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 has successfully acquired Unico, a technology consultancy based in Melbourne, Australia. This acquisition, approved by Australia's Foreign Investment Review Board, adds approximately 130 new professionals to CGI's team. The merger aims to enhance CGI's service offerings, particularly in digital transformation for clients. The integration is expected to be smooth, fostering growth opportunities across both organizations. With this acquisition, CGI bolsters its position in Australia, expanding its portfolio in strategic IT consulting and systems integration.
CGI (TSX: GIB.A, NYSE: GIB) plans to repurchase 3,968,159 Class A subordinate voting shares from Caisse de dépôt et placement du Québec for $100.80 per share, reflecting a discount to the February 28, 2022 closing price. This transaction aligns with CDPQ's portfolio rebalancing while maintaining approximately 9.8% ownership in CGI. The share buyback, part of CGI's normal course issuer bid, aims to enhance shareholder value and follows the favorable decision from the Autorité des marchés financiers. CGI reported $2.7 billion in cash as of December 2021, indicating strong financial health.
CGI (NYSE: GIB, TSX: GIB.A) has successfully acquired Unico, a Melbourne-based technology consultancy, following approval from Australia’s Foreign Investment Review Board. Established in 1984, Unico adds around 130 professionals to CGI’s workforce, enhancing its capabilities in Australia. This merger aims to boost digital transformation services and expand CGI’s market presence, especially within business and strategic IT consulting. CGI reported a fiscal 2021 revenue of C$12.13 billion, underscoring the significant growth potential this acquisition holds.
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CGI (NYSE: GIB) has been awarded the 2022 Global Finance Award for Best Trade Finance Software Provider. The award recognizes CGI's resilient trade solutions amidst changing global trade finance dynamics. The selection was based on various criteria, including market share, product innovation, and technology. CGI Trade360, a SaaS platform, enables banks to offer a comprehensive range of trade and cash management services, enhancing digitalization and interoperability. CGI reported a revenue of $12.13 billion in FY 2021, showcasing its robust market position.
CGI (NYSE: GIB) announced the successful rollout of its Momentum® software for the U.S. Department of Justice's Unified Financial Management System (UFMS) on Feb. 10, 2022. This implementation merges six core financial and procurement systems into a single ERP system, enhancing financial management, streamlining business processes, and ensuring compliance with federal regulations. The project positions the DOJ to explore new system improvements, including a unified asset management solution.
CGI's 2021 CSR Report highlights key progress in sustainability and community engagement. The report shows a 70% reduction in CO2 emissions since 2014, with a goal of net-zero emissions by 2030. Currently, 69% of data center electricity comes from renewable sources, aiming for 100% by 2023. Additionally, CGI engaged 112,000 individuals in STEM programs and improved diversity initiatives. The company plans to implement pro bono projects across all business units by 2026, demonstrating ongoing dedication to sustainable practices and community involvement.
CGI held its Annual General Meeting on February 2, 2022, in Montréal, where all 16 directors proposed for election were successfully elected by shareholders. The votes in favor ranged from 93.75% to 99.82%, indicating strong shareholder support. CGI, a leading IT and business consulting firm with reported revenues of $12.13 billion for fiscal 2021, continues to focus on digital transformation and client relationships through its extensive global network.
CGI reported strong Q1-F2022 results, with revenue of $3.09 billion, a 2.4% increase year-over-year. Adjusted EBIT rose to $521.5 million, up 5.2%, yielding an improved EBIT margin of 16.9%. Net earnings reached $367.4 million, growing by 7.0%, resulting in diluted EPS of $1.49, a 12.9% increase. Bookings totaled $3.60 billion, showcasing a book-to-bill ratio of 116.5%. The backlog stands at $23.58 billion, equating to 1.9x annual revenue.
CGI (GIB.A, GIB) announced the renewal of its Normal Course Issuer Bid (NCIB) on February 2, 2022, pending TSX approval. The NCIB allows the company to purchase up to 18,781,981 Class A Shares, representing 10% of its public float. As of January 24, 2022, there were 216,915,512 Class A Shares outstanding. Previously, under the NCIB that ended February 5, 2022, CGI bought 11,518,331 Class A Shares at an average price of $101.86, totaling approximately $1.17 billion. The new repurchase program is expected to commence on February 6, 2022, aiming to increase shareholder value.