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. reports developments in IT and business consulting services across consulting, systems integration, managed IT, business process services and intellectual property solutions. News about CGI commonly covers quarterly results, bookings and backlog, client demand for modernization of mission-critical technology environments, and capital actions such as issuer bids.
Company updates also address AI-enabled services, sovereign cloud and data platforms, SAP operations certifications, and strategic partnerships in sectors such as government, healthcare, critical infrastructure, financial services, manufacturing and utilities. CGI’s model combines local client relationships with a global delivery network across North America, Europe and other markets.
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+.
The Board of Directors of CGI announced François Boulanger as the new President and CEO, effective October 1, 2024. Boulanger, currently President and COO, will succeed George D. Schindler who will retire on September 30, 2024 but remain on the Board and serve as a strategic advisor. Under Schindler's leadership, CGI saw annual revenue growth to over $14 billion, a doubling of its share price, and a 70% increase in market capitalization. The transition aims to ensure continued profitable growth and strong client relationships as CGI advances its digital transformation strategies.