Welcome to our dedicated page for CGI news (Ticker: GIB), a resource for investors and traders seeking the latest updates and insights on CGI stock.
Overview
CGI Inc. is a globally recognized IT and business consulting services provider with decades of expertise in digital transformation, systems integration, and managed IT solutions. As one of the largest independent firms in the industry, CGI leverages its extensive network and deep technical know‐how to deliver tailored solutions that enhance operational efficiency across a diverse client base, including government agencies, financial institutions, healthcare organizations, and large enterprises.
Core Services and Capabilities
CGI offers a comprehensive portfolio of services designed to meet today’s complex technology challenges. Its core offerings include strategic IT consulting, systems integration, application maintenance, and business process services. These integrated solutions enable clients to manage and optimize their IT environments effectively, ensuring reliable performance and enhanced productivity through state-of-the-art digital transformation initiatives.
Market Position and Global Reach
Operating in over 40 countries with a robust global delivery network, CGI is uniquely positioned to serve both local and international markets. The company’s model of combining localized client relationships with worldwide service capabilities ensures that each client receives personalized and high-quality service. This approach has solidified CGI's reputation as a trusted and innovative partner in the competitive IT services landscape.
Industry Expertise and Innovative Solutions
With deep expertise in advanced technologies, CGI integrates artificial intelligence, data analytics, and automation into its service offerings. The company’s commitment to innovation is reflected in its tailored digital transformation projects, which address complex business challenges through precise, cutting-edge solutions while maintaining a focus on operational resiliency and efficiency.
Commitment to Excellence and Trusted Partnerships
The success of CGI is anchored by its team of highly skilled consultants and professionals, whose experience and accountability underpin every project. By fostering a culture of continuous improvement and leveraging a well-established local relationship model, CGI not only drives business outcomes for its clients but also sustains a legacy of trust, expertise, and reliability in the global IT consulting arena.
CGI has signed a long-term agreement with VIA Rail Canada to manage services for a new online reservation system, crucial for enhancing customer experience. This partnership builds on CGI's ongoing support since 2020 in VIA Rail's modernization efforts. With fiscal 2022 revenue of $12.87 billion, CGI aims to leverage its extensive capabilities to assist VIA Rail in achieving its modernization goals and improving passenger services across Canada.
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.
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