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League Data and CGI sign 4-year, $27 million early extension to outsourcing agreement
Jun 03, 2008 (08:06 AM EDT)
HALIFAX, June 3 /PRNewswire-FirstCall/ - CGI Group Inc. (CGI) and Halifax-based League Data today announce a 4-year, CDN $27 million extension of a 10-year contract originally signed in 2002 for end-to-end outsourcing services. This extends this agreement to 2016 and increases the total value of the contract to $107 million.
CGI has managed League Data's banking technology infrastructure and software applications since 2002 and will continue to do so. As well, CGI will continue to evolve and enhance the Horizon(TM) Financial Suite application - a hosted core-banking solution with integrated Loans Origination and CRM.
"Since 2002, CGI has demonstrated that it is a key strategic partner," said Steve Mills, Chief Executive Officer of League Data. "We will continue to rely on the company's information technology expertise and industry vision to provide services for years to come."
CGI is a major provider of IT and business process services to financial institutions around the world including all of the top Canadian banks, nine of the top U.S. banks and over 120 credit union co-operatives in Canada. CGI banking-focused solutions include core banking, end-to-end wealth management, trade finance, business intelligence/data warehousing and customer relationship management. CGI solutions process one-third of all U.S. credit bureau requests and more than $130 billion are moved every day over the fund transfer systems that it supports. CGI provides retail banking, transaction processing and payroll services to more than 2,300 banking institutions worldwide.
Founded in 1976, CGI Group Inc. is one of the largest independent information technology and business process services firms in the world. CGI and its affiliated companies employ approximately 27,000 professionals. CGI provides end-to-end IT and business process services to clients worldwide from offices in Canada, the United States, Europe, Asia Pacific as well as from centers of excellence in North America, Europe and India. CGI's annual revenue run rate stands at $3.8 billion and at March 31st, 2008, CGI's order backlog was $12.04 billion. CGI shares are listed on the TSX (GIB.A) and the NYSE (GIB) and are included in the S&P/TSX Composite Index as well as the S&P/TSX Capped Information Technology and MidCap Indices.
Website: www.cgi.com. Forward-Looking Statements
All statements in this MD&A that do not directly and exclusively relate to historical facts constitute "forward-looking statements" within the meaning of that term in Section 27A of the United States Securities Act of 1933, as amended, and Section 21E of the United States Securities Exchange Act of 1934, as amended, and are "forward-looking information" within the meaning of sections 138.3 and following of the Ontario Securities Act. 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 and are not restricted to the timing and size of new contracts, acquisitions and other corporate developments; the ability to attract and retain qualified members; market competition in the rapidly-evolving IT industry; general economic and business conditions, foreign exchange and other risks identified in the MD&A, in CGI's Annual Report on Form 40