Synopsis
Project 38, a podcast series that explores what is driving change in the federal market and how contractors need to prepare for what the market will look like in 2038.
Episodes
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Our EIC Frank Konkel on GSA, Google and the government as a single whole customer
21/04/2025 Duration: 19minGoogle set off quite the reaction when the tech giant’s offer to discount its cloud-based productivity suite at 71% for all federal agencies was accepted by the General Services Administration, on behalf of those agencies.Frank Konkel, editor-in-chief for all GovExec publications including WT, went under the hood of that agreement and joins our Ross Wilkers for this episode to take listeners there as well.As Frank explains: this pact unique because it essentially treats the federal government as a single whole customer. The agreement also foreshadows more like it to make certain commercial technologies more accessible for federal agencies.Naturally, Elon Musk and the Department of Government Efficiency also feature in the conversation between Frank and Ross.
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How software shapes the market's M&A landscape
16/04/2025 Duration: 36minThe nature of mergers and acquisitions in the government market is changing and our 2024 roundup of closed transactions further illustrates that evolution toward technology-enabled capabilities, which are largely driven by software.Jean Stack and John Song, co-managing directors of the defense and government practice at the investment bank Baird & Co., join for this episode to discuss what drove transactions over the past year and what they expect in the year ahead.A new administration in the White House means there is plenty of change and uncertainty in the market.But as Stack and Song told Editor Nick Wakeman, these fundamentals of M&A activity will not change:Artificial intelligence, cloud and software-defined solutions are in hot demandPrivate equity buyers will continue to drive volumeStrategic buyers, including the public companies, will remain pickyAlso listen out for their predictions on how the coming year will shake out.
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All about private equity’s past, present and future in GovCon
14/04/2025 Duration: 38minPublic company acquirers (unicorns) certainly get everyone’s attention, but our 2024 M&A Roundup shows how the private equity collective continues to be the majority buyer and builder of midsized GovCon businesses over the years.Greg Nossaman and Greg Woodford, co-founders and managing directors at their investment bank G Squared Capital Partners, join this episode to review PE’s past and present activity in the market.The Gregs’ conversation with our Ross Wilkers then shifts to the future of private equity in GovCon and the questions on many business leaders’ minds highlighted by these two:How do I go about searching for a PE firm to back my company? What does PE look for in its investments?
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What CACI’s acquisitions say about the opportunities ahead
09/04/2025 Duration: 29minFew companies have closed as many acquisitions as CACI International.CACI has three acquisitions on our 2024 M&A Roundup: Azure Technologies, Applied Insight and Quandrint. Those moves brought to CACI a suite of offerings in cloud migration, radio frequency and electronic warfare, and digital application modernization.In this episode, CACI's chief financial officer Jeff MacLauchlan explains how the company’s strategy focuses on gaps. These gaps can include capabilities, customer footprint, technology, past performance, or some combination of the above.“We don’t buy scale or to bulk up,” he told WT Editor Nick Wakeman.CACI views acquisitions as a critical part of its philosophy to invest ahead of customer needs. That also includes partnering, internal research and holding demonstrations.The change in administration has brought some uncertainty to the market and caused a slowdown in deals, but he adds that “opportunities will come."How CACI's $1.2B Azure Summit acquisition expands its overseas strategyCACI
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We unpack the 2024 M&A roundup and GovCon’s ongoing adjustment to Trump 2.0
07/04/2025 Duration: 48minIn each year from 2004 and onward, WT publishes a report and augmenting analysis that catalogs merger-and-acquisition activity in the government market as a way to trace the history of GovCon and the companies in it.Nick and Ross begin this two-folded episode by going over the 2024 edition of that report and their highlights from it, both in terms of what we can gauge about the individual companies and the overall market at-large.Part two shifts the discussion to all that is going on with President Trump’s return to office and the related transition activities, which are roughly 11 weeks in. Contractors are still left guessing a lot in terms of how the new administration wants to achieve its agenda and what is expected from industry.Our 2024 M&A roundup is now availableDefense tech, digital modernization drive GovCon M&A in 2024How consulting firms acquire to iterate, and sometimes reinvent themselvesThe public company acquirer remains a unicorn in the M&A actionVenture investing is part of the M&
