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 has launched a new global innovation center in Toulouse, France, focused on Industry 4.0 technologies. This center enhances CGI's network of innovation hubs across France, aligning with the country's high-tech industries such as aeronautics and pharmaceuticals. The center aims to help manufacturers modernize their systems and digitize value chains using IoT, augmented reality, and automation. Key objectives include co-developing future factories, innovating manufacturing solutions, and accelerating digital transformation. Industry leaders recognize the center’s potential to tackle significant transformation challenges.
CGI (NYSE: GIB) has announced the acquisition of Cognicase Management Consulting (CMC), enhancing its presence in Spain and bolstering client services. CMC, a consulting firm with over 25 years in technology and management consulting, serves major clients in Spain and Latin America, employing around 1,500 professionals. This acquisition aims to strengthen CGI's service portfolio and accelerate digital transformation for clients. Approval from Spanish authorities has been secured, with a closure expected by the end of the month.
CGI (NYSE: GIB) announced a partnership with Bank of Montreal and National Bank of Canada to pilot intelligent process automation for document management within the CGI Trade360 platform. The pilot aims to enhance digital transformation, improve trade finance operations, and boost compliance and relationship management. Collaborating with Conpend, the project demonstrated improved efficiency in trade finance processes, providing metrics for future commercial applications. CGI aims to empower banks to digitize processes and reduce costs while focusing on high-value tasks.
On October 5, 2021, CGI (NYSE: GIB) announced it was awarded a $100 million task order by the Defense Intelligence Agency (DIA) for a Data Transformation of Foundational Military Intelligence (DTMI). The project aims to enhance the agency's data processing capabilities, facilitating better decision-making for U.S. warfighters and national security policymakers. This contract includes a one-year base period and four one-year options. CGI will create a transition database to support the agency’s shift to the Machine-assisted Rapid-repository System (MARS).
CGI Inc. has successfully acquired Array Holding Company, enhancing its digital service offerings for the U.S. Department of Defense and government entities. This acquisition, finalized on October 1, 2021, aligns with CGI's strategy to enter key public sector markets, particularly the U.S. Air Force and Space Command. ARRAY contributes approximately 275 professionals, bolstering CGI's capabilities in digital modernization, DevOps, and cybersecurity. The merger positions CGI as a stronger player in meeting the increasing demands of U.S. public sector clients.
On October 4, 2021, CGI (NYSE: GIB) announced a significant reorganization of CGI Federal to enhance alignment with U.S. federal government priorities. The restructuring includes adding senior talent, reorganizing business units, and creating a new horizontal practice focused on advisory services and emerging technologies. This strategic shift aims to better address the digital transformation needs of federal agencies and leverage CGI's global expertise for improved service delivery.
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CGI has announced a pricing of C$600 million in senior unsecured notes, due in seven years, with an interest rate of 2.100% per annum. The offering is set to close around September 16, 2021. This issuance complements a prior offering of US$1.0 billion in senior unsecured notes. The net proceeds, estimated to be C$595.3 million, will primarily be used to repay a C$1,250 million term loan maturing in March 2023 and for general corporate purposes. The notes will be offered privately in Canada, and will not be registered in the U.S.
CGI has priced its offering of US$1.0 billion in senior unsecured notes, comprising US$600 million in 5-year notes at 1.450% interest and US$400 million in 10-year notes at 2.300% interest. The offering is set to close on September 14, 2021, and net proceeds are expected to be approximately US$988.5 million, which will be used primarily to repay approximately C$1,245 million of existing indebtedness due in March 2023. The notes will be available to qualified institutional buyers in the U.S. and on a private placement basis in Canada.