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.
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.
CGI reported strong Q1-F2022 results, with revenue of $3.09 billion, a 2.4% increase year-over-year. Adjusted EBIT rose to $521.5 million, up 5.2%, yielding an improved EBIT margin of 16.9%. Net earnings reached $367.4 million, growing by 7.0%, resulting in diluted EPS of $1.49, a 12.9% increase. Bookings totaled $3.60 billion, showcasing a book-to-bill ratio of 116.5%. The backlog stands at $23.58 billion, equating to 1.9x annual revenue.
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