MCAP Financial Corporation, a Canadian mortgage company (TSE:MKP), and CGI Group Inc. (NYSE: GIB, TSE:GIB.A) today announced the signing of a memorandum of understanding to provide technology outsourcing, for five years, valued at CDN$6.5 million.
Under the terms of the agreement, CGI will manage and support information technology infrastructure including AS400's and client server platforms which run MCAP's mortgage processing and investor relations systems. Additionally, CGI will provide wide area network services and help desk services to MCAP's end users across Canada.
"We chose to partner with CGI for two basic reasons - flexibility and end-to-end capabilities. We are happy to be partnering with CGI, a responsive supplier that is able to adjust to our continued growth and change. CGI's end-to-end IT capabilities will assist in decreasing the overall complexity of our systems," said Patti Somers, vice-president, Information Technology of MCAP.
Mike Roach, CGI's executive vice-president and general manager, Canada added: "We are pleased to welcome MCAP to our group of financial services clients - a sector in which CGI has many skilled professionals with years of industry expertise. We look forward to supporting MCAP with their daily IT requirements as we strive to be an effective partner."
About MCAP
MCAP Financial Corporation invests in a portfolio of Canadian residential and commercial mortgages and through MCAP affiliated companies offers a full range of real estate lending and mortgage services. MCAP has significant strategic relationships with major institutional investors, banks and pension funds. MCAP has also developed strong relationships with builders, developers, commercial property owners and independent mortgage brokers across Canada. Together, the MCAP Companies are Canada's largest independent mortgage originator and servicing group.
About CGI
Founded in 1976, CGI is the fifth largest independent information technology services firm in North America, based on its headcount of more than 10,000 professionals. CGI's order backlog totals approximately US$5.3 billion (CDN$8.2 billion) and its revenue run-rate is close to US$1 billion (CDN$1.5 billion). CGI provides end-to-end IT services and business solutions to 2,500 clients in the United States, Canada and more than 20 countries around the world. CGI's shares are listed on the NYSE (GIB), as well as on the TSE (GIB.A). They are included in the Toronto Stock Exchange's TSE 300 index as well as the S&P/TSE Canadian Information Technology index. Web site: www.cgi.ca.
Forward-Looking Statements
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; and other risks identified in Management's Discussion and Analysis (MD&A) in CGI Group Inc.'s annual report or Form 40F filed with the U.S. Securities & Exchange Commission and the Company's Annual Information Form filed with Canadian securities commissions. 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:
Investor inquiries
Ronald White
Director, investor relations
(514) 841-3230
Media inquiries
Eileen Murphy
Director, media relations
(514) 841-3430
