CGI SIGNS CONTRACTS WORTH $33.4 MILLION
CGI today announced the signing of several contracts related to financial services business solutions and year 2000 conversion activities. The projects, taking place across its network, are expected to generate total revenue of approximately $33.4 million.
CGI has signed:
- An agreement to provide First Heritage Savings, British Columbia's fifth largest credit union, with its state-of-the-art RFS for Windows NT® client-server banking system. CGI's solution uses a comprehensive management information system that will allow First Heritage to generate a greater level of business and increase profitability through a sales oriented approach. This agreement is expected to generate revenue of $6 million over its five-year term.
- A five-year, $8 million agreement with Saskatchewan-based Sherwood Credit Union to support the financial institution's Ovation® banking system. CGI will provide Sherwood with facilities management and systems integration services and software licenses.
- A two-year, $7 million contract with the Ontario Ministry of Community and Social Services for a year 2000 conversion project. As part of the agreement, CGI will conduct testing, conversion and implementation activities for the client's core mainframe applications which support the social assistance infrastructure in Ontario.
- A two-year, $3.8 million contract to help the Quebec government's Information Services' Division adapt its technology infrastructure to the year 2000. This contract was awarded to CGI and its year 2000 partner Informission following their qualification as year 2000 suppliers to the Quebec government. The project involves coordinating hardware and software conversion work for the government's mainframe computers, among others. CGI and Informission will support the government's Information Services Division's team in this project.
- A $2.5 million year 2000 contract with Desjardins-Laurentian Life Group to provide conversion services for the client's applications in Quebec and Ontario. The project will be completed in cooperation with Informission.
- In Montreal, a series of year 2000 impact studies and conversion projects with a total value of $4.7 million. Clients include Lévesque Beaubien Geoffrion, the National Bank of Canada, the Laurentian Bank of Canada, the Groupement des assureurs automobiles and the Fédération des Caisses Populaires et d'économie de l'Ouest de Montréal. The company also recently signed two contracts with a total value of $1.2 million. One of the projects, for the professional liability insurance fund of the Chambre des notaires du Québec, involves developing a web solution. The other, with the Industrielle-Alliance insurance company, is for the implementation of a new employee benefits software.
- In the U.S., CGI's insurance division ISI recently renewed software processing services contracts with several clients, worth $1.4 million.
CGI is the largest Canadian-owned independent information technology consulting firm, providing end-to-end IT services and business solutions to some 2,000 clients throughout North America and internationally. CGI has more than 4,000 professionals, a revenue-run rate of approximately $550 million and an order backlog of more than $1.5 billion.
After completing its previously announced acquisition of Bell Sygma, pending final approvals, CGI will have more than 7,000 professionals, a revenue-run rate of approximately $1 billion, and an order backlog totalling $4.5 billion. CGI's shares (GIB.A) are included in The Toronto Stock Exchange's TSE 300 Composite and TSE 200 indexes.
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