The contract is due to start on 1 April 2013 and will be in place for at least five years and save 1.5% a year.
Council procurement offices have spent nine months weighing up the five shortlisted bidders. They expect to achieve £2m of recurring revenue savings in year 2013-14.
Guy McGregor, Suffolk County Council's cabinet member for roads and transport, said: “We are committed to ensuring the best service is delivered to residents, businesses and road users across the county throughout this contract. As preferred bidder, Balfour Beatty Living Places is the company which submitted the very best bid both in terms of price and quality. It will provide excellent value for money for the residents of Suffolk.”
If the proposals are approved, approximately some 200 Suffolk County Council and Ipswich Borough Council staff will be transferred under TUPE rules to Balfour Beatty Living Places in April 2013.