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.
News and updates on CGI Inc. (GIB) highlight its activities as one of the largest independent IT and business consulting services firms in the world. Company announcements cover technology initiatives, government contracts, acquisitions, platform launches and regulatory disclosures tied to its listings on the NYSE (GIB) and TSX (GIB.A).
Recent news emphasizes CGI's work with public sector clients. CGI Federal has announced the availability of the CGI Fraud, Waste and Abuse Prevention Platform through the U.S. Department of the Treasury's Financial Management Quality Service Management Office marketplace, enabling federal agencies to use real-time risk detection, advanced analytics and AI to identify potentially fraudulent payments. Other releases describe government-focused projects such as cooperative contracts with the Texas Department of Information Resources to provide CGI Advantage ERP and CGI Transcend case management solutions, as well as state-level modernization initiatives in Nevada and San Diego County using CGI Advantage.
CGI's news flow also includes international defense and security work, such as the HERMES project for NATO, which delivers a secure mobile communications solution in partnership with secunet Security Networks. Corporate development stories feature acquisitions like Comarch Polska SA in Poland and Online Business Systems in Canada and the United States, which expand CGI's footprint and capabilities in public administration solutions, digital transformation, AI and cybersecurity.
Investors and observers can also find updates on CGI's recognition in industry assessments, such as being named a Major Contender for Global Capability Center setup and transformation capabilities in India, and on regulatory milestones like the filing of annual disclosure documents and Form 6-K reports. This news page aggregates these developments to provide a centralized view of CGI's contracts, partnerships, technology platforms and regulatory communications.
CGI (GIB), a leading IT and business consulting firm, has been awarded a CAD$97 million contract to develop a next-generation Central Energy Market Information System (CSIRE) for Poland's energy operator, PSE. This system will centralize and automate energy metering data management, improving data access and streamlining processes in Poland's retail electricity market. The initiative aims to enhance competitiveness and support the transition to sustainable energy sources. CGI plans to leverage its Central Market Solutions technology, previously implemented in ten countries, to ensure compliance with ESG reporting regulations and drive operational excellence.
CGI held its Annual General Meeting of Shareholders on February 1, 2023, in Montréal, Quebec. During the meeting, all 15 proposed directors were elected through electronic ballot. Notable voting percentages included George A. Cope with 99.10% in favor, and Paule Doré receiving 95.28%. CGI, a major IT and consulting firm, reported revenues of $12.87 billion in Fiscal 2022. The company operates globally with a workforce of over 90,250 professionals, focusing on transforming organizations through IT and business consulting services.
CGI (NYSE: GIB) has acquired the intellectual property of National Bank of Canada's financial planning solution, AdviceSuite, enhancing its Wealth360 digital platform. This acquisition, coupled with a new 10-year SaaS agreement, signifies an expansion of their partnership. The solution aims to empower financial advisors, improving relationships with investors by offering transparent and accessible financial advice. CGI's F2022 revenue was reported at $12.87 billion, underscoring its prominence in IT and consulting services. This strategic move is aligned with CGI's commitment to digital transformation in the banking and wealth management sectors.
CGI reported strong Q1 F2023 results with revenue of $3.45 billion, up 11.6% year-over-year and 12.3% in constant currency. Adjusted EBIT reached $554.1 million with a margin of 16.1%, an increase of 6.3%. Net earnings were $382.4 million, a 4.1% rise, resulting in diluted EPS of $1.60, up 7.4%. The company recorded $4.04 billion in bookings, achieving a book-to-bill ratio of 117.0%. Its backlog stands at $25.01 billion, equating to 1.9 times annual revenue. With cash flows from operations of $605.3 million, CGI maintains a strong balance sheet.
On February 1, 2023, CGI announced the renewal of its Normal Course Issuer Bid ("NCIB"), pending approval from the Toronto Stock Exchange (TSX). The Board believes this initiative will enhance shareholder value by allowing the company to purchase its Class A subordinate voting shares. The NCIB permits the purchase of up to 18,769,394 shares, about 10% of the public float, at market prices. Repurchases may start on February 6, 2023, and run until February 5, 2024, or until the maximum number of shares is acquired. CGI's previous NCIB, which ends February 5, 2023, saw the purchase of 6,449,173 shares for $656,763,789 at an average price of $101.84 per share.
CGI is set to host its Annual General Meeting on February 1, 2023, coinciding with the release of its fiscal 2023 first quarter results. The meeting will take place at 11:00 a.m. (EST) via live webcast, allowing shareholders to vote online. Only shareholders of record by December 5, 2022, can participate. The fiscal results will be announced before market opening on the same day, followed by a conference call at 9:00 a.m. (EST), featuring insights from CEO George D. Schindler and CFO Steve Perron. In fiscal 2022, CGI reported revenues of $12.87 billion.
On January 24, 2023, CGI Federal announced the award of the Electronic Records Management (ERM) solutions Special Item Number (SIN) under its Multiple Award Schedule contract with the U.S. General Services Administration. This SIN enables federal agencies to procure CGI's services for transitioning to a digital records management solution that enhances compliance and accessibility. Kenyon Wells, Senior Vice-President at CGI Federal, emphasized the importance of digital transformation in managing electronic data efficiently. CGI's capabilities support agencies in meeting federal records management mandates, aligning strategies, and optimizing operations, with reported revenue of $12.87 billion for fiscal 2022.
CGI (NYSE: GIB) announced the enhancement of its long-term partnership with SAP by adding RISE with SAP to its Canadian services portfolio, which includes S/4HANA. This certification allows CGI to expedite clients' transitions to the cloud and improve ERP solutions, thus supporting their digital transformation strategies. CGI's collaboration with SAP positions it to deliver innovative, high-quality projects while ensuring timely and cost-effective delivery. In Fiscal 2022, CGI reported revenue of $12.87 billion and aims to leverage in-house tools to drive further innovation.
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.