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 (NYSE: GIB), a global IT and business consulting firm, announced the successful upgrade of the City of Los Angeles' financial management and procurement operations through its cloud-based solution, CGI Advantage®. The upgrade modernizes essential business processes, integrating financial, procurement, and reporting functions into a unified platform.
The new system enhances operational efficiency, eliminating 130 customizations and integrating seamlessly with AWS and Salesforce. It also digitizes vendor interactions for over 7,300 vendors, providing real-time updates and an intuitive user experience.
The modernization includes data migration, decommissioning outdated systems, and extensive change management support, including eLearning and in-person training for city employees. CGI's timely and budget-conforming delivery underscores its long-term commitment to the City of Los Angeles, emphasizing both technological and human aspects in this transition.
CGI (NYSE: GIB), a leading IT and business consulting services firm, has been chosen by the State of Colorado to modernize its payroll operations with the CGI Advantage® ERP platform. This initiative aims to boost the efficiency and user experience for 33,000 state employees. The platform will provide a unified ERP system, enhanced security, and lower maintenance costs for Colorado's payroll systems. This project supports CGI's ongoing relationship with Colorado, where it already offers financial, procurement, and performance budgeting solutions. According to John Manta, Senior Vice-President at CGI, the modernization also includes plans for continuous investment in new technologies to meet citizen expectations and improve state organizational efficiency.
CGI (NYSE: GIB) has acquired Celero's credit union business, which serves over 90 credit unions across Canada. This acquisition includes master services agreements covering managed services, core banking, digital banking, and IT services. The acquisition complements CGI's existing banking services and strengthens its position in the Canadian credit union sector.
More than 150 Celero employees will join CGI, ensuring continuity and enhancing professional development opportunities. The deal also establishes new partnerships with Credit Union Central of Manitoba, Alberta Central, and SaskCentral. This move aligns with CGI's strategy of profitable growth and aims to foster future organic expansion.
CGI (NYSE: GIB), a global leader in business and IT consulting, announced a partnership with Munich Re's Risk Management Partners to aid insurers in reducing claims and increasing profits through climate risk mitigation. This collaboration will merge Munich Re's Location Risk Intelligence Platform with CGI's climate risk services, helping insurers adapt to climate-related challenges within a complex regulatory landscape. The partnership aims to enhance insurers' risk management by providing rich decision support data, enabling better pricing, risk concentration identification, and performance metrics. Ultimately, the initiative seeks to bolster a sustainable, resilient, and profitable insurance industry.
CGI Federal announced that its asset management platform, Sunflower™, is now available on the U.S. Department of Treasury's Shared Services Marketplace (FM QSMO). Sunflower, a cloud-based SaaS solution, enhances asset management for federal agencies by providing robust capabilities in compliance, process streamlining, financial reporting, and analytics. It supports over 75 federal agencies and has received FedRAMP authorization for use across government bodies. The platform joins CGI's Momentum® Enterprise Suite, which also holds FM QSMO approval, reinforcing CGI's position as a trusted partner in financial system modernization.
CGI Federal, a subsidiary of CGI Inc. (NYSE: GIB), has been selected as a technology partner for the FBI to aid in modernizing its IT systems. This partnership allows CGI to bid on task orders under the FBI's ITSSS-2 BPA, which has a ceiling value of $8 billion. This BPA was awarded under the GSA MAS. CGI aims to leverage its global services, consulting, and managed IT services to enhance the FBI's project and program success. The new agreement builds on a decade of CGI's collaboration with the FBI and supports the Bureau's strategic needs in locations such as the National Capital Region and Huntsville, Alabama.
CGI (TSX: GIB.A, NYSE: GIB) has renewed its partnership with ExxonMobil to enhance payment and loyalty services across Europe and Asia Pacific. Utilizing the CGI PayPartner360 solution, CGI will provide payment infrastructure to over 13,000 fuel retail sites and engage more than 10 million active users through ExxonMobil's loyalty programs. CGI PayPartner360 facilitates over 1.6 billion fuel transactions annually and supports a variety of payment types, including card, wire, and real-time payments. This collaboration underscores CGI's expertise in secure payment technologies and aims to drive operational efficiency, customer engagement, and sustained growth for ExxonMobil.
On June 25, 2024, CGI (TSX: GIB.A) (NYSE: GIB), a leading IT and business consulting services firm, announced the successful launch of CGI Advantage® for the City and County of Honolulu. This new enterprise resource planning (ERP) solution integrates financial, personnel, and performance data, automating budget processes and supporting new technologies. The platform also uses robotic process automation (RPA) to manage Utility Billing Invoices. The project, which included a significant technology upgrade and community engagement, earned the 2023 Project of the Year award from the Project Management Institute (Hawai`i Chapter). David Au, ERP Division Chief, praised the collaboration with CGI, as did Joanna Robinson, Senior Vice-President at CGI.
CGI (TSX: GIB.A) (NYSE: GIB), a leading IT and business consulting services firm, has been recognized by Forbes as one of America's Best Large Employers for 2024 and by Top Workplaces USA for its fourth consecutive year. These accolades highlight CGI's commitment to workplace culture, diversity, and employee satisfaction. Stephanie Mango, President of CGI Federal, emphasized the company's dedication to life-long learning and professional development for its 90,000 professionals globally. Forbes' ranking is based on an independent survey of over 170,000 U.S. employees, while the Top Workplaces USA award is determined by employee feedback. Key survey results showed that 90% of CGI employees believe the company has strong values, 87% appreciate the work-life flexibility, and 87% feel included at CGI.
CGI (TSX: GIB.A, NYSE: GIB) announced on May 27, 2024, its plan to repurchase 2,887,878 Class A subordinate voting shares from CDPQ for $138.51 per share. This is part of CDPQ's portfolio rebalancing. Post-transaction, CDPQ will still hold approximately 16.29 million Class A shares, representing 7.15% of CGI's total outstanding shares. The move aligns with CGI's strategy to deliver value to shareholders, supported by its strong financials, including $2.8 billion in cash as of March 2024. The share buyback falls under CGI's NCIB program, allowing repurchase up to 20,457,737 shares by February 2025. Details will be available on SEDAR+.
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