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Supply chain health and wealth remains paramount
31/03/2025 Duration: 24minEven in a period of unprecedented change across the GovCon ecosystem, industry observers across-the-board remain certain that agencies and contractors alike will have more supply chain security requirements to navigate.Leo Alvarez, a principal in Baker Tilly’s government contractor solutions practice, joins for this episode to go over the industrial side of that equation and how contractors can approach supply chain risk management as a partnership with their government customers.As Alvarez tells our Ross Wilkers, contractors increasingly must detail their supply chain risk management frameworks to agencies in proposals to win the contracts. Putting those frameworks into repeated practice is also a business strategy that goes beyond just complying with regulations.The CMMC cyber and supply chain standard for the industrial base also features throughout their conversation, given its finalization is an inevitability. Alvarez also explains how CMMC is part of the whole in the supply chain conversation, as oppose
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Thales North America steps into the spotlight as strategic opportunities emerge
27/03/2025 Duration: 28minThales North America has a significant U.S. presence with thousands of employees and customers ranging from the Defense Department to NASA and the Federal Aviation Administration.But the subsidiary has kept a relatively low-profile compared to competitors. For this episode, Editor Nick Wakeman sits down with Thales North America CEO Alan Pellegrini to talk strategy and tends in the market.Item number one on the agenda is a discussion of what the company offers to its customers across space, defense, aviation and cybersecurity. Pellegrini explains how those areas line up with the priorities of its parent, the Paris-headquartered Thales Group.From there, the conversation moves to upcoming opportunities and how Pellegrini sees the market evolving with more demands for dual-use technologies and digital solutions around data encryption, application security and identity and access management.Pellegrini predicts a growing market for Thales, both in America and around the world defense spending everywhere changes du
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How private capital helps spin the tech innovation cycles
24/03/2025 Duration: 23minPrivate capital is a broad umbrella term for several different types of investment and ownership models in business, but private equity is the one that looms the largest over GovCon and tech-centric companies there.Tiffanny Gates has a front row seat to that as an operating partner at Capitol Meridian Partners, an investor that touts itself as at the nexus of government and commercial markets. Gates joins our Ross Wilkers in this episode to go over the unique role of private equity in bringing innovations to the public sector ecosystem.Also on the agenda for their conversation: the U.S. government’s data problems and solutions from them, sorting artificial intelligence hype and substance, and workforce trends across the market.
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DOGE takeaways for industry and the race for tech superiority
17/03/2025 Duration: 28minWhen publicly traded companies release their financial results, the most interesting aspect of the conference calls have little to do with the numbers themselves and everything to do with trends across the market.Luis Avila, a managing director in BDO’s technology and transformation practice, joins our Ross Wilkers for this episode that is also a note-swapping exercise of sorts. Both listened to the most recent round of GovCon investor calls in their respective roles of research and analysis, plus journalism.The Elon Musk-led Department of Government Efficiency, the race to technology superiority, supply chain health and wealth, and new entrants all were themes of those calls and feature in the conversation between Luis and Ross.Keep in mind throughout their conversation that government contractors have their own unique approach to transparency, given their customers have publicly available budgets and policy documents.Parsons explores 2 growth pathways for missile defenseLeidos eyes missile defense, border s
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Federal sales cycles from more angles than just capture
10/03/2025 Duration: 39minIt goes without saying that success in the government contracting ecosystem requires more than just having good methodologies and processes, both of which are significantly enhanced by strategy and knowledge.Amber Hart and Lisa Shea Mundt, cofounders of The Pulse of GovCon, believe that taking a true “BD 360” approach to the market means enhancing all aspects of the federal sales process with the goal of achieving an intuitive understanding of how agencies buy things.They have now put permanency to their concept in the form of a book aptly named BD 360, from which the ideas in it are the foundation for this episode with our Ross Wilkers.Legislation, policy and knowing how people work is where much of the conversation centers around. Yes, they talk about proposals too.
