CGI announced today that the Canadian Payments Association (CPA) has awarded it a 6-year, $22 million contract to provide systems operating services for the Large Value Transfer System (LVTS). The LVTS, which will become operational early in 1999, is a national electronic system designed primarily for sending and receiving Canadian large-value payments. Payments processed by LVTS are expected to total more than $100 billion per day.
"We are pleased that CPA selected us as its long-term partner to manage the ongoing operations of its LVTS system," said Jean Brassard, CGI's President and COO. "This strategic contract allows CGI to further consolidate its position as a leading provider of IT solutions to the North American financial services industry." CGI will run the system's environment primarily from its Mississauga data centre, with active backup support from its Regina data centre facilities.
Robert Hammond, General Manager of CPA, stated that: "the Large Value Transfer System is a mission-critical component of the Canadian Payments Association's operations. Therefore, it is very important that external vendors involved with LVTS have established track records." He added that "they must be capable of meeting stringent levels in terms of availability and reliability in delivering quality services for complex financial systems."
The CPA is a non-profit organization created by an Act of Parliament in 1980 to operate Canada's clearing and settlement system. Its members are financial institutions, of which 40% are banks. The other 60% include trust companies, credit unions, caisses populaires and provincial savings offices.
CGI is the largest independent information technology consulting firm in Canada and the sixth largest in North America, based on its revenue run rate of $1.3 billion. The company's order backlog totals approximately $6.5 billion. CGI has 8,000Â professionals and provides end-to-end IT services and business solutions to some 2,000 clients in Canada, the United States and 20 countries around the world. CGI's shares are listed on the New York Stock Exchange (GIB), as well as on the Toronto and Montreal exchanges (GIB.A). They are included in the Toronto Stock Exchange's TSE 300 Composite and TSE 200 indexes. Web site: www.cgi.ca.
All statements contained in this or any other press release of CGI Group Inc., or in any document filed by the Company with the U.S. Securities and Exchange Commission, or in any other written or oral communication by or on behalf of the company, that do not directly and exclusively relate to historical facts, constitute "forward looking statements" within the meaning of the U.S. Private Securities Litigation Report Act of 1995. These statements represent the Company's expectations and beliefs, and no assurance can be given that the results described in such statements will be achieved. This press release may contain forward looking statements that involve a number of risks and uncertainties, including statements regarding the outlook for the company's business and results of operations. There are a number of factors that could cause actual results to differ materially from those indicated. Such factors include, without limitation, the various factors set forth in the Company's annual report.
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For information:
CGI
Ronald White
Investor and Media Relations
(514) 841-3230
