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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 Federal Inc., a subsidiary of CGI Inc. (NYSE: GIB) (TSX: GIB.A), has released Momentum 8.2, an updated version of its budget, financial, and acquisition management software for federal agencies. The new release features advanced AI capabilities, including the Momentum AI Assistant, which streamlines workflows and enhances productivity. Momentum 8.2 also introduces improved security measures and ensures compliance with federal mandates such as G-Invoicing, SFFAS 54, and DATA Act reporting requirements.
The software is FedRAMP authorized and available on the U.S. Treasury's FM QSMO shared service marketplace. Momentum is currently used by over 180 federal government organizations to manage more than US$1 trillion in budgeted authority and process millions of transactions annually.
CGI Federal Inc., a subsidiary of CGI Inc. (NYSE: GIB) (TSX: GIB.A), has secured a 2-year, US$378 million contract extension with the U.S. Department of State for passport application processing services. This extension continues CGI's support for the Bureau of Consular Affairs, processing over 21 million passports annually. The company will focus on enhancing process efficiencies, improving customer service, and optimizing the passport application experience for American citizens.
CGI's ongoing collaboration with the DoS has resulted in improved workflow, reduced administrative burdens, and increased transparency in the passport application process. The extended contract will provide optimized workflow processes, change management, and extensive customer service assistance. Applicants will benefit from enhanced services, including more channels for document applications and fee payments.
CGI, a leading business and IT consulting firm, has been recognized as a Major Player in the IDC MarketScape: Worldwide Cloud Professional Services 2024 Vendor Assessment. The report highlights CGI's strengths in partnering with clients to co-create, deliver, and manage innovative cloud-based digital business solutions. CGI's approach focuses on six cloud imperatives: strategy, portfolio rationalization, innovation, integration, outcomes-focused delivery, and operational excellence.
The IDC MarketScape praised CGI's next-generation tools and methodologies, as well as its ability to help clients justify cloud professional services expenditures. CGI's comprehensive cloud services are essential for enabling clients to drive business agility and innovation within their digital strategies. The company's recent research indicates a significant increase in cloud migration and application modernization plans over the next two years, with a strong focus on enabling AI capabilities.
CGI reported its Q3 Fiscal 2024 results, showing revenue growth of 1.3% year-over-year to $3.67 billion. Key highlights include:
- Earnings before income taxes of $594.0 million, up 6.3% year-over-year
- Net earnings of $440.1 million, up 6.1% year-over-year
- Diluted EPS of $1.91, up 9.1% year-over-year
- Cash from operating activities of $496.7 million, representing 13.5% of revenue
- Bookings of $4.28 billion, with a book-to-bill ratio of 116.6%
- Backlog of $27.56 billion or 1.9x annual revenue
CGI also announced plans to initiate a quarterly dividend of $0.15 per share starting in Q1 Fiscal 2025, subject to Board approval.
CGI Federal Inc., a subsidiary of CGI Inc. (NYSE: GIB, TSX: GIB.A), has announced its intent to acquire Aeyon, a leader in digital transformation and AI technologies for the U.S. Federal Government. The acquisition aims to expand CGI's offerings portfolio and strengthen relationships with critical national security clients. The deal, expected to close in Q4 of CGI's fiscal year 2024, will bring 725 Aeyon employees into the CGI fold, enhancing their capabilities in government transformation.
The merger is set to benefit clients through access to new global capabilities and opportunities to enhance mission impact. For Aeyon employees, it offers career advancement prospects with an industry leader. The acquisition aligns with CGI's strategy of delivering innovative, trusted digital transformation, data, and intelligent automation services to government clients.
CGI Federal Inc., a subsidiary of CGI Inc. (TSX: GIB.A) (NYSE: GIB), has been selected to provide modern technology solutions to the EPA's Office of Research and Development (ORD). The company secured a spot on the SMAVCS4 blanket purchase agreement (BPA) with a ceiling value of US $100M. CGI will continue supporting key financial management applications and deliver services enabling technology, data, and financial management for ORD's research programs.
CGI's role includes facilitating critical data collection, sharing, and publication for EPA and its co-regulatory partners. The company also provides operational support for financial and asset management requirements and technology support for research and development activities. This agreement reinforces CGI's long-standing partnership with EPA in advancing technology and modernization initiatives.
CGI (TSX: GIB.A) (NYSE: GIB), a leading IT and business consulting services firm, will release its third quarter fiscal 2024 results on July 31, 2024, before markets open. A conference call for management to discuss results and answer questions is scheduled for 9:00 a.m. (EDT) on the same day. The call will feature George D. Schindler, President and CEO, and Steve Perron, Executive VP and CFO.
Interested parties can access the call via phone or webcast, with a replay available until August 30, 2024. CGI, founded in 1976, employs 90,000 consultants globally and reported revenue of $14.30 billion for fiscal 2023. The company offers a comprehensive portfolio of IT and business consulting services, systems integration, and managed services.
CGI, a global business and IT consulting firm, has been recognized as a Major Player in the IDC MarketScape: Worldwide Business Consulting Services 2024 Vendor Assessment. The report highlights CGI's ability to transform organizations to become more sustainable, resilient, agile, and customer-centric. CGI's approach focuses on people-first consulting, enabling meaningful and sustainable success for clients.
The assessment notes CGI's strengths in bridging strategy and execution, as well as its consultants' pragmatism, loyalty, and entrepreneurial spirit. CGI's consulting services cover critical areas such as business strategy, organization and change management, core operations, and technology. The firm also addresses C-level priorities including AI strategy, sustainable supply chain management, ESG, and mergers and acquisitions.
CGI Federal Inc., a subsidiary of CGI Inc. (NYSE: GIB) (TSX: GIB.A), has introduced CGI Agile Catalyst™, a framework designed to help U.S. federal agencies implement agile methodologies. This framework includes tools and consulting services tailored to address the unique challenges and needs of government organizations.
Agile Catalyst offers preconfigured workflows, assessments, dashboards, templates, best practices, and expert recommendations. It aims to drive transformation, increase transparency, enhance project visibility, reduce costs, and accelerate mission efficiency. Agencies participating in CGI's pilot program have reported significant improvements, including up to 30% reduction in deliverable cycle time, 20% reduction in production defects, and cost savings aligned with their business cases.
CGI (TSX: GIB.A) (NYSE: GIB) and Bladex (NYSE: BLX) have announced an agreement to implement the CGI Trade360® trade technology platform. Bladex will be the first Latin American-headquartered bank to adopt this award-winning SaaS platform, which supports trade finance in over 85 countries. The implementation aims to:
1. Improve Bladex's regional and global trade business
2. Optimize letter of credit processing
3. Enhance working capital solutions
4. Increase security and operational transparency
CGI Trade360® supports more than 50 products in traditional trade, payables, receivables, and cash management. This partnership aligns with Bladex's strategy to become a benchmark bank in trade finance solutions in Latin America, offering an improved digital experience for clients, suppliers, and trade operations teams.
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