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CGI Group (GIB) Wins Dallas ERP Contract, Fuels Innovation
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CGI Group (GIB - Free Report) is benefiting from its strong portfolio and an expanding partner base. CGI’s recent win of a 10-year contract with the City of Dallas, TX, highlights GIB's prowess in developing innovative solutions.
The agreement focuses on upgrading the city's enterprise resource planning (ERP) systems to the latest version of CGI Advantage, a cloud-based solution renowned for seamlessly integrating financial, vendor self-service, personnel and performance data.
This initiative aims to introduce new features and modules, including Travel, Grants Lifecycle Management and Performance Budgeting, with the goal of enhancing operational efficiency and realizing cost savings.
CGI plans to leverage innovative technologies, such as the data visualization tool CGI Advantage Insight, automated testing and a unique user interface, to redesign and improve the City's business processes.
The selection of CGI Advantage underscores its ability to meet the city's requirements and minimize risk and total cost of ownership. It reflects CGI's commitment to delivering innovative solutions in the public sector.
CGI Group's recent contract win with the City of Dallas, emphasizing cloud-based solutions, aligns with its strategy to fortify its competitive position and expand its footprint in the public sector.
Expanding portfolio has been a key growth driver. Aligning with this commitment to cloud technology, CGI launched a cloud-ready enterprise payments solution, CGI All Payments, on AWS Marketplace in November, streamlining payment procedures for banks and offering scalability, ISO 20022 standards compliance and cloud-based delivery.
Further reinforcing its cloud capabilities, CGI’s cloud-based enterprise payments platform will support Scotiabank’s innovative advances in payment solutions for its global client base. CGI All Payments is used by financial services clients across the world and supports multiple currencies, languages and payment channels.
CGI's strong partner base, which includes Alphabet (GOOGL - Free Report) and Microsoft (MSFT - Free Report) , is noteworthy.
CGI is set to launch the UNIDO Sustainability Planet Platform in collaboration with Alphabet’s Google Cloud, utilizing extensive geospatial and sociological data to address sustainability challenges through AI-generated forecasted data.
CGI announced its membership in the Microsoft Intelligent Security Association (MISA). This new partnership with MISA gives CGI access to Microsoft's security product line, allowing it to provide clients with higher value and comprehensive security.
Securing a 10-year partnership with Circle K showcases CGI's expanded footprint, focusing on enhancing managed IT services. This aligns with the company's commitment to elevate customer and employee experiences, amplifying CGI's impact across various industries.
CGI also partnered with All in Solutions LLC to form a joint venture, Adcredo IT Solutions. The joint venture has been created to expand the company’s IT and consulting services for businesses.
CGI’s Outlook Strong
The company's fiscal 2024 plan includes continued investments in end-to-end services, allowing its consultants to bring CGI's full offering value proposition to clients. This is expected to help CGI win more deals.
As macroeconomic and geopolitical variables continue to change the IT services industry's consolidation operations, the company plans further investments in acquisitions in fiscal 2024.
The Zacks Consensus Estimate for first-quarter fiscal 2024 revenues is pegged at $2.59 billion, indicating 2.07% year-over-year growth. The consensus estimate for first-quarter earnings is pegged at $1.31 per share, indicating a 7.38% year-over-year rise.
Zacks Rank & Stock to Consider
Currently, GIB carries a Zacks Rank #4 (Sell).
CGI Group’s shares have returned 25.9% year to date compared with the Zacks Computer & Technology sector’s increase of 50.8%.
Image: Bigstock
CGI Group (GIB) Wins Dallas ERP Contract, Fuels Innovation
CGI Group (GIB - Free Report) is benefiting from its strong portfolio and an expanding partner base. CGI’s recent win of a 10-year contract with the City of Dallas, TX, highlights GIB's prowess in developing innovative solutions.
The agreement focuses on upgrading the city's enterprise resource planning (ERP) systems to the latest version of CGI Advantage, a cloud-based solution renowned for seamlessly integrating financial, vendor self-service, personnel and performance data.
This initiative aims to introduce new features and modules, including Travel, Grants Lifecycle Management and Performance Budgeting, with the goal of enhancing operational efficiency and realizing cost savings.
CGI plans to leverage innovative technologies, such as the data visualization tool CGI Advantage Insight, automated testing and a unique user interface, to redesign and improve the City's business processes.
The selection of CGI Advantage underscores its ability to meet the city's requirements and minimize risk and total cost of ownership. It reflects CGI's commitment to delivering innovative solutions in the public sector.
CGI Group, Inc. Price and Consensus
CGI Group, Inc. price-consensus-chart | CGI Group, Inc. Quote
CGI’s Growth Prospects Remain Bright
CGI Group's recent contract win with the City of Dallas, emphasizing cloud-based solutions, aligns with its strategy to fortify its competitive position and expand its footprint in the public sector.
Expanding portfolio has been a key growth driver. Aligning with this commitment to cloud technology, CGI launched a cloud-ready enterprise payments solution, CGI All Payments, on AWS Marketplace in November, streamlining payment procedures for banks and offering scalability, ISO 20022 standards compliance and cloud-based delivery.
Further reinforcing its cloud capabilities, CGI’s cloud-based enterprise payments platform will support Scotiabank’s innovative advances in payment solutions for its global client base. CGI All Payments is used by financial services clients across the world and supports multiple currencies, languages and payment channels.
CGI's strong partner base, which includes Alphabet (GOOGL - Free Report) and Microsoft (MSFT - Free Report) , is noteworthy.
CGI is set to launch the UNIDO Sustainability Planet Platform in collaboration with Alphabet’s Google Cloud, utilizing extensive geospatial and sociological data to address sustainability challenges through AI-generated forecasted data.
CGI announced its membership in the Microsoft Intelligent Security Association (MISA). This new partnership with MISA gives CGI access to Microsoft's security product line, allowing it to provide clients with higher value and comprehensive security.
Securing a 10-year partnership with Circle K showcases CGI's expanded footprint, focusing on enhancing managed IT services. This aligns with the company's commitment to elevate customer and employee experiences, amplifying CGI's impact across various industries.
CGI also partnered with All in Solutions LLC to form a joint venture, Adcredo IT Solutions. The joint venture has been created to expand the company’s IT and consulting services for businesses.
CGI’s Outlook Strong
The company's fiscal 2024 plan includes continued investments in end-to-end services, allowing its consultants to bring CGI's full offering value proposition to clients. This is expected to help CGI win more deals.
As macroeconomic and geopolitical variables continue to change the IT services industry's consolidation operations, the company plans further investments in acquisitions in fiscal 2024.
The Zacks Consensus Estimate for first-quarter fiscal 2024 revenues is pegged at $2.59 billion, indicating 2.07% year-over-year growth. The consensus estimate for first-quarter earnings is pegged at $1.31 per share, indicating a 7.38% year-over-year rise.
Zacks Rank & Stock to Consider
Currently, GIB carries a Zacks Rank #4 (Sell).
CGI Group’s shares have returned 25.9% year to date compared with the Zacks Computer & Technology sector’s increase of 50.8%.
A better-ranked stock in the broader technology sector is Flex (FLEX - Free Report) , which currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Flex’s shares have returned 39.4% on a year-to-date basis.
Long-term earnings growth rates for FLEX are pegged at 12.39%.