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 (NYSE: GIB) has secured a five-year contract valued at $44.1 million from the Centers for Medicare and Medicaid Services (CMS) to modernize the Medicare Advantage and Prescription Drug (MARx) system. The project includes transitioning legacy systems to the cloud, aiming to improve efficiency and security for the 51 million beneficiaries. This contract highlights CGI's extensive experience with MARx and follows three other notable contracts awarded by CMS within the year, totaling approximately $167.4 million.
CGI (NYSE: GIB) has developed mission network management software for OneWeb, enhancing satellite fleet operations and connectivity services for governments and businesses. This system, crucial for OneWeb's low Earth orbit satellite communications, optimizes performance by managing vast amounts of data from 650 satellites and 40 ground stations. CGI's involvement since 2017 has been instrumental in ensuring high-speed, low-latency connectivity, with a projected revenue of C$12.13 billion for fiscal 2021. The software also adapts to real-time changes in satellite positioning and operational requirements.
CGI (NYSE: GIB) has announced its subsidiary, CGI Technology and Solutions Australia Pty Limited, will acquire Unico, a Melbourne-based technology consultancy. The deal, awaiting approval from Australia's Foreign Investment Review Board, aims to strengthen CGI's presence in the Australian market, particularly in Melbourne and key sectors like communications and government. Founded in 1984, Unico brings 160 local professionals, enhancing CGI's capabilities in strategic IT consulting and systems integration.
CGI (NYSE: GIB) has secured a contract with the Puerto Rican government for ongoing IT services focused on disaster recovery, aiding efforts to rebuild post-hurricanes Irma and Maria. Since 2018, CGI has been instrumental in the Commonwealth's recovery through its Disaster Recovery Solution (PR-DRS), managing over $69 billion in federal funding across various sectors. The company's commitment to transparent data management helps ensure effective use of public resources for relief efforts. CGI's revenue for FY 2021 reached $12.13 billion.
On Nov. 23, 2021, CGI (NYSE: GIB) announced the launch of its U.S. IT Center Academy aimed at enhancing skills for new hires. The program will employ and train 1,000 employees over 18 months in areas like JAVA programming and cloud technologies. Training commenced in October 2021 in cities including Belton, TX and Lafayette, LA, with plans for expansion to other locations. This initiative aligns with CGI's commitment to invest in its U.S. workforce and support government and commercial clients.
CGI (NYSE: GIB; TSX: GIB.A) has been awarded a contract by the U.S. General Services Administration (GSA) to develop the Common Catalog Platform (CCP), a web-based application aimed at modernizing catalog data management. The contract, with an initial funding of $3.1 million and a potential total value of $19 million, spans a base year and four optional years. The CCP will replace the outdated Schedule Input Program, enhancing usability and data governance for catalog management, thereby streamlining operations for government agencies.
CGI Inc. (NYSE: GIB) has been awarded a multi-award ASTRO IDIQ contract by the General Services Administration (GSA). This 10-year contract allows CGI to compete for task orders related to manned and unmanned platforms and robotics, including satellites and launch vehicles, with no ceiling on potential contract value. CGI aims to leverage its expertise in complex space software systems to expand its presence in the U.S. federal market, building on its established track record in Europe.
CGI (GIB) will host an Investor and Market Analyst Day on November 22, 2021, starting at 8:30 a.m. ET, concluding at 1:00 p.m. ET. The event will feature presentations from the executive leadership team, including Co-Chair Julie Godin and CEO George Schindler. Key topics include industry coverage, talent strategy, digitization case studies, and capital allocation strategies. A live webcast will be available on CGI's investor page. CGI reported $12.13 billion in revenue for fiscal 2021.
CGI reported robust Q4 and FY2021 results with Q4 revenue of $3.01 billion (+2.8% YoY) and FY2021 revenue of $12.13 billion (-0.3% YoY). Adjusted EBIT for Q4 rose to $493.3 million (+7.8% YoY), achieving a margin of 16.4%. Diluted EPS jumped 44.8% YoY to $1.39. The company maintained a strong backlog of $23.06 billion (1.9x annual revenue) and reported cash from operations of $526.9 million (+7.1% YoY).
CGI has been awarded an $84 million, four-year contract by the City of San Diego for IT support services, with options extending to ten years. This agreement enhances CGI's long-standing partnership with the city, beginning in 2012, and involves maintaining nearly 300 citywide applications. CGI will also introduce new digital services, including an online permitting system and a paperless vaccine management solution. The support aims to empower the city’s 11,000 employees to deliver high-quality services to residents.