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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) and Fingrid Datahub Oy launched Finland's Datahub on February 21, 2022, enhancing the retail electricity market. This centralized system manages approximately 3.8 million energy data points, promoting efficient information exchange and supporting smart grids. Approximately 80 electricity retailers will use Datahub, which is vital for real-time analytics and energy management. Future developments include energy-sharing communities and a 15-minute imbalance settlement period set for 2023, aimed at improving price accuracy and sustainability in the energy sector.
Persefoni, a leader in Climate Management & Accounting Platform (CMAP), has formed a Teaming Agreement with CGI to enhance their climate solutions. This partnership aims to integrate Persefoni's innovative platform, which allows companies to calculate their carbon emissions cost-effectively, with CGI's IT consulting services. Persefoni's platform aligns with global sustainability standards, ensuring compliance and transparency in emissions reporting. CGI, renowned for its IT consulting capabilities, will support this partnership by providing local market expertise and integration services.
CGI has successfully acquired Unico, a technology consultancy based in Melbourne, Australia. This acquisition, approved by Australia's Foreign Investment Review Board, adds approximately 130 new professionals to CGI's team. The merger aims to enhance CGI's service offerings, particularly in digital transformation for clients. The integration is expected to be smooth, fostering growth opportunities across both organizations. With this acquisition, CGI bolsters its position in Australia, expanding its portfolio in strategic IT consulting and systems integration.
CGI (TSX: GIB.A, NYSE: GIB) plans to repurchase 3,968,159 Class A subordinate voting shares from Caisse de dépôt et placement du Québec for $100.80 per share, reflecting a discount to the February 28, 2022 closing price. This transaction aligns with CDPQ's portfolio rebalancing while maintaining approximately 9.8% ownership in CGI. The share buyback, part of CGI's normal course issuer bid, aims to enhance shareholder value and follows the favorable decision from the Autorité des marchés financiers. CGI reported $2.7 billion in cash as of December 2021, indicating strong financial health.
CGI (NYSE: GIB, TSX: GIB.A) has successfully acquired Unico, a Melbourne-based technology consultancy, following approval from Australia’s Foreign Investment Review Board. Established in 1984, Unico adds around 130 professionals to CGI’s workforce, enhancing its capabilities in Australia. This merger aims to boost digital transformation services and expand CGI’s market presence, especially within business and strategic IT consulting. CGI reported a fiscal 2021 revenue of C$12.13 billion, underscoring the significant growth potential this acquisition holds.
CGI (NYSE: GIB) has been awarded the 2022 Global Finance Award for Best Trade Finance Software Provider. The award recognizes CGI's resilient trade solutions amidst changing global trade finance dynamics. The selection was based on various criteria, including market share, product innovation, and technology. CGI Trade360, a SaaS platform, enables banks to offer a comprehensive range of trade and cash management services, enhancing digitalization and interoperability. CGI reported a revenue of $12.13 billion in FY 2021, showcasing its robust market position.
CGI (NYSE: GIB) announced the successful rollout of its Momentum® software for the U.S. Department of Justice's Unified Financial Management System (UFMS) on Feb. 10, 2022. This implementation merges six core financial and procurement systems into a single ERP system, enhancing financial management, streamlining business processes, and ensuring compliance with federal regulations. The project positions the DOJ to explore new system improvements, including a unified asset management solution.
CGI's 2021 CSR Report highlights key progress in sustainability and community engagement. The report shows a 70% reduction in CO2 emissions since 2014, with a goal of net-zero emissions by 2030. Currently, 69% of data center electricity comes from renewable sources, aiming for 100% by 2023. Additionally, CGI engaged 112,000 individuals in STEM programs and improved diversity initiatives. The company plans to implement pro bono projects across all business units by 2026, demonstrating ongoing dedication to sustainable practices and community involvement.
CGI held its Annual General Meeting on February 2, 2022, in Montréal, where all 16 directors proposed for election were successfully elected by shareholders. The votes in favor ranged from 93.75% to 99.82%, indicating strong shareholder support. CGI, a leading IT and business consulting firm with reported revenues of $12.13 billion for fiscal 2021, continues to focus on digital transformation and client relationships through its extensive global network.
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