CGI Inc Stock Price, News & Analysis

CGI has filed its Management Proxy Circular for the Annual General Meeting of Shareholders, scheduled for February 1, 2023. The company also submitted its 2022 Annual Information Form and its Annual Report on Form 40-F, which includes Fiscal 2022 results. CGI utilizes Notice and Access rules to minimize paper use for shareholder material distribution. Shareholders can request paper copies before the January 18, 2023 deadline. CGI reported revenue of $12.87 billion for Fiscal 2022 and is listed on both the TSX (GIB.A) and NYSE (GIB).

CGI (NYSE: GIB) has launched a new Space and Geospatial Center of Excellence in Finland. This initiative aims to harness space and geospatial data technologies to enhance operational efficiency across various industries, address societal challenges, and create new business opportunities. CGI has been a long-term partner with organizations like the European Space Agency and provides mission-critical software systems. Approximately 70 experts will be recruited initially for the center, with plans for 30 more later. CGI's fiscal 2022 revenue was C$12.87 billion.

Nassau Re/Imagine has launched TalentBridge23, a six-month incubator program to support innovative insurtech startups beginning January 2023 in Hartford, Connecticut. Sponsored by CGI and LTIMindtree, in collaboration with the University of Connecticut and the University of Hartford, the program aims to connect startups with mentors and resources. Ten selected startups focusing on seniors' retirement and health issues will pitch for funding at the program's conclusion, promoting local innovation and talent growth.

UiPath, Inc. (NYSE: PATH) reported third-quarter fiscal 2023 results with a 36% year-over-year growth in Annual Recurring Revenue (ARR), reaching $1.110 billion, and net new ARR of $67 million. Revenue increased 19% year-over-year to $262.7 million. The company achieved a 126% dollar-based net retention rate, but reported a GAAP operating loss of $(67 million). For Q4 2023, UiPath anticipates revenue between $277 million and $279 million and ARR of $1,174 million to $1,176 million.

CGI has signed a long-term agreement with VIA Rail Canada to manage services for a new online reservation system, crucial for enhancing customer experience. This partnership builds on CGI's ongoing support since 2020 in VIA Rail's modernization efforts. With fiscal 2022 revenue of $12.87 billion, CGI aims to leverage its extensive capabilities to assist VIA Rail in achieving its modernization goals and improving passenger services across Canada.

CGI Federal Inc. has become the first commercial vendor approved to offer financial management services under the U.S. Department of the Treasury's new Financial Management Quality Service Management Office (FM QSMO). This initiative aims to streamline IT procurement and enhance financial management across federal agencies. The approval was announced on November 10, marking a significant step in establishing the FM QSMO Marketplace. CGI will provide various service packages including grant accounting services and strategic planning. CGI's reported revenue for Fiscal 2022 was $12.87 billion.

CGI (NYSE: GIB) has launched CGI Credit Studio, a cloud-native platform that centralizes credit lifecycle services including originations, servicing, and collections. This SaaS solution enhances agility for lenders through a modular design powered by machine learning and advanced analytics, reducing implementation timelines significantly. The platform includes CACS X, the next-gen debt management solution that aims to optimize operating expenses and improve customer relationships. CGI serves over 350 major organizations globally, showcasing extensive experience in financial services.

CGI Federal announced that its Momentum Java Cryptographic Module has received Federal Information Processing Standards (FIPS) certification. This certification marks an essential achievement for safeguarding sensitive data in federal systems. The approval came after rigorous testing by an independent lab, ensuring the ERP solution addresses modern security threats. The Momentum product suite employs advanced cryptographic algorithms and supports CISA Zero Trust Architecture, further enhancing security for federal clients. The certification process, facilitated by SafeLogic, runs through August 2024.

CGI reported strong financial performance for Q4 and fiscal year 2022, with Q4 revenue at $3.25 billion, marking an 8% year-over-year increase, and 13.9% growth in constant currency. Net earnings rose to $362.4 million, translating to a 11.2% margin. For fiscal 2022, total revenue was $12.87 billion, up 6.1% year-over-year. Diluted EPS increased to $6.04, reflecting an 11.6% rise. The backlog stood at $24.06 billion. Despite the strong results, cash from operating activities decreased by $38.1 million year-over-year.