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 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.
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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.
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CGI (NYSE: GIB) has been awarded a contract to replace Arizona's human resource information system with the CGI Advantage® mobile-first platform. This solution will streamline HR processes for over 34,000 state employees and more than 100 public agencies. The CGI Advantage platform focuses on core HR, payroll, and talent management, promoting automation and data-driven decision-making. With over 46 years of public sector experience, CGI aims to enhance efficiency, security, and talent retention goals. CGI reported a revenue of $12.87 billion for fiscal 2022, highlighting its robust market position and capabilities.
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.