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.
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, a leading business and IT consulting firm, has signed the European Union's Artificial Intelligence (AI) Act Pledge, reinforcing its global commitment to responsible and ethical AI practices. This signature is part of CGI's engagement with the European Commission's AI Pact. Jean-Michel Baticle, President and COO of CGI, emphasized the alignment between the AI Act Pledge objectives and CGI's own responsible use framework.
CGI's approach to responsible AI includes:
- A robust risk matrix
- Clear guidelines and best practices
- Ethical principles backed by scientific research
The company supports clients in developing responsible AI plans, focusing on governance, risk assessment, privacy, security, and optimal AI model selection. CGI offers AI-based consulting, services, and solutions to help clients leverage AI for their business objectives.
CGI's annual global research, based on interviews with over 1,800 business and technology executives, reveals three key trends in the IT and business consulting sector:
- Rebalancing cost savings with revenue growth: Clients are focusing on innovation, new products/services, and improved customer experience while maintaining cost control.
- Closer business and IT alignment: Alignment between business and IT operations is at its highest level, driven by efficiency focus and digital technologies.
- Increasing advantages for digital leaders: Those with successful digital strategies are widening the gap in achieving desired outcomes.
The research also highlights a significant increase in AI implementation, with 26% of executives implementing traditional AI and 79% exploring generative AI. AI tops innovation investment priorities for the next three years, reflecting its potential to transform business models and drive efficiency.
CGI has been selected by the Northern Ireland Courts and Tribunals Service (NICTS) as the delivery partner for its Themis Program, a flagship business transformation initiative. The 20-year contract, valued at £85 million, aims to modernize the justice system across Northern Ireland. The program will redesign court processes, transforming services across Tribunals, Civil, Family, and Criminal business areas.
The Themis Program seeks to create a digital-first, paper-light environment to enhance transparency, speed up case delivery, and increase accessibility through virtual services. CGI will work with the existing Themis team to implement a five-year roadmap for revolutionizing service delivery. The project is expected to drive significant efficiencies and improve service outcomes.
CGI's involvement in this transformation aligns with its broader commitment to modernizing the UK justice system. The company's Digital Services Centre of Excellence in Belfast, established in February 2023, will support the program with the addition of at least 50 new roles.
CGI, a leading IT and business consulting firm, has been selected by Harley-Davidson Financial Services to modernize their loan origination system. The new system, based on CGI Credit Studio, will streamline the financing process for Harley-Davidson motorcycle buyers and enhance flexibility for dealers. Key features include:
- AI-enabled financing journey
- Simplified loan application process
- Improved collaboration between dealers and customers
- Enhanced insights-driven customer experience
- Ability to offer Harley-Davidson merchandise and riding experiences at point of purchase
The system aims to shorten the buy window, boost satisfaction, and improve conversion rates. It will adapt dynamically to customer preferences and market conditions, expanding decision data to maximize value while reducing back-end losses. CGI Credit Studio is designed to lower total solution costs and deliver a streamlined, cost-effective approach.
CGI Federal Inc., a subsidiary of CGI Inc. (NYSE: GIB) (TSX: GIB.A), has completed the acquisition of Aeyon, a leader in digital transformation and AI technologies for the U.S. Federal Government. This acquisition expands CGI's capabilities in data management, analytics, and intelligent automation, while strengthening relationships with key national security clients like the Office of the Secretary of Defense, U.S. military branches, FAA, and NASA.
The merger aims to enhance CGI's service offerings and reinforce its commitment to advancing client missions. Aeyon's expertise in rapid response capabilities and industry insights is expected to accelerate critical mission outcomes for federal agencies. The acquisition aligns with CGI's culture and values, promising greater opportunities for employees and a broader range of solutions for clients.
CGI (NYSE: GIB) has been named one of America's Best Employers for Women by Forbes in 2024. This recognition is based on a survey of 150,000 women at companies with at least 1,000 employees. CGI's commitment to supporting women in technology is evident through various initiatives:
1. Employee resource groups for networking, mentoring, and professional development
2. Events to inspire female students in STEM careers
3. Initiatives promoting respect, empowerment, and inclusion
Stephanie Mango, President of CGI Federal, emphasized the company's dedication to increasing women's representation at all levels. Jenny Hilliard, VP of Human Resources, highlighted CGI's focus on creating a diverse, equitable, and inclusive environment that encourages authenticity and career growth for women.
CGI (TSX: GIB.A) (NYSE: GIB) has been named a Leader in Everest Group's Guidewire Services PEAK Matrix® Assessment 2024 for property and casualty (P&C) insurance. The company was recognized for expanding Guidewire Services into growing markets, building local and offshore delivery capabilities, and adopting geo-specific strategies. CGI offers a comprehensive suite of services for P&C clients, including advisory, consulting, full implementations, and ongoing support for the Guidewire platform.
The assessment highlighted CGI's success in delivering on-time Guidewire implementations, enhanced localized delivery capabilities, and investments in point solutions and toolkits for test automation and accelerating product implementations. Clients appreciated CGI's domain knowledge and understanding of legacy systems, which facilitated smooth transitions to new systems.
CGI (TSX: GIB.A) (NYSE: GIB) has announced a private offering of C$750 million in senior unsecured notes. The offering consists of C$300 million in 3-year notes with a 3.987% interest rate and C$450 million in 5-year notes with a 4.147% interest rate. The offering is expected to close around September 5, 2024. CGI plans to use the net proceeds of approximately C$746.1 million to repay existing debt, including US$350 million in notes maturing on September 12, 2024, and for general corporate purposes. The notes will be offered privately in Canadian provinces and are not registered under the U.S. Securities Act.
CGI Federal Inc., a subsidiary of CGI Inc. (NYSE: GIB) (TSX: GIB.A), has been awarded two contracts by the U.S. Patent and Trademark Office (USPTO) with a combined potential value of US$119 million. The first is a 5-year Blanket Purchase Agreement worth up to US$84 million for secure financial management services using CGI's Momentum® software. The second is a US$36 million task order over five years to modernize USPTO's Certified Copy Center and Assignment Center products using cloud technology. These contracts aim to enhance operational efficiency, support revenue collection, and modernize systems for patent and trademark transactions, benefiting the global innovation community served by USPTO.
CGI, a leading IT and business consulting firm, has extended its partnership with the City of New York for the maintenance of the STARS parking violation system. The new five-year contract, with an optional two-year renewal, involves CGI working with the city's Department of Finance to manage adjudication, payment, and collection processes for parking and camera violations. This system, built on CGI's Advantage Collections platform, handles approximately 17 million tickets annually, resulting in the collection of over C$1.3 billion in public revenue each year. CGI will provide IT and consulting services to adapt the system to evolving business environments, implement modifications, and design new solutions.
FAQ
What is the current stock price of CGI (GIB)?
What is the market cap of CGI (GIB)?
What does CGI Inc. do?
Where is CGI Inc. headquartered?
How many employees does CGI Inc. have?
What are some of CGI’s recent contracts?
What is CGI’s annual revenue?
Which sector contributes the most to CGI's revenue?
Who is the new CEO of CGI Inc.?
What is CGI’s strategy for future growth?
On which stock exchanges are CGI shares listed?
What is CGI’s approach to digital transformation?
