CGI Federal is First Commercial Service Provider to Join Treasury Department's New Financial Management Shared Services Marketplace

Rhea-AI Summary

CGI Federal Inc. has become the first commercial vendor approved to offer financial management services under the U.S. Department of the Treasury's new Financial Management Quality Service Management Office (FM QSMO). This initiative aims to streamline IT procurement and enhance financial management across federal agencies. The approval was announced on November 10, marking a significant step in establishing the FM QSMO Marketplace. CGI will provide various service packages including grant accounting services and strategic planning. CGI's reported revenue for Fiscal 2022 was $12.87 billion.

Positive

• First commercial vendor approved for FM QSMO, enhancing market position.
• Opportunity to provide diverse financial management services to federal agencies.
• Enhancement of relationships with the U.S. government through shared services.

Negative

• None.

CGI Federal is first to receive approval for the FM QSMO, designed to streamline IT procurement and improve financial management, performance across federal agencies

FAIRFAX, Va., Nov. 29, 2022 /PRNewswire/ -- CGI Federal Inc., the wholly-owned U.S. operating subsidiary of CGI Inc. (NYSE: GIB) (TSX: GIB.A), announced today that it is the first commercial vendor approved to provide financial management services and solutions as part of the U.S. Department of the Treasury's new shared services marketplace.  This new marketplace – formally called the Financial Management Quality Service Management Office (FM QSMO) – will act as a centralized broker of commercial and federal solutions across government agencies for technology support and solutions for core financial systems (FS), financial management services and solutions, and the Treasury Bureau of the Fiscal Service products and services.

"We are proud to help clients across the federal enterprise benefit from flexible options when it comes to planning financial system modernizations, sustaining current operations and leveraging financial management expertise," said Kenyon Wells, Senior Vice-President in CGI Federal's Consulting, Applications, Solutions, and Technology (CAST) practice. "We are thrilled to be a part of this marketplace delivering shared services for an effective, agile government."

Announced on November 10, the Treasury's Bureau of the Fiscal Service called CGI Federal's approval an "important milestone that signifies continued progress in establishing the FM QSMO Marketplace." Among others in development, CGI Federal will offer service packages accepted by FM QSMO for grant accounting services, core FS agency solution operations and maintenance support, strategic planning and investment business case development and financial management organizational change management (OCM).

"This new marketplace is a great way for federal agencies to access financial management technology and services," said Kerry Canfield, Vice-President in CGI Federal's CAST practice. "We are excited to partner with the government to create streamlined, transparent operations to enable agencies to remain effective stewards of vital public resources."

About CGI

Founded in 1976, CGI is among the largest independent IT and business consulting services firms in the world. With 90,000 consultants and 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. CGI Fiscal 2022 reported revenue is $12.87 billion and CGI shares are listed on the TSX (GIB.A) and the NYSE (GIB). Learn more at cgi.com.

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SOURCE CGI Federal, Inc.

FAQ

What is CGI Federal's role in the FM QSMO?

CGI Federal is the first commercial vendor approved to provide financial management services in the FM QSMO marketplace.

When was CGI Federal's approval announced?

The approval was announced on November 10, 2022.

What financial services will CGI Federal offer under FM QSMO?

CGI Federal will offer services like grant accounting, core financial systems operations, and strategic planning.

What was CGI's reported revenue for Fiscal 2022?

CGI reported revenue of $12.87 billion for Fiscal 2022.

How does the FM QSMO benefit federal agencies?

The FM QSMO provides a streamlined access to financial management technology and services, promoting efficiency.