CGI Inc. - GIB STOCK NEWS

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.

CGI reported strong Q1-F2021 results with revenue of $3.02 billion, slightly down from the previous year, and net earnings up 18.4% to $343.5 million. Diluted EPS increased by 24.5% to $1.32. Additionally, bookings rose 24% year-over-year to $3.40 billion, indicating a robust book-to-bill ratio of 112.5%. The company demonstrated improved margins and cash generation, contributing to its positive growth outlook.

CGI announced the renewal of its Normal Course Issuer Bid (NCIB), pending Toronto Stock Exchange approval. The NCIB allows the company to repurchase up to 19,184,831 Class A Shares, approximately 10% of its public float, to enhance shareholder value. The share repurchases may begin on February 6, 2021, and end on February 5, 2022, or once the maximum share limit is met. CGI has already repurchased 16,364,064 shares under its previous NCIB, totaling approximately $1.59 billion.