CGI RENEWS OUTSOURCING CONTRACTS WITH LEADING CANADIAN INSURERS VALUED AT OVER CDN$40 MILLION
CGI Group Inc. (NYSE: GIB; TSE: GIB.A) (CGI) today announced the signing of three five-year contract renewals with Canadian insurers valued at over CDN$40 million. The clients are CGU, The Dominion and Pilot Insurance. Details of each contract are outlined in standalone releases.
CGI counts among its clients 20 of the top 25 insurance carriers in the United States and 17 of the top 25 carriers in Canada. Financial services account for 40% of CGI's revenue. CGI has developed several solutions in policy administration, claims, rating, and e-business as well as billing and collection to meet this sector's growing IT needs.
Michael Roach president, Canada and Europe for CGI said: "Clearly we bring value to our clients in renewing so many of our longstanding partnerships and by serving so many of North America's leading insurers. As Canada's global IT services firm, we understand the importance of flexibility, commitment and industry knowledge and in consistently delivering this mix we in turn fuel CGI's efforts to accelerate its growth and position it as a world-class IT partner."
Founded in 1976, CGI is the fourth largest independent information technology services firm in North America, based on its headcount of more than 13,000 professionals. CGI's annualized revenue run-rate totals US$1.3 billion (CDN$2.1 billion). CGI's order backlog currently totals US$5.75 billion (CDN$9.2 billion). CGI provides end-to-end IT services and business solutions to more than 3,000 clients in countries such as the United States, Canada, the United Kingdom and France from more than 60 offices. CGI's shares are listed on the NYSE (GIB) and the TSE (GIB.A). They are included in the TSE 100 Composite Index as well as the S&P/TSE Canadian Information Technology and Canadian MidCap Indices. Website: www.cgi.ca.
All statements in this press release that do not directly and exclusively relate to historical facts constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements represent CGI Group Inc.'s intentions, plans, expectations, and beliefs, and are subject to risks, uncertainties, and other factors, of which many are beyond the control of the Company. These factors could cause actual results to differ materially from such forward-looking statements.
These factors include and are not restricted to the timing and size of contracts, acquisitions and other corporate developments; the ability to attract and retain qualified employees; market competition in the rapidly-evolving information technology industry; general economic and business conditions, foreign exchange and other risks identified in the Management's Discussion and Analysis (MD&A) in CGI Group Inc.'s Annual Report or Form 40-F filed with the SEC, the Company's Annual Information Form filed with the Canadian securities commissions, on the Registration Statement on Form F-4 filed with the SEC in connection with the acquisition of IMRglobal and with the Forms 10-K and 10-Q of IMRglobal filed with the SEC for the periods ended December 31, 2000 and March 31, 2001 respectively. All of the risk factors included in these filed documents are included here by reference. CGI disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
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For more information:
Vice-president, investor relations
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Director, investor relations
Director, media relations