CGI Inc Stock Price, News & Analysis

CGI has secured a contract with the Virginia Department of General Services to enhance its eVA procurement system. This award-winning platform, which has processed 12.6 million orders worth $127 billion since its launch in 2001, will undergo modernization to improve user experience and supplier services. The enhancements include better catalog maintenance, smarter workflow functions, and increased collaboration capabilities. As a result, CGI aims to drive innovation and operational efficiencies, further establishing eVA as a leader in government eProcurement.

CGI has been awarded a contract by the European Space Agency to create a wildfire mapping service using Earth Observation, AI, and cloud computing. Collaborating with the University of Leicester and partners from Australia and France, CGI aims to improve wildfire risk management by evaluating AI algorithms for better burnt area mapping. This service will be available through the EO4SD Lab portal. The initiative addresses the rising frequency of wildfires exacerbated by climate change, underscoring the importance of effective monitoring for environmental management.

CGI announced its intent to repurchase 4,204,865 Class A subordinate voting shares from Caisse de dépôt et placement du Québec at $95.13 per share, a discount to the previous closing price. This transaction is part of CDPQ's portfolio rebalancing, maintaining a 10.9% stake in CGI post-transaction. The share buyback aligns with CGI's value creation strategy and is supported by a solid liquidity position of over $3.2 billion as of December 2020. The buyback will occur under CGI's normal course issuer bid, with completion expected on February 22, 2021.

CGI (NYSE: GIB, TSX: GIB.A) has expanded its partnership with OP Financial Group to enhance digital services for its insurance operations. The collaboration, which began in 2013, now involves over 600 CGI professionals, primarily based in Finland. CGI aims to drive value creation and cost-efficiency through innovative areas like automation and advanced analytics. CGI’s Fiscal 2020 revenue was C$12.16 billion, indicating a strong financial foundation to support this partnership.

CGI has launched the OnCue360 solution in Michigan to assist in compliance with CARES Act regulations concerning pandemic relief funding. This cloud-based platform enables real-time data collection and management for state and local program managers, ensuring proper tracking of grant spending. CGI aims to enhance transparency and accountability for federal funding, with reported fiscal 2020 revenue of C$12.16 billion. The tool integrates seamlessly with existing systems, providing essential support for regulatory requirements.

CGI (NYSE: GIB) announced the implementation of its Momentum® Enterprise Solution at the U.S. Department of Veterans Affairs (VA), marking a significant milestone in the VA's Financial Management Business Transformation (FMBT) program. This initiative aims to modernize financial management and acquisitions across the VA. The project will roll out over seven years, starting with the National Cemetery Administration. CGI's involvement is expected to enhance efficiency and improve services for Veterans and their families.

CGI has secured a renewed ten-year contract with CAE for application development, operations, and support services, highlighting a long-term strategic partnership since 2014. This agreement aims to enhance CAE's business agility and operational excellence through the deployment of Oracle ERP Cloud. CGI's expertise is anticipated to improve CAE's IT operations, security, and cost-effectiveness, thereby driving value across its various business lines. The partnership is expected to deepen over the next decade, contributing positively to both companies' strategic objectives.

CGI (NYSE: GIB, TSX: GIB.A) has secured a 10-year managed IT services contract with FashionCube, encompassing six prominent European fashion brands. The contract, valued at 96 million euros, will see CGI manage various IT activities, enhancing synergies and supporting brand transformations toward 'Positive Impact Fashion.' The partnership involves 61 employees joining CGI across France, Germany, Spain, and Poland. CGI aims to improve service quality and accelerate key transformation projects throughout the contract duration.