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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 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.
CGI (NYSE: GIB) has launched CGI Credit Studio, a cloud-native platform that centralizes credit lifecycle services including originations, servicing, and collections. This SaaS solution enhances agility for lenders through a modular design powered by machine learning and advanced analytics, reducing implementation timelines significantly. The platform includes CACS X, the next-gen debt management solution that aims to optimize operating expenses and improve customer relationships. CGI serves over 350 major organizations globally, showcasing extensive experience in financial services.
CGI Federal announced that its Momentum Java Cryptographic Module has received Federal Information Processing Standards (FIPS) certification. This certification marks an essential achievement for safeguarding sensitive data in federal systems. The approval came after rigorous testing by an independent lab, ensuring the ERP solution addresses modern security threats. The Momentum product suite employs advanced cryptographic algorithms and supports CISA Zero Trust Architecture, further enhancing security for federal clients. The certification process, facilitated by SafeLogic, runs through August 2024.
CGI reported strong financial performance for Q4 and fiscal year 2022, with Q4 revenue at $3.25 billion, marking an 8% year-over-year increase, and 13.9% growth in constant currency. Net earnings rose to $362.4 million, translating to a 11.2% margin. For fiscal 2022, total revenue was $12.87 billion, up 6.1% year-over-year. Diluted EPS increased to $6.04, reflecting an 11.6% rise. The backlog stood at $24.06 billion. Despite the strong results, cash from operating activities decreased by $38.1 million year-over-year.
CGI Federal Inc., a subsidiary of CGI Inc. (NYSE: GIB), has secured a $17.4 million contract to bolster the Nuclear Regulatory Commission's (NRC) cybersecurity measures. This agreement, part of the Global Infrastructure and Development Acquisition (GLINDA), allows CGI Federal to implement advanced processes and technologies to enhance the NRC's security against emerging cyber threats. The contract spans 16 months with three additional 12-month options, focusing on improved cybersecurity and the adoption of Zero Trust Architecture.
CGI is set to release its fourth quarter and fiscal year 2022 results on November 9, 2022, prior to market opening. The conference call for discussing the results will be hosted by CEO George D. Schindler and CFO Steve Perron at 9:00 a.m. (EST). The company operates globally and has reported revenue of $12.13 billion for fiscal 2021. Investors can access the conference call via phone or through a live webcast on the CGI website.
CGI (NYSE: GIB) has been recognized as a Leader in the IDC MarketScape report for Industrial IoT Service Providers in Utilities. The assessment applauds CGI for its extensive experience with major utilities in Europe and North America, highlighting its focus on innovative offerings like CGI OpenGrid360. Moreover, CGI is acknowledged as a Major Player for its efforts in energy transition and sustainability solutions.
CGI (NYSE: GIB) and Aktia have formed a strategic partnership to enhance Aktia's banking IT services, valued at approximately 50 MEUR (75 MCAD). CGI will manage the development and maintenance of 150 critical applications, aiming to improve customer experience and support product development. The collaboration will bolster Aktia's operational efficiency and regulatory compliance. This partnership marks a significant move in the competitive Nordic banking landscape, with CGI leveraging its global expertise to support Aktia's digital transformation.
CGI and Aktia have announced a strategic partnership to enhance banking IT services, valued at approximately 50 MEUR (75 MCAD). This collaboration will focus on the development and maintenance of 150 key applications, aiming to improve customer experience and competitive edge in the finance sector. The partnership, starting as a joint venture before 2023, emphasizes operational efficiencies and innovative banking services. CGI's extensive expertise in digitization will support Aktia's modernization efforts and regulatory compliance, while over 50 Aktia experts will join CGI's team.
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