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CGI Group (GIB - Free Report) is expanding its footprint in the public sector by securing partnerships aimed at modernizing and enhancing various governmental operations.
GIB is benefiting from the strong demand for its business solutions. The company’s CGI Advantage solution has been selected by the likes of the State of Colorado, the City of Los Angeles, the Federal Bureau of Investigation (FBI) and the City and County of Honolulu.
Building on its success, CGI Group recently announced the successful upgrade of CGI Advantage for the City of Los Angeles, enhancing its cloud-based solution to integrate and streamline the management of financial, procurement and reporting operations.
The advanced version, developed through a long-standing collaboration, features a user-friendly interface that boosts processing speed and workflow efficiency while ensuring policy compliance.
By eliminating 130 customizations and enabling real-time integration with Amazon’s (AMZN - Free Report) cloud computing platform, Amazon Web Services (AWS) and Salesforce, CGI Advantage met all the city’s requirements out of the box. The upgrade also included comprehensive change management and user training, benefiting the city’s 7,300 vendors and digitizing its eProcurement system.
CGI Rides on Expanding Clientele
The latest move bodes well with GIB’s focus on delivering advanced, tailored solutions for public sector organizations, enhancing operational efficiency and compliance through CGI Advantage.
This month, GIB announced its selection by the State of Colorado to modernize payroll operations using CGI Advantage, aiming to enhance efficiency and user experience for 33,000 state employees. This initiative underscores CGI’s commitment to delivering advanced ERP solutions across public sector domains.
GIB’s strong partner base, which includes Alphabet, Microsoft and Amazon, Munich Re, Nokia (NOK - Free Report) and Exxon Mobil (XOM - Free Report) , has been a key catalyst.
In June, CGI Group extended its partnership with Nokia to integrate 5G private wireless networking technology with CGI business services, enhancing digital solutions for connected, real-time operations, exemplified by their 5G testbed for Smart Nano NI in Northern Ireland.
CGI renewed its partnership with ExxonMobil to enhance payment and loyalty services across Europe and Asia Pacific. It leveraged CGI PayPartner360 to support more than 13,000 fuel retail sites and engage 10 million active users globally.
GIB’s expanding international footprint has been a major growth driver. In second-quarter fiscal 2024, overall bookings were CAD 3.8 billion for a book-to-bill ratio of 100% and 113% on a trailing 12-month basis.
Booking ratios for the reported quarter were led by Finland, Poland, and Baltics at 127%, Western and Southern Europe at 115%, and the U.K. and Australia at 109%. Global backlog hit CAD 26.8 billion in the reported quarter.
However, this Zacks Rank #2 (Buy) company’s cautionary spending and overall slow procurement decision-making have negatively impacted its near-term prospects. You can see the complete list of today’s Zacks #1 Rank stocks here.
The stock has dropped 1.2% year to date against the broader Zacks Computer & Technology sector’s return of 28.8%.
The Zacks Consensus Estimate for third-quarter fiscal 2024 revenues is pegged at $2.69 billion, indicating a 0.27% year-over-year decline. The consensus estimate for third-quarter earnings is pegged at $1.40 per share, which remained unchanged in the past 30 days.
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CGI Group's (GIB) Expanding Clientele Boosts Growth Prospects
CGI Group (GIB - Free Report) is expanding its footprint in the public sector by securing partnerships aimed at modernizing and enhancing various governmental operations.
GIB is benefiting from the strong demand for its business solutions. The company’s CGI Advantage solution has been selected by the likes of the State of Colorado, the City of Los Angeles, the Federal Bureau of Investigation (FBI) and the City and County of Honolulu.
Building on its success, CGI Group recently announced the successful upgrade of CGI Advantage for the City of Los Angeles, enhancing its cloud-based solution to integrate and streamline the management of financial, procurement and reporting operations.
The advanced version, developed through a long-standing collaboration, features a user-friendly interface that boosts processing speed and workflow efficiency while ensuring policy compliance.
By eliminating 130 customizations and enabling real-time integration with Amazon’s (AMZN - Free Report) cloud computing platform, Amazon Web Services (AWS) and Salesforce, CGI Advantage met all the city’s requirements out of the box. The upgrade also included comprehensive change management and user training, benefiting the city’s 7,300 vendors and digitizing its eProcurement system.
CGI Rides on Expanding Clientele
The latest move bodes well with GIB’s focus on delivering advanced, tailored solutions for public sector organizations, enhancing operational efficiency and compliance through CGI Advantage.
This month, GIB announced its selection by the State of Colorado to modernize payroll operations using CGI Advantage, aiming to enhance efficiency and user experience for 33,000 state employees. This initiative underscores CGI’s commitment to delivering advanced ERP solutions across public sector domains.
GIB’s strong partner base, which includes Alphabet, Microsoft and Amazon, Munich Re, Nokia (NOK - Free Report) and Exxon Mobil (XOM - Free Report) , has been a key catalyst.
In June, CGI Group extended its partnership with Nokia to integrate 5G private wireless networking technology with CGI business services, enhancing digital solutions for connected, real-time operations, exemplified by their 5G testbed for Smart Nano NI in Northern Ireland.
CGI renewed its partnership with ExxonMobil to enhance payment and loyalty services across Europe and Asia Pacific. It leveraged CGI PayPartner360 to support more than 13,000 fuel retail sites and engage 10 million active users globally.
GIB’s expanding international footprint has been a major growth driver. In second-quarter fiscal 2024, overall bookings were CAD 3.8 billion for a book-to-bill ratio of 100% and 113% on a trailing 12-month basis.
Booking ratios for the reported quarter were led by Finland, Poland, and Baltics at 127%, Western and Southern Europe at 115%, and the U.K. and Australia at 109%. Global backlog hit CAD 26.8 billion in the reported quarter.
However, this Zacks Rank #2 (Buy) company’s cautionary spending and overall slow procurement decision-making have negatively impacted its near-term prospects. You can see the complete list of today’s Zacks #1 Rank stocks here.
The stock has dropped 1.2% year to date against the broader Zacks Computer & Technology sector’s return of 28.8%.
The Zacks Consensus Estimate for third-quarter fiscal 2024 revenues is pegged at $2.69 billion, indicating a 0.27% year-over-year decline. The consensus estimate for third-quarter earnings is pegged at $1.40 per share, which remained unchanged in the past 30 days.