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Inside the government’s quantum computing push
03/03/2025 Duration: 34minFew doubt that quantum computing will have a tremendous impact on the tech world and beyond.But as NextGovFCW's emerging technology reporter Alexandra Kelley explains in this episode, it is important to look beyond the buzzwords and assumptions."Alexa," as we and other GovExec colleagues call her, walks Editor Nick Wakeman through some common misconceptions that include why just using the term “quantum” is imprecise. Some active use cases involve quantum sensing and quantum telecommunications, which are built on quantum physics principles.Alexa is tracking post-quantum cryptography and investments at the Energy, Commerce and Defense departments to build the infrastructure that would enable full-scale quantum computing.Quantum information sciences represent enormous potential that is attracting both government and private sector investment. Quantum also is one technology area where the federal government of the curve with investments, infrastructure and a variety of initiatives.AWS unveils its quantum chip pro
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EY’s blueprints for emerging tech adoption and anti-fragility
24/02/2025 Duration: 31minErnst & Young needs little introduction as one of the world’s professional services Big Four firms, which gives it reach into every industry and ways of taking lessons learned from there into the public sector.How does EY go about doing so, while seeking to blend its consulting core with technology know-how? That is the starting point for this episode featuring Doree Keating, leader of the EY Americas government and public sector practice.As Keating tells our Ross Wilkers, success in any tech implementation effort begins and ends with strategic intent on the buyer’s part. Workforce expectations are a factor in that, which includes whether people will need new training or upskilling.Keating also goes over the thinking behind EY’s acquisition of Dignari in the fall, plus how she sees defense agencies in particular taking a pre-emptive approach to resilience and anti-fragility.
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Tariff talk is for GovCon too
17/02/2025 Duration: 22minGovernment contractors reside in the unique intersection of macroeconomics and industrial policy, both of which are relevant in the conversation surrounding President Trump’s use of tariffs.Tariffs are very relevant for companies that mostly focus on services to their government customers as explained in this episode featuring Larry Sher, a government contracts attorney and partner at Winston & Strawn.Sher tells our Ross Wilkers that while companies may not know what the tariff rates will be in the long-term, they still must be foundational in how they operate and support the business of government. The regulatory framework and policy tools contractors have to get some relief for increased costs also feature in their discussion.For more information, check out these client alerts from the Winston & Strawn team:Prospective Tariffs on Goods from Mexico, Canada, and ChinaSummary of America First Trade Policy
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NextgovFCW’s Natalie Alms on GSA and Musk’s moves there
10/02/2025 Duration: 17minThe Department of Government Efficiency is the new Trump administration’s main vehicle for at least starting the process of change at many federal agencies and on a very fast turn.Natalie Alms, who covers federal technology policy and tech workforce matters at our partner publication NextgovFCW, broke the story that DOGE’s leader Elon Musk visited the General Services Administration’s headquarters and is asserting his influence there.What was he doing there? Nat joins our Ross Wilkers in this episode to answer that question and many others surrounding GSA’s role in the Trump 2.0 transition.Be sure to read Nat’s articles below as they take you close to the action, and are the foundation for her discussion with Ross.Senate Democrats call for DOGE to halt until details are providedMusk takes aim at GSA tech shopMusk visits and asserts growing influence at GSAMusk's role as ‘special government employee’ raises ethics questionsGSA announces new FAS, TTS leadershipGSA will ‘recommit’ to ‘founding purpose,’ says act
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Taking stock of GovCon and Trump’s first two weeks back in office
03/02/2025 Duration: 27minThe first two weeks of President Trump’s second but non-consecutive term in office have brought with it a breathless pace of executive orders and other actions that government contractors must take note of.Clarity on many of those moves, including a (maybe? sort of? but not really?) freeze on certain contracting activities remains hard to come by.In this episode, Nick and Ross work through the questions that they can provide some answers to on what has happened so far. They also highlight the questions everyone in the ecosystem is seeking answers to.As they say, drop a line if you have an answer or at least part of one to help solve more of the mysteries.Where can GovCon find clarity in the Trump transition turbulence?ANALYSIS: Signs of small business shifts to watch out forGSA procurement pause sparks confusionLockheed's CEO: Efficiency push is 'an opportunity' for both industry and governmentFirst wave of DEI-related contract cancellations hit the marketContractors face greater scrutiny from anti-DEI execut
