StockNews.AI
GIB
StockNews.AI
147 days

CGI expands its presence in Québec City with the acquisition of Momentum Technologies

1. CGI acquires Momentum Technologies to enhance data capabilities. 2. 250 skilled professionals will join CGI, boosting local presence. 3. Partnership aims to improve analytics for public and commercial sectors. 4. Momentum's expertise in cloud and software development adds value to CGI. 5. Acquisition aligns with CGI's strategy for digital transformation.

M&A
-0.92%Current Return
VS
-1.18%S&P 500
$101.1103/25 04:48 PM EDTEvent Start
$100.1803/26 11:19 PM EDTLatest Updated
6m saved
Insight
Article

FAQ

Why Bullish?

The acquisition will likely enhance CGI's service offerings, boosting future revenues. Similar acquisitions have historically resulted in stock price increases.

How important is it?

The acquisition is strategically significant for CGI's growth, as it enhances AI capabilities and local market presence.

Why Long Term?

The acquisition will drive growth in the long term through expanded services, improving client retention and acquisition.

Related Companies

ACNIBMCTSHNICE
Stock Market SymbolsGIB.A (TSX)GIB (NYSE)cgi.com/newsroom  Acquisition deepens CGI's data and business intelligence capabilities  , /PRNewswire/ - CGI (TSX: GIB.A) (NYSE: GIB), one of the largest independent IT and business consulting services firms in the world, today announced the acquisition of Momentum Technologies, a Québec City based IT consulting services company, specializing in data analytics and business intelligence. More than 250 highly skilled consultants and professionals will join CGI, deepening the company's local presence and capacity to serve clients across the public sector and several commercial industries such as health and insurance. "On behalf of CGI, we extend a warm welcome to the talented professionals from Momentum Technologies," says Michael Godin, President of CGI's operations in Canada. "Our organizations share similar values, expertise and a steadfast commitment to delivering exceptional services, aimed at driving tangible business outcomes for our clients. This marks the beginning of an exciting journey, where our combined strengths will unlock new opportunities to partner with our clients." "With this acquisition, we are further strengthening our presence in Québec City," says Jalil El Mejjad, Senior Vice-President, Québec City, CGI. "Momentum Technologies has built an impressive reputation in this market for delivering high-quality services. This is also a natural evolution of our historically strong collaborations with Momentum Technologies over the years. By blending our expertise, we are enhancing our ability to serve our clients with an even broader range of AI capabilities to provide deeper insights and stronger analytics that enable clients to drive smarter decision-making." "Momentum Technologies has always been driven by a commitment to excellence, innovation and strong client relationships," says Mohamed Guetat, President, Momentum Technologies. "Joining forces with CGI is an exciting chapter that aligns with our culture, values and vision for the future. As part of a larger organization with extensive resources and global reach, we will be able to provide even greater opportunities for our talented professionals, and enhanced solutions for our clients." Founded in 2003, Momentum Technologies is recognized as a leading local provider of innovative solutions that drive digital transformation and operational efficiency for businesses across various industries, including public sector. The company also specializes in managed services, cloud computing, and enterprise software development, empowering organizations with scalable, secure, and customized technology solutions. About CGIFounded in 1976, CGI is among the largest independent IT and business consulting services firms in the world. With 91,000 consultants and 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 2024 reported revenue is CA$14.68 billion and CGI shares are listed on the TSX (GIB.A) and the NYSE (GIB). Learn more at cgi.com. SOURCE CGI Inc. WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM? 440k+ Newsrooms & Influencers 9k+ Digital Media Outlets 270k+ Journalists Opted In

Related News