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MADRID, Oct. 20, 2021 /PRNewswire/ - CGI (NYSE: GIB)
(TSX: GIB.A) announces today that it is acquiring Cognicase
Management Consulting (CMC), a leading provider of technology and
management consulting services and solutions for over 25 years,
primarily in the Spanish market.
The acquisition will deepen CGI's footprint in Spain and will strengthen the company's
client-proximity model. CMC will bring CGI increased capacity to
better serve its clients and help them accelerate their
digitization. CMC's proven industry expertise and solutions
complement CGI's end-to-end services, ranging from comprehensive
consulting capabilities to systems integration and managed IT
services.
Founded in 1993, CMC delivers high-value digital services to a
majority of the IBEX 35's companies and serves large clients across
all industries. With approximately 1,500 highly skilled
professionals, CMC operates through a strong metro market footprint
supported by delivery centers serving clients in Spain, Italy,
Portugal, Colombia and Mexico. Over the years, CMC has served as a
digital partner of choice through its end-to-end services portfolio
and its solid ecosystem of technology partners.
"We are looking forward to joining forces with CMC in helping
our clients accelerate their digitization and driving even greater
business value from our united end-to-end capabilities," said
George D. Schindler, President and
Chief Executive Officer at CGI. "CMC's services, solutions and
highly skilled employees will enable us to significantly strengthen
our services portfolio and capabilities in Spain."
"CMC and CGI share a common corporate culture and core values,
including a strong commitment to talent and innovation, and to
excellence in execution," said Jean-Michel Baticle, President and
Chief Operating Officer at CGI. " I want to warmly welcome CMC's
consultants and other professionals to the CGI community."
"CMC is tremendously proud to have been chosen by such a
renowned industry leader as CGI to continue to grow its business,"
said Jaime Hortelano, Chairman of
CMC. "By joining forces, CGI becomes one of the strongest players
within our markets, with an excellent, highly competitive team that
will continue to provide distinctive value to our clients. I am
excited to be part of CGI's leadership team."
Foreign investment approval by the Spanish authorities has been
received for the acquisition and the transaction is on track to
formally close by the end of the month.
About CGI
Founded in 1976, CGI is among the largest
independent IT and business consulting services firms in the world.
With 78,000 consultants and other professionals across the globe,
CGI delivers an end-to-end portfolio of capabilities, from
strategic IT and business consulting to systems integration,
managed IT and business process services and intellectual property
solutions. CGI works with clients through a local relationship
model complemented by a global delivery network that helps clients
digitally transform their organizations and accelerate results. CGI
Fiscal 2020 reported revenue is C$12.16
billion and CGI shares are listed on the TSX (GIB.A) and the
NYSE (GIB). Learn more at cgi.com.
Forward-looking information and statements
This press
release contains "forward-looking information" within the meaning
of Canadian securities laws and "forward-looking statements" within
the meaning of the United States Private Securities Litigation
Reform Act of 1995 and other applicable United States safe harbours. All such
forward-looking information and statements are made and disclosed
in reliance upon the safe harbour provisions of applicable Canadian
and United States securities laws.
Forward-looking information and statements include all information
and statements regarding CGI's intentions, plans, expectations,
beliefs, objectives, future performance, and strategy, as well as
any other information or statements that relate to future events or
circumstances and which do not directly and exclusively relate to
historical facts. Forward-looking information and statements often
but not always use words such as "believe", "estimate", "expect",
"intend", "anticipate", "foresee", "plan", "predict", "project",
"aim", "seek", "strive", "potential", "continue", "target", "may",
"might", "could", "should", and similar expressions and variations
thereof. These information and statements are based on our
perception of historic trends, current conditions and expected
future developments, as well as other assumptions, both general and
specific, that we believe are appropriate in the circumstances.
Such information and statements are, however, by their very nature,
subject to inherent risks and uncertainties, of which many are
beyond the control of CGI, and which give rise to the possibility
that actual results could differ materially from our expectations
expressed in, or implied by, such forward-looking information or
forward-looking statements. These risks and uncertainties include
but are not restricted to: risks related to the market such as the
level of business activity of our clients, which is affected by
economic and political conditions, external risks (such as
pandemics) and our ability to negotiate new contracts; risks
related to our industry such as competition and our ability to
attract and retain qualified employees, to develop and expand our
services, to penetrate new markets, and to protect our intellectual
property rights; risks related to our business such as risks
associated with our growth strategy, including the integration of
new operations, financial and operational risks inherent in
worldwide operations, foreign exchange risks, income tax laws, our
ability to negotiate favourable contractual terms, to deliver our
services and to collect receivables, and the reputational and
financial risks attendant to cybersecurity breaches and other
incidents; as well as other risks identified or incorporated by
reference in this press release, in CGI's annual and quarterly
MD&A and in other documents that we make public, including our
filings with the Canadian Securities Administrators (on SEDAR at
www.sedar.com) and the U.S. Securities and Exchange Commission (on
EDGAR at www.sec.gov). For a discussion of risks in response to the
coronavirus (COVID-19) pandemic, see Pandemic Risks in section
10.1.1. of our annual and quarterly MD&A. Unless otherwise
stated, the forward-looking information and statements contained in
this press release are made as of the date hereof and CGI disclaims
any intention or obligation to publicly update or revise any
forward-looking information or forward-looking statements, whether
as a result of new information, future events or otherwise, except
as required by applicable law. While we believe that our
assumptions on which these forward-looking information and
forward-looking statements are based were reasonable as at the date
of this press release, readers are cautioned not to place undue
reliance on these forward-looking information or statements.
Furthermore, readers are reminded that forward-looking information
and statements are presented for the sole purpose of assisting
investors and others in understanding our objectives, strategic
priorities and business outlook as well as our anticipated
operating environment. Readers are cautioned that such information
may not be appropriate for other purposes. Further information on
the risks that could cause our actual results to differ
significantly from our current expectations may be found in the
section titled "Risk Environment" of CGI's annual and quarterly
MD&A, which is incorporated by reference in this cautionary
statement. We also caution readers that the above-mentioned risks
and the risks disclosed in CGI's annual and quarterly MD&A and
other documents and filings are not the only ones that could affect
us. Additional risks and uncertainties not currently known to us or
that we currently deem to be immaterial could also have a material
adverse effect on our financial position, financial performance,
cash flows, business or reputation.
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SOURCE CGI Inc.