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 (TSX: GIB.A) (NYSE: GIB) and SkyAlyne have signed a 25-year agreement for Canada's Future Aircrew Training (FAcT) program. CGI will provide comprehensive IT services including cybersecurity, cloud computing, end-user services, and infrastructure management to support SkyAlyne's military pilot and aircrew training operations.
The partnership aims to consolidate three aircrew training operations under SkyAlyne and the Government of Canada's joint management, enhancing operational capabilities for the Royal Canadian Air Force (RCAF). The collaboration combines CGI's IT expertise with SkyAlyne's training capabilities to deliver innovative solutions in military aviation training.
CGI (NYSE: GIB) has signed an equity purchase agreement to merge with Daugherty, a St. Louis-based professional services firm. The merger will add over 1,100 consultants to CGI's workforce and strengthen its presence in key U.S. markets including St. Louis, Atlanta, Minneapolis, Chicago, Columbus, Dallas, and New York. The transaction, agreed upon on November 29, 2024, is expected to close in December 2024.
The merger enhances CGI's capabilities in artificial intelligence, data analytics, strategic IT consulting, and business advisory services for Fortune 500 clients across various sectors. Daugherty clients will maintain local relationships while gaining access to CGI's global capabilities and delivery centers. The deal also includes CGI's support of The Daugherty Foundation, promoting education and career opportunities in technology.
CGI has been awarded the 2024 Worldwide Industry Solutions Partner of the Year and EMEA Industry Solutions Partner of the Year by UiPath for outstanding results in consulting, innovation, AI, automation and implementation. As a UiPath Platinum alliance partner, CGI focuses on enterprise automation and AI to create hybrid workforces. The partnership enhances CGI's global managed IT services and industry-specific solutions, particularly in Life Sciences, Public Sector, and Energy & Utilities sectors. CGI has been partnering with UiPath since 2018 to help clients automate complex decisions and improve customer experience.
CGI Federal, a subsidiary of CGI Inc. (NYSE: GIB), has been named a Leader in the IDC MarketScape: U.S. Federal Government Cloud Professional Services 2024 Vendor Assessment. The report highlights CGI Federal's 45-year track record serving federal customers and its ability to manage nearly 200 federal organizations. The recognition emphasizes the company's expertise in cloud solutions, comprehensive service portfolio, and innovative capabilities. Key strengths include their Client Satisfaction Assessment Program (CSAP), advanced digital architecture approach (RCDA), and library of reusable AIOps and FinOps assets.
CGI (TSX: GIB.A) (NYSE: GIB) has partnered with the Wounded Warrior Project (WWP) to develop the MyWWP portal. This digital platform, built on Salesforce's Experience Cloud, connects wounded veterans and their families to resources, support services, events, and a global network of peers. MyWWP offers discussion groups, one-on-one connections, and personalized content to foster engagement and community. WWP aims to provide mental health services, career counseling, and long-term rehabilitative care through this initiative. CGI's involvement underscores its commitment to supporting military communities.
CGI (TSX: GIB.A) (NYSE: GIB) has renewed its U.S.-focused alliance as a Premier Services partner with Snowflake, the AI Data Cloud company. The partnership enhances CGI's ability to help clients accelerate digital transformations using Snowflake's AI Data Cloud platform. CGI's solutions powered by Snowflake include CGI Transcend™ and CGI Advantage®, with a notable implementation for the Commonwealth of Virginia's child support platform modernization project. The collaboration, ongoing since 2016, aims to deliver improved data analytics and AI capabilities across various industry sectors.
CGI reported strong Q4-F2024 results with revenue of $3.66 billion, up 4.4% year-over-year. The company achieved net earnings of $435.9 million, a 5.2% increase, and diluted EPS of $1.91, up 8.5%. For fiscal 2024, revenue reached $14.68 billion, growing 2.7% year-over-year, with net earnings of $1.69 billion. The company maintained a solid backlog of $28.72 billion and achieved bookings of $16.04 billion. Cash provided by operating activities was $2.20 billion, representing 15.0% of revenue. The company's financial position remains strong with $1.5 billion in cash and readily available liquidity of $3.0 billion.
CGI has signed a 3-year contract with Michelin to develop and maintain Supply Chain and Planning Production Manufacturing applications, while also supporting Customer Experience and Services & Solutions domains. The collaboration aims to harmonize Michelin's application ecosystem through solution creation, integration, and support. Nearly 800 CGI employees across France, Canada, the United States, Morocco, and India will work on this strategic project, supporting Michelin's transition to become a software and data-driven organization to improve user experience and competitiveness throughout the value chain.
CGI celebrates 10 years of operations in Lafayette, Louisiana, marking significant growth from its initial 2014 plan of 400 jobs to currently employing over 750 people in the Acadiana region. The company's annual payroll has grown from a projected US$32 million to more than US$60 million year-to-date. CGI plans to hire at least 60 more positions in Acadiana, with approximately 35% of employees hired through college recruiting programs. The company has established strong partnerships with local institutions, including the University of Louisiana at Lafayette, and has implemented various initiatives such as Louisiana's first software developer apprenticeship program.
CGI (TSX: GIB.A) (NYSE: GIB) has announced it will release its fourth quarter and fiscal year 2024 results on Wednesday, November 6, 2024, before markets open. Management will host a conference call at 9:00 a.m. (EST) to discuss results and answer questions. The company, a global IT and business consulting services firm with 90,000 consultants worldwide, reported revenue of $14.30 billion in fiscal 2023. The earnings call will be accessible via conference call, webcast through the IR section of CGI's website, and later available as a podcast.
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