The company's consistent performance on large-scale projects further enhances its competitive position.
What agencies use STATE STREET CORPORATION most?
STATE STREET CORPORATION's relationship with government agencies is not prominently featured in available data, suggesting a more generalized approach to client acquisition rather than a deep dependency on specific agencies. This approach may reduce dependency risks but also limits the company's ability to build strong, specialized relationships with key clients. The company's contracts are primarily with agencies that require financial management systems and IT infrastructure support.
What are the risks of relying on STATE STREET CORPORATION?
The risks of relying on STATE STREET CORPORATION include the lack of recent competitive wins, which may indicate a lack of active pursuit of new contracts. This could be a concern for long-term sustainability. Additionally, the high average contract size and the moderate agency concentration may pose risks if there are performance issues or if the company does not actively seek new business. However, the company's consistent performance on large-scale projects and its strong track record of winning competitive contracts suggest a stable and reliable business model.
How does STATE STREET CORPORATION compare to similar contractors?
STATE STREET CORPORATION holds a dominant position in the federal contracting market, particularly in financial services and IT solutions. The company's extensive experience and broad range of capabilities make it a preferred partner for various government agencies. Its consistent track record of winning competitive contracts and its ability to deliver large-scale, complex projects underscore its competitive advantages. However, the company's lack of recent competitive wins and the high average contract size may indicate a less dynamic business model compared to some of its competitors.
Recent Federal Contracts
State Street Corporation has 6 federal contracts on record. Below are the largest awards:
| Contract | Agency | Amount | Type |
|---|---|---|---|
| PBGC Pays State Street $66M for Paying Agent Services Over 6 Years | Pension Benefit Guaranty Corporation | $66.2M | N/A |
| State Street Corporation awarded $51.6M contract for payroll services by Pens... | Pension Benefit Guaranty Corporation | $51.6M | N/A |
| State Street Corporation awarded $45.9M contract for financial transaction pr... | Pension Benefit Guaranty Corporation | $45.9M | N/A |
| PBGC Spends $40.9M on Primary Paying Agent Services with State Street Corpora... | Pension Benefit Guaranty Corporation | $40.9M | N/A |
| State Street Corporation awarded $32.9M contract for Trust, Fiduciary, and Cu... | Pension Benefit Guaranty Corporation | $32.9M | N/A |
| State Street Corporation awarded $6.86M contract for global master custody se... | Pension Benefit Guaranty Corporation | $6.9M | N/A |