MAXIMUS Business Summary

Maximus, Inc. (MMS) operates as a leading provider of government services, generating revenue primarily through long-term, performance-based, and cost-plus contracts with federal, state, and international agencies. The company’s business is organized into three core segments: U.S. Federal Services, which delivers clinical assessments and technology modernization for agencies like the IRS and VA; U.S. Services, focused on administering state-level programs such as Medicaid and SNAP; and Outside the U.S., providing similar health and human services in markets like the U.K. and Australia. Maximus differentiates itself as a specialized systems integrator and business process outsourcer that translates complex public policy into scalable operational models. It competes directly with diversified IT and consulting giants such as Leidos, Accenture, CGI Inc., and Conduent, maintaining a dominant market position in specialized healthcare program management and government digital transformation. Founded in 1975 by David V. Mastran, Maximus is currently led by President and CEO Bruce L. Caswell, who joined the firm in 2004 and brings a deep pedigree in health policy and strategy from his previous tenure at IBM Business Consulting and Price Waterhouse Coopers. The executive team includes CFO David W. Mutryn, formerly of CSRA and SRA International, and Chief Technology Officer Mike Raker, who was appointed in late 2024 following a leadership role at Leidos to spearhead AI and machine learning initiatives. The company is overseen by a high-profile Board of Directors chaired by John J. Haley, the former CEO of Willis Towers Watson, and Vice Chair Anne K. Altman, a veteran IBM executive. As a publicly traded entity on the NYSE, Maximus maintains significant institutional backing from major investment firms, reflecting its status as a stable, dividend-paying leader in the government services sector.