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The ties between tech and talent in the public sector
27/01/2025 Duration: 21minMany questions about talent in public sector often center around the hiring process and what happens after the offer letter is signed, that being the onboarding phase.Where technology fits into agencies’ efforts at making the entire lifecycle more seamless is the focus of this episode featuring Jill Jones and Yoko Jolly, respectively chief strategy officer and federal market leader at CrossVue.In talking with our Ross Wilkers, Jones and Jolly also offer their perspectives on how agencies are addressing the challenge of scaling the tech they use for human capital management.(The survey mentioned in this episode was produced by Market Connections, which is owned by WT’s parent company GovExec)
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Jacobs remains tech-focused after services spinoff
13/01/2025 Duration: 17minJacobs carved out its Critical Mission Solutions and Cyber and Intelligence businesses in late 2024, but still remains a technology company for the markets it does work in.In this episode, Shannon Miller — Jacobs' president of growth, strategy and digital — discusses how Jacobs has evolved following that divestiture of its federal-facing units to Amentum.Miller told WT Editor Nick Wakeman that Jacobs' tech strategy focuses on applying digital solutions and artificial intelligence to critical infrastructure, environmental sustainability, and life sciences challenges.That includes incorporating AI into water treatment plants, infrastructure resilience tools at Air Force bases.She also outlines Jacobs' strategic focus areas: addressing climate challenges, advancing life sciences solutions, developing sustainable transportation infrastructure, and tackling talent shortages through AI and automation.WT 360: Where Amentum wants to go next following its big mergerA reader's guide to 'New Amentum' on its launch dayWT
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Our first look at GovCon’s agenda for 2025
06/01/2025 Duration: 35minThe ongoing transition to a Trump 2.0 administration is far from the only key happening that government contractors have to take note of and follow closely with 2025 now underway.But our first episode of this New Year has to start with transition talk. We do just that with the help of Stephanie Smith, GovCon industry senior analyst and valuation services director at the global professional services firm RSM.Here are the other big-picture items Smith and our Ross Wilkers went over:The nexus of macroeconomics and industrial policyCyber and supply chain security prioritiesThe U.S.’ push to regain global tech leadershipCustomer demand areas that remain paramountM&A transaction themes to watch in 2025
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Unpacking what we can from the Trump 2.0 transition so far
16/12/2024 Duration: 35minThe ongoing White House transition is unprecedented because before Donald Trump’s (re)-election in November, Grover Cleveland’s win in 1892 was the last time a president was voted into office with a gap between terms. David Berteau, president and CEO of the Professional Services Council, and his team are fielding many questions on the transition from government contractors they represent as one of their leading trade associations.In this episode, Berteau explains to our Nick Wakeman and Ross Wilkers what contractors are asking the PSC team about and all the key indicators that matter to industry when a new administration moves in.Some priorities are poised to carry over like the CMMC cybersecurity standard, but time will tell if others continue on. The Biden administration also has priorities to work on as it moves out and Berteau goes over those as well.(We recorded this conversation before the final 2025 National Defense Authorization Act's text was released. The reading list below includes coverage of it f
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How Leidos leans on repeatability in its tech transformation work
09/12/2024 Duration: 26minWhen Leidos unveiled its current structure in the fall of 2023, chief executive Tom Bell emphasized repeatability as how the company would approach its digital transformation efforts for agencies.That means Leidos has a single business segment dedicated to digital modernization and one that covers the company’s entire customer base. In this episode, Leidos’ digital modernization president Steve Hull explains why the company decided to put all of that work under one roof and how it defines “repeatability” in its offerings for agencies.Leidos has four other customer-facing sectors that Hull’s team is in close contact with to find out what their particular client sets need, as he explains to our Ross Wilkers in a conversation that of course covers much of today’s major tech trends like artificial intelligence and autonomy.