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.
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.
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.
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