CGI Inc Stock Price, News & Analysis

CGI (NYSE: GIB) has successfully implemented its cloud-based Momentum® Acquisitions contract-writing system at the U.S. Department of Veterans Affairs (VA), marking a significant step in the VA's Financial Management Business Transformation (FMBT). This integration allows for the first-time unification of financial and acquisition systems within the Integrated Financial and Acquisition Management System (iFAMS). The transformation aims to enhance transparency and operational scalability while improving service delivery to veterans. Future rollouts are planned for October 2022 to support 5,000 contracting professionals.

GIB.A (TSX) GIB (NYSE) - CGI Inc. has completed the acquisition of approximately 70.6% of Umanis SA at €17.15 per share, following a fairness opinion by an independent expert confirming the offer's fairness. This acquisition marks a significant milestone for CGI, which aims to finalize the deal shortly. Umanis, a digital services company based in France, reported annual revenues of approximately €246 million. The acquisition is expected to enhance CGI's capabilities in digital transformation.

On May 30, 2022, CGI (NYSE: GIB) announced the successful acquisition of Harwell Management, a financial services consulting firm in France, through its subsidiary CGI France SAS. Founded in 2009, Harwell contributes 150 employees to CGI Business Consulting, enhancing CGI's offerings across various financial services, including retail banking and insurance. This strategic merger aims to expand CGI's consulting capabilities, supporting its organic growth strategy and benefiting stakeholders. CGI reported revenues of $12.13 billion in fiscal 2021, reinforcing its position as a leading consulting firm.

CGI announced the appointment of François Boulanger as President and Chief Operating Officer and Steve Perron as Executive Vice-President and Chief Financial Officer, effective October 1, 2022. Boulanger brings 35 years of experience and will oversee operations in North America and Asia, while Perron has 30 years of experience and will lead global financial teams. CEO George Schindler emphasized their strong leadership as pivotal for CGI's growth strategy. CGI reported fiscal 2021 revenue at C$12.13 billion, establishing its position as a leading IT and business consulting firm.

On May 11, 2022, CGI announced a $1 million humanitarian aid initiative for Ukrainians, partnering with the International Committee of the Red Cross. The funding, sourced from employee donations and company contributions, aims to support individuals remaining in Ukraine and assist refugees. Key initiatives include distributing supplies, offering language courses, and helping with job placements. Despite having no offices in Ukraine, Russia, or Belarus, CGI shows commitment to aiding affected employees and their families. CGI reported revenue of C$12.13 billion for fiscal 2021, with shares listed as GIB.A on TSX and GIB on NYSE.

CGI has announced the acquisition of Harwell Management, a French management consulting firm specializing in financial services. This strategic move enhances CGI's business consulting capabilities across various sectors, including retail banking and insurance. With approximately 150 consultants joining CGI, the acquisition aims to accelerate growth and deliver innovative digital services to clients. The process will complete after employee consultations. CGI reported a revenue of $12.13 billion in fiscal 2021, further underlining its strong market position.

CGI reported strong Q2-F2022 results with revenue of $3.27 billion, a 6.2% increase year-over-year, or 10.0% in constant currency. Diluted EPS rose 14.2% to $1.53. Adjusted EBIT reached $523.6 million, an increase of 7.7% year-over-year, with a margin of 16.0%, up 20 basis points. The company’s book-to-bill ratio stood at 101.4%. Backlog improved to $23.14 billion, reflecting strong demand across services. The effective tax rate decreased to 25.4%, contributing to net earnings of $372 million, a 30 basis point margin increase.