CGI Inc Stock Price, News & Analysis

On April 3, 2023, CGI (NYSE: GIB; TSX: GIB.A) announced a partnership with the Swedish Social Insurance Agency to aid its digital transformation program, enhancing service delivery through the development of digital systems. The initial contract, valued at approximately SEK 500 million (CAD $64.9 million), spans two years with potential extensions. CGI aims to modernize operations and improve citizen interactions, leveraging its extensive experience in governmental transformations. Established in 1976, CGI is a major consulting firm with over 90,000 professionals and an annual revenue of $12.87 billion, serving over 2,000 governmental entities globally.

CGI (NYSE: GIB, TSX: GIB.A) has secured a five-year global framework contract with Sodexo, a leading French multi-national company, to enhance its IT infrastructure and cloud services. This partnership aims to bolster Sodexo's transformation efforts across user experience and network management. CGI's support will focus on implementing a microservice architecture and improving operational efficiencies through standardization and service consolidation. With over 90,250 professionals, CGI is positioned to leverage its extensive experience and network to aid in Sodexo's growth and digital transformation, ultimately driving enhanced performance.

CGI (NYSE: GIB) has announced the creation of over 700 jobs at its Lafayette, Louisiana U.S. Onshore Delivery Center. This expansion has nearly doubled the original job estimate since its establishment in 2014. The Lafayette center supports federal and commercial clients in digital transformation projects and has exceeded annual salary projections by 28%. Local partnerships with the University of Louisiana at Lafayette have been crucial, fostering internships and a software developer apprentice program. CGI continues to recruit local talent, with 60 positions open and a significant percentage of hires coming from regional universities.

CGI (NYSE: GIB) has announced a global alliance with NetApp (NASDAQ: NTAP) to enable organizations to optimize hybrid and multi-cloud environments. This partnership aims to enhance operational efficiency, data management, and flexibility for clients. CGI will leverage its extensive cloud services, backed by over 7,000 professionals, to provide a Hybrid Cloud Managed Service in collaboration with NetApp's solutions. CGI's Fiscal 2022 revenue reported at $12.87 billion positions the company to support clients in digital transformation effectively. The alliance signifies a strategic shift in CGI's service offerings, enhancing its capabilities in cloud transformation.

CGI Federal, a subsidiary of CGI Inc. (NYSE: GIB), has secured a 5-year, indefinite-delivery, indefinite-quantity (IDIQ) contract valued at up to $40 million with the U.S. Nuclear Regulatory Commission (NRC). The contract will enable ongoing support for NRC's financial management systems, particularly utilizing CGI Federal's Momentum® ERP solution. This partnership aims to enhance transparency and efficiency in NRC operations, aligning with evolving federal financial mandates. Notably, CGI reported fiscal 2022 revenues of $12.87 billion.

CGI Federal, a subsidiary of CGI Inc. (NYSE: GIB), announced a continuation of its partnership with the U.S. Department of State by supporting consular services in India. This new 10-year task order, initiated in January 2023 under the Global Support Strategy 2.0 contract, will utilize the CGI Atlas360 solution to enhance the visa application process. The project aims to increase efficiency and security while addressing fraud concerns. With a demonstrated history of success in mission-critical environments, CGI Federal aims to optimize U.S. consular operations in India, further solidifying its relationship with the State Department.

CGI announced a private agreement with CDPQ to repurchase 3,344,996 of its Class A subordinate voting shares at $119.58 each, representing a discount to the closing price on February 24, 2023. Post-transaction, CDPQ will retain approximately 19.18 million shares, about 8.16% of CGI's total shares. Julie Godin, Co-Chair of CGI, emphasized that the buyback aligns with their value creation strategy and is immediately accretive to shareholders. CGI's NCIB permits repurchases of up to 18,769,394 Class A Shares by February 5, 2024. The share repurchase is anticipated to be settled on February 28, 2023.