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 (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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