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CGI Inc. (TSX: GIB.A, NYSE: GIB) is a leading global IT and business consulting services firm headquartered in Montreal, Canada. Established in 1976, CGI has grown to become one of the largest independent firms of its kind, with a dedicated workforce of over 90,000 professionals across 40 countries. The company provides a comprehensive range of services including consulting, systems integration, application maintenance, and business process services.
CGI’s extensive portfolio is designed to help organizations digitally transform their operations to achieve better efficiencies and results. Its major sectors of operation include government, healthcare, financial services, telecommunications, and utilities, among others. Notably, the government sector contributes more than one-third of CGI’s annual revenue.
CGI recently secured several significant contracts, including a five-year $162 million partnership with the UK Government's Cabinet Office to enhance their digital, data, and technology services. Additionally, CGI is involved in the modernization of Los Angeles County's ERP systems and continues its collaboration with Market Operator Services Ltd (MOSL) in managing core water retail market platforms in England.
Financially, CGI reported a fiscal 2023 revenue of CA$14.30 billion, demonstrating stable growth with strong net earnings and cash generation. The company leverages a local relationship model supported by a global delivery network, positioning it to deliver tailored solutions and drive innovation across various industries.
Recent leadership changes include the appointment of François Boulanger as President and CEO, effective October 1, 2024, indicating a strategic focus on sustained growth and operational excellence. CGI continues to enhance shareholder value through strong profitability, cash generation, and strategic share repurchases.
CGI's future outlook includes executing its
CGI (TSX: GIB.A) (NYSE: GIB) has filed its 2024 Management Proxy Circular for the Annual General Meeting of Shareholders, scheduled for January 29, 2025. The company has also submitted its 2024 Annual Information Form to Canadian securities regulators and the SEC as part of its Annual Report on Form 40-F. Due to recent postal service disruptions in Canada following a national strike, there may be delays in the physical delivery of meeting materials to shareholders. Electronic versions are available on CGI's website and www.sedarplus.ca. Shareholders can request paper copies through Computershare Investor Services or Broadridge Investor Communications before January 15, 2025.
CGI (TSX: GIB.A) (NYSE: GIB) and SkyAlyne have signed a 25-year agreement for Canada's Future Aircrew Training (FAcT) program. CGI will provide comprehensive IT services including cybersecurity, cloud computing, end-user services, and infrastructure management to support SkyAlyne's military pilot and aircrew training operations.
The partnership aims to consolidate three aircrew training operations under SkyAlyne and the Government of Canada's joint management, enhancing operational capabilities for the Royal Canadian Air Force (RCAF). The collaboration combines CGI's IT expertise with SkyAlyne's training capabilities to deliver innovative solutions in military aviation training.
CGI (NYSE: GIB) has signed an equity purchase agreement to merge with Daugherty, a St. Louis-based professional services firm. The merger will add over 1,100 consultants to CGI's workforce and strengthen its presence in key U.S. markets including St. Louis, Atlanta, Minneapolis, Chicago, Columbus, Dallas, and New York. The transaction, agreed upon on November 29, 2024, is expected to close in December 2024.
The merger enhances CGI's capabilities in artificial intelligence, data analytics, strategic IT consulting, and business advisory services for Fortune 500 clients across various sectors. Daugherty clients will maintain local relationships while gaining access to CGI's global capabilities and delivery centers. The deal also includes CGI's support of The Daugherty Foundation, promoting education and career opportunities in technology.
CGI has been awarded the 2024 Worldwide Industry Solutions Partner of the Year and EMEA Industry Solutions Partner of the Year by UiPath for outstanding results in consulting, innovation, AI, automation and implementation. As a UiPath Platinum alliance partner, CGI focuses on enterprise automation and AI to create hybrid workforces. The partnership enhances CGI's global managed IT services and industry-specific solutions, particularly in Life Sciences, Public Sector, and Energy & Utilities sectors. CGI has been partnering with UiPath since 2018 to help clients automate complex decisions and improve customer experience.
CGI Federal, a subsidiary of CGI Inc. (NYSE: GIB), has been named a Leader in the IDC MarketScape: U.S. Federal Government Cloud Professional Services 2024 Vendor Assessment. The report highlights CGI Federal's 45-year track record serving federal customers and its ability to manage nearly 200 federal organizations. The recognition emphasizes the company's expertise in cloud solutions, comprehensive service portfolio, and innovative capabilities. Key strengths include their Client Satisfaction Assessment Program (CSAP), advanced digital architecture approach (RCDA), and library of reusable AIOps and FinOps assets.
CGI (TSX: GIB.A) (NYSE: GIB) has partnered with the Wounded Warrior Project (WWP) to develop the MyWWP portal. This digital platform, built on Salesforce's Experience Cloud, connects wounded veterans and their families to resources, support services, events, and a global network of peers. MyWWP offers discussion groups, one-on-one connections, and personalized content to foster engagement and community. WWP aims to provide mental health services, career counseling, and long-term rehabilitative care through this initiative. CGI's involvement underscores its commitment to supporting military communities.
CGI (TSX: GIB.A) (NYSE: GIB) has renewed its U.S.-focused alliance as a Premier Services partner with Snowflake, the AI Data Cloud company. The partnership enhances CGI's ability to help clients accelerate digital transformations using Snowflake's AI Data Cloud platform. CGI's solutions powered by Snowflake include CGI Transcend™ and CGI Advantage®, with a notable implementation for the Commonwealth of Virginia's child support platform modernization project. The collaboration, ongoing since 2016, aims to deliver improved data analytics and AI capabilities across various industry sectors.
CGI reported strong Q4-F2024 results with revenue of $3.66 billion, up 4.4% year-over-year. The company achieved net earnings of $435.9 million, a 5.2% increase, and diluted EPS of $1.91, up 8.5%. For fiscal 2024, revenue reached $14.68 billion, growing 2.7% year-over-year, with net earnings of $1.69 billion. The company maintained a solid backlog of $28.72 billion and achieved bookings of $16.04 billion. Cash provided by operating activities was $2.20 billion, representing 15.0% of revenue. The company's financial position remains strong with $1.5 billion in cash and readily available liquidity of $3.0 billion.
CGI has signed a 3-year contract with Michelin to develop and maintain Supply Chain and Planning Production Manufacturing applications, while also supporting Customer Experience and Services & Solutions domains. The collaboration aims to harmonize Michelin's application ecosystem through solution creation, integration, and support. Nearly 800 CGI employees across France, Canada, the United States, Morocco, and India will work on this strategic project, supporting Michelin's transition to become a software and data-driven organization to improve user experience and competitiveness throughout the value chain.
CGI celebrates 10 years of operations in Lafayette, Louisiana, marking significant growth from its initial 2014 plan of 400 jobs to currently employing over 750 people in the Acadiana region. The company's annual payroll has grown from a projected US$32 million to more than US$60 million year-to-date. CGI plans to hire at least 60 more positions in Acadiana, with approximately 35% of employees hired through college recruiting programs. The company has established strong partnerships with local institutions, including the University of Louisiana at Lafayette, and has implemented various initiatives such as Louisiana's first software developer apprenticeship program.
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