FAIRFAX, VA, Aug. 23, 2017 - CGI (NYSE: GIB) (TSX: GIB.A) today announced the closing of its all-cash acquisition of Pittsburgh-based Summa Technologies, Inc., a high-end IT consultancy with expertise in digital experience and agile software development, strengthening CGI's position in the technology and growth market of Pittsburgh and the surrounding region.
A seven-time Inc. 5000 "Fastest-Growing Private Companies in America" recipient, Summa brings skills and experience in high-growth, in-demand IT services, including mobility, agile transformation and user experience design to CGI's business in the United States. Summa brings commercial market expertise in banking and financial services, retail, manufacturing and healthcare. The transaction represents CGI's fourth strategic consulting acquisition in the U.S. in the 2017 fiscal year.
"Merging with Summa is another step toward fulfilling our strategic objective to double the size of our company through a balanced blend of organic and acquisition growth," said George D. Schindler, CGI President and Chief Executive Officer. "Summa adds capabilities, strength, and size to our U.S. business, allowing us to create additional focus in one of our target growth metros."
In the U.S., CGI employs 12,000 professionals located in 80 cities and 34 states and is committed to working with clients to propel their digital transformation. The addition of Summa, which increases CGI's U.S. workforce by nearly 200 professionals, helps further that commitment, providing CGI's clients, professionals and shareholders with a long-term partner dedicated to their success.
"CGI and Summa are a great cultural fit, with experts that are passionate problem solvers who bring trusted client relationships and a reputation for client satisfaction," said David L. Henderson, CGI President of United States. operations. "We both share a strong commitment to our professionals, a dedication to management fundamentals and a passion for excellence in execution which leads to a formidable combination of strengths."
Founded in 1976, CGI Group Inc. is the fifth largest independent information technology and business process services firm in the world. Approximately 70,000 professionals serve thousands of global clients from offices and delivery centers across the Americas, Europe and Asia Pacific, leveraging a comprehensive portfolio of services including high-end business and IT consulting, systems integration, application development and maintenance, infrastructure management as well as 150 IP-based services and solutions. With annual revenue in excess of C$10 billion and an order backlog exceeding C$20 billion, CGI shares are listed on the TSX (GIB.A) and the NYSE (GIB). Website: www.cgi.com.
All statements in this press release that do not directly and exclusively relate to historical facts constitute "forward-looking statements" within the meaning of Section 27A of the United States Securities Act of 1933 and Section 21E of the United States Securities Exchange Act of 1934, as amended, and are "forward-looking information" within the meaning of Canadian securities laws. These statements and this information represent CGI'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 or forward-looking information. These factors include but are not restricted to: the timing and size of new 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 or incorporated by reference in this press release, in CGI's annual and/or quarterly Management's Discussion and Analysis and in other public disclosure documents filed with the Canadian securities regulatory authorities (on SEDAR at www.sedar.com) and the U.S. Securities and Exchange Commission (on EDGAR at www.sec.gov), as well as assumptions regarding the foregoing. The words "believe", "estimate", "expect", "intend", "anticipate", "foresee", "plan", and similar expressions and variations thereof, identify certain of such forward-looking statements or forward-looking information, which speak only as of the date on which they are made. In particular, statements relating to future performance are forward-looking statements and forward-looking information. CGI disclaims any intention or obligation to publicly update or revise any forward-looking statements or forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable law. Readers are cautioned not to place undue reliance on these forward-looking statements or on this forward-looking information.
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