IGM Financial selects CGI to operate and modernize its transfer agency platform

Rhea-AI Summary

CGI (TSX: GIB.A) has entered a strategic agreement with IGM Financial Inc. to modernize its mutual fund transfer agency platforms in Canada. This collaboration aims to integrate two leading record-keeping solutions into a unified SaaS platform as part of IGM's five-year digital transformation initiated in 2018. CGI will oversee technology modernization and support IGM's ongoing operations, enhancing client experience by leveraging its expertise. The partnership underscores CGI's commitment to delivering operational efficiencies and adapting to the evolving needs of the financial services sector.

Positive

• CGI to modernize IGM's transfer agency platforms, enhancing operational efficiency.
• Collaboration aligns with IGM's five-year digital transformation initiative initiated in 2018.
• CGI brings extensive expertise in technology development and application management.

Negative

• None.

Agreement will see CGI help IGM accelerate its digital transformation

TORONTO and WINNIPEG, MB, July 27, 2022 /PRNewswire/ - CGI (TSX: GIB.A) (NYSE: GIB) and IGM Financial Inc. (IGM) (TSX: IGM) have signed a strategic agreement to deliver the next generation of mutual fund transfer agency (TA) platforms in Canada.

The IGM and CGI partnership will focus on integrating two leading mutual fund record keeping solutions into a single, modern platform. It will include CGI taking responsibility for the overall modernization of the platforms as part of the company's portfolio of intellectual property solutions as well as supporting IGM with ongoing operations and delivery of the new platform through a software-as-a-service (SaaS). This initiative furthers IGM's five-year digital transformation, which it began implementing in 2018 and has included working with global tech leaders such as Google Cloud and Salesforce.

"This is another important step in our ambitious, ongoing digital transformation, which has allowed us to elevate the client experience by leveraging strategic partnerships with world-class organizations such as CGI," said Mike Dibden, Chief Operating Officer, IGM Financial. "We're pleased to be working with CGI, whose scale and depth of expertise will help provide a seamless transition of technology services and capabilities and enable us to focus on our core mission: bettering the lives of Canadians by helping them better plan and manage their money."

CGI will support IGM's ongoing transformation by delivering new TA application management services and intelligent automation, including technology development and testing. With broad digital transformation and application services experience in banking and other industries across Canada, CGI will future-proof the platform through ongoing operational efficiencies and end-to-end management, while modernizing the platform over time—in line with CGI's proven intellectual property continuous evolution practices.

"We are delighted to expand on our successful partnership with IGM and are proud to support its ongoing digitization and growth in Canada," said Jamie Holland, Senior Vice-President of CGI's Canada Industry Solutions business. "Our long-term collaboration with leading Canadian financial services firms such as IGM gives us an in-depth understanding of the industry's challenges and goals. This, combined with our team's wealth technology platform and business process services expertise, enables us to provide the holistic solution and support required to help our clients thrive."

About CGI

Founded in 1976, CGI is among the largest independent IT and business consulting services firms in the world. With 88,500 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 2021 reported revenue is $12.13 billion and CGI shares are listed on the TSX (GIB.A) and the NYSE (GIB). Learn more at cgi.com.

About IGM

IGM Financial Inc. is one of Canada's leading diversified wealth and asset management companies with approximately $242 billion in total assets under management and advisement at June 30, 2022. The company provides a broad range of financial planning and investment management services to help more than two million Canadians meet their financial goals. Its activities are carried out principally through IG Wealth Management, Mackenzie Investments and Investment Planning Counsel. IGM Financial is a member of the Power Corporation group of companies. Learn more at igmfinancial.com.

View original content:https://www.prnewswire.com/news-releases/igm-financial-selects-cgi-to-operate-and-modernize-its-transfer-agency-platform-301594120.html

SOURCE CGI Inc.

FAQ

What is the recent agreement between CGI and IGM Financial?

CGI has signed a strategic agreement with IGM Financial to modernize its mutual fund transfer agency platforms in Canada.

How will CGI support IGM's digital transformation?

CGI will oversee the integration of record-keeping solutions into a single platform and provide ongoing operational support through SaaS.

What is the significance of CGI's partnership with IGM?

This partnership enhances IGM's client experience and operational efficiency as part of its ongoing digital transformation strategy.

When was the agreement between CGI and IGM Financial announced?

The agreement was announced on July 27, 2022.

What stock symbol does CGI trade under?

CGI trades under the stock symbol GIB on both TSX and NYSE.