CGI continues to support CMS in the modernization of the Medicare Advantage and Prescription Drug System (MARx), Part D
CGI (NYSE: GIB) has secured a five-year contract valued at $44.1 million from the Centers for Medicare and Medicaid Services (CMS) to modernize the Medicare Advantage and Prescription Drug (MARx) system. The project includes transitioning legacy systems to the cloud, aiming to improve efficiency and security for the 51 million beneficiaries. This contract highlights CGI's extensive experience with MARx and follows three other notable contracts awarded by CMS within the year, totaling approximately $167.4 million.
- Awarded a five-year contract valued at $44.1 million with CMS, enhancing the MARx system.
- The contract involves transitioning to a cloud-based environment for improved efficiency.
- CGI has a decade of experience with MARx and a strong partnership with CMS.
- Additional contracts awarded from CMS in the past year total approximately $167.4 million.
- None.
Stock Market Symbols
GIB (NYSE)
GIB.A (TSX)
www.cgi.com/newsroom
Project to include Centers for Medicare and Medicaid Services' transition to the cloud
FAIRFAX, VA, Dec. 14, 2021 /PRNewswire/ - CGI (NYSE: GIB) (TSX: GIB.A) has been awarded a recompete contract by the Centers for Medicare and Medicaid Services (CMS) to modernize, maintain and operate the Medicare Advantage and Prescription Drug (MARx) system, Part D, which includes transitioning legacy platforms to the cloud. The five-year contract, awarded through the CMS Office of Information Technology (OIT), Division of Medicare Systems Support, is valued at
CGI will leverage more than a decade of experience with MARx and a broad understanding of the Medicare Enrollment and Payment Systems (MEPS) ecosystem to recommend and implement a cloud-based environment using agile development and DevSecOps. CMS will gain efficiencies and realize cost savings as MARx moves to the cloud, and benefit from a more secure, long-term technical architecture that enhances the experience for the system's 51 million beneficiaries.
"We're proud of our continued outstanding delivery on the MARx system and more than 20 years of trusted partnership and innovation with CMS," stated Steven Sousa, CGI Senior Vice-President, Consulting Services. "This modernization will provide needed support for the future operations of the MARx system, further expediting and securing prescription drug services for seniors or those eligible for Medicare."
CGI was also awarded three other contracts at CMS in the past year, including a
About CGI Federal
CGI Federal Inc. is a wholly-owned U.S. operating subsidiary of CGI Inc., dedicated to partnering with federal agencies to provide solutions for defense, civilian, healthcare and intelligence missions. Founded in 1976, CGI is among the largest IT and business consulting services firms in the world. With 80,000 consultants and other professionals across the globe, CGI delivers an end-to-end portfolio of capabilities, from strategic IT and business consulting to systems integration, managed IT and business process services and intellectual property solutions. CGI works with clients through a local relationship model complemented by a global delivery network that helps clients digitally transform their organizations and accelerate results. With Fiscal 2021 reported revenue of C
Forward-looking information and statements
This press release contains "forward-looking information" within the meaning of Canadian securities laws and "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and other applicable United States safe harbors. All such forward-looking information and statements are made and disclosed in reliance upon the safe harbor provisions of applicable Canadian and United States securities laws. Forward-looking information and statements include all information and statements regarding CGI's intentions, plans, expectations, beliefs, objectives, future performance, and strategy, as well as any other information or statements that relate to future events or circumstances and which do not directly and exclusively relate to historical facts. Forward-looking information and statements often but not always use words such as "believe", "estimate", "expect", "intend", "anticipate", "foresee", "plan", "predict", "project", "aim", "seek", "strive", "potential", "continue", "target", "may", "might", "could", "should", and similar expressions and variations thereof. These information and statements are based on our perception of historic trends, current conditions and expected future developments, as well as other assumptions, both general and specific, that we believe are appropriate in the circumstances. Such information and statements are, however, by their very nature, subject to inherent risks and uncertainties, of which many are beyond the control of CGI, and which give rise to the possibility that actual results could differ materially from our expectations expressed in, or implied by, such forward-looking information or forward-looking statements. These risks and uncertainties include but are not restricted to: risks related to the market such as the level of business activity of our clients, which is affected by economic conditions, and our ability to negotiate new contracts; risks related to our industry such as competition and our ability to attract and retain qualified employees, to develop and expand our services, to penetrate new markets, and to protect our intellectual property rights; risks related to our business such as risks associated with our growth strategy, including the integration of new operations, financial and operational risks inherent in worldwide operations, foreign exchange risks, income tax laws, our ability to negotiate favorable contractual terms, to deliver our services and to collect receivables, and the reputational and financial risks attendant to cybersecurity breaches and other incidents; as well as other risks identified or incorporated by reference in this press release, in CGI's annual and quarterly MD&A and in other documents that we make public, including our filings with the Canadian Securities Administrators (on SEDAR at www.sedar.com) and the U.S. Securities and Exchange Commission (on EDGAR at www.sec.gov). Unless otherwise stated, the forward-looking information and statements contained in this press release are made as of the date hereof and CGI disclaims any intention or obligation to publicly update or revise any forward-looking information or forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law. While we believe that our assumptions on which these forward-looking information and forward-looking statements are based were reasonable as at the date of this press release, readers are cautioned not to place undue reliance on these forward-looking information or statements. Furthermore, readers are reminded that forward-looking information and statements are presented for the sole purpose of assisting investors and others in understanding our objectives, strategic priorities and business outlook as well as our anticipated operating environment. Readers are cautioned that such information may not be appropriate for other purposes. Further information on the risks that could cause our actual results to differ significantly from our current expectations may be found in the section titled "Risk Environment" of CGI's annual and quarterly MD&A, which is incorporated by reference in this cautionary statement. We also caution readers that the above-mentioned risks and the risks disclosed in CGI's annual and quarterly MD&A and other documents and filings are not the only ones that could affect us. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial could also have a material adverse effect on our financial position, financial performance, cash flows, business or reputation.
View original content:https://www.prnewswire.com/news-releases/cgi-continues-to-support-cms-in-the-modernization-of-the-medicare-advantage-and-prescription-drug-system-marx-part-d-301443893.html
SOURCE CGI Inc.
FAQ
What is the value of CGI's new contract with CMS?
What is the purpose of CGI's contract with CMS?
How many beneficiaries will benefit from the MARx system update?
What other contracts has CGI received from CMS recently?
