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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 (NYSE: GIB) has secured a 10-year extension of its partnership with the State of Arizona to upgrade the Arizona Financial Information System (AFIS) using CGI Advantage®—a government-specific enterprise resource planning solution. This partnership aims to modernize Arizona's financial system through a secure, cloud-based, mobile-first platform, enhancing efficiency and decision-making capabilities. With over 31 million transactions processed annually, AFIS is critical for state agencies. The collaboration underscores CGI's commitment to delivering innovative solutions to maximize value and reduce operating costs.
On July 18, 2022, CGI Inc. (NYSE: GIB; TSX: GIB.A) announced it has successfully concluded a simplified tender offer, acquiring 2,428,749 Umanis shares, bringing its total ownership to 91.54% of the company's capital. This acquisition allows CGI France to initiate a squeeze-out procedure at €17.15 per share. Umanis shares have been suspended since July 14, 2022. CGI aims to integrate Umanis to enhance client services and leverage digital transformation capabilities post-acquisition.
CGI (NYSE: GIB) announced that Peoples Trust Company (PTC), a major player in Canadian financial services, has selected CGI All Payments to enhance its payment processing capabilities. This partnership marks a significant milestone as PTC becomes the first new direct participant in Canada's Automated Clearing Settlement System (ACSS) in nearly 40 years. CGI All Payments will modernize PTC's payment systems, supporting its strategic growth plan and expanding its offerings in the competitive Canadian payments landscape.
CGI has received UiPath Service Network certification, affirming its capabilities in robotic process automation (RPA). This certification positions CGI as a key service delivery partner for UiPath solutions, enabling organizations to enhance digital operating models and increase efficiencies. A survey of 1,700 executives highlights RPA as a top three innovation investment over the next three years. CGI's revenues were reported at C$12.13 billion for Fiscal 2021, with a strong focus on delivering automation consulting services globally.
CGI Federal has announced a redesign of its Momentum® Acquisitions module, aimed at enhancing user experience for federal contractors. This initiative, developed in collaboration with federal clients, introduces a new interface and expanded features to meet growing compliance and efficiency needs. Currently used by around 10,000 federal professionals across various departments, the improved module is vital for navigating day-to-day contract challenges, allowing users to focus on high-value tasks. This aligns with CGI's commitment to address the unique acquisition demands within the federal landscape.
CGI (NYSE: GIB) has successfully implemented its cloud-based Momentum® Acquisitions contract-writing system at the U.S. Department of Veterans Affairs (VA), marking a significant step in the VA's Financial Management Business Transformation (FMBT). This integration allows for the first-time unification of financial and acquisition systems within the Integrated Financial and Acquisition Management System (iFAMS). The transformation aims to enhance transparency and operational scalability while improving service delivery to veterans. Future rollouts are planned for October 2022 to support 5,000 contracting professionals.
GIB.A (TSX) GIB (NYSE) - CGI Inc. has completed the acquisition of approximately 70.6% of Umanis SA at €17.15 per share, following a fairness opinion by an independent expert confirming the offer's fairness. This acquisition marks a significant milestone for CGI, which aims to finalize the deal shortly. Umanis, a digital services company based in France, reported annual revenues of approximately €246 million. The acquisition is expected to enhance CGI's capabilities in digital transformation.
On May 30, 2022, CGI (NYSE: GIB) announced the successful acquisition of Harwell Management, a financial services consulting firm in France, through its subsidiary CGI France SAS. Founded in 2009, Harwell contributes 150 employees to CGI Business Consulting, enhancing CGI's offerings across various financial services, including retail banking and insurance. This strategic merger aims to expand CGI's consulting capabilities, supporting its organic growth strategy and benefiting stakeholders. CGI reported revenues of $12.13 billion in fiscal 2021, reinforcing its position as a leading consulting firm.
CGI announced the appointment of François Boulanger as President and Chief Operating Officer and Steve Perron as Executive Vice-President and Chief Financial Officer, effective October 1, 2022. Boulanger brings 35 years of experience and will oversee operations in North America and Asia, while Perron has 30 years of experience and will lead global financial teams. CEO George Schindler emphasized their strong leadership as pivotal for CGI's growth strategy. CGI reported fiscal 2021 revenue at C$12.13 billion, establishing its position as a leading IT and business consulting firm.
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