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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 has been awarded a contract by the European Space Agency to create a wildfire mapping service using Earth Observation, AI, and cloud computing. Collaborating with the University of Leicester and partners from Australia and France, CGI aims to improve wildfire risk management by evaluating AI algorithms for better burnt area mapping. This service will be available through the EO4SD Lab portal. The initiative addresses the rising frequency of wildfires exacerbated by climate change, underscoring the importance of effective monitoring for environmental management.
CGI announced its intent to repurchase 4,204,865 Class A subordinate voting shares from Caisse de dépôt et placement du Québec at $95.13 per share, a discount to the previous closing price. This transaction is part of CDPQ's portfolio rebalancing, maintaining a 10.9% stake in CGI post-transaction. The share buyback aligns with CGI's value creation strategy and is supported by a solid liquidity position of over $3.2 billion as of December 2020. The buyback will occur under CGI's normal course issuer bid, with completion expected on February 22, 2021.
CGI (NYSE: GIB, TSX: GIB.A) has expanded its partnership with OP Financial Group to enhance digital services for its insurance operations. The collaboration, which began in 2013, now involves over 600 CGI professionals, primarily based in Finland. CGI aims to drive value creation and cost-efficiency through innovative areas like automation and advanced analytics. CGI’s Fiscal 2020 revenue was C$12.16 billion, indicating a strong financial foundation to support this partnership.
CGI has launched the OnCue360 solution in Michigan to assist in compliance with CARES Act regulations concerning pandemic relief funding. This cloud-based platform enables real-time data collection and management for state and local program managers, ensuring proper tracking of grant spending. CGI aims to enhance transparency and accountability for federal funding, with reported fiscal 2020 revenue of C$12.16 billion. The tool integrates seamlessly with existing systems, providing essential support for regulatory requirements.
CGI (NYSE: GIB) announced the implementation of its Momentum® Enterprise Solution at the U.S. Department of Veterans Affairs (VA), marking a significant milestone in the VA's Financial Management Business Transformation (FMBT) program. This initiative aims to modernize financial management and acquisitions across the VA. The project will roll out over seven years, starting with the National Cemetery Administration. CGI's involvement is expected to enhance efficiency and improve services for Veterans and their families.
CGI has secured a renewed ten-year contract with CAE for application development, operations, and support services, highlighting a long-term strategic partnership since 2014. This agreement aims to enhance CAE's business agility and operational excellence through the deployment of Oracle ERP Cloud. CGI's expertise is anticipated to improve CAE's IT operations, security, and cost-effectiveness, thereby driving value across its various business lines. The partnership is expected to deepen over the next decade, contributing positively to both companies' strategic objectives.
CGI (NYSE: GIB, TSX: GIB.A) has secured a 10-year managed IT services contract with FashionCube, encompassing six prominent European fashion brands. The contract, valued at 96 million euros, will see CGI manage various IT activities, enhancing synergies and supporting brand transformations toward 'Positive Impact Fashion.' The partnership involves 61 employees joining CGI across France, Germany, Spain, and Poland. CGI aims to improve service quality and accelerate key transformation projects throughout the contract duration.
CGI (NYSE: GIB) has renewed its contract with Highmark Health, focusing on identifying and correcting billing errors in healthcare. This extension allows CGI to deploy its ProperPay solution to reduce waste and fraud in claims. Notably, CGI has previously aided in recovering over $3 billion in lost payments. Highmark values CGI's expertise for optimizing healthcare resources. CGI had a revenue of C$12.16 billion in fiscal 2020 and continues to strengthen partnerships with major healthcare payers.
CGI held its Annual General Meeting of Shareholders on January 27, 2021, in Montréal, Quebec. All 16 proposed directors were elected, with approval rates ranging from 94.53% to 99.69%. Highlights include: Alain Bouchard (95.08%), George A. Cope (99.30%), and Michael B. Pedersen (99.62%). CGI reported a revenue of C$12.16 billion for Fiscal 2020, solidifying its position as one of the largest independent IT and business consulting firms globally. The firm continues to focus on digital transformation and enhancing service delivery for clients worldwide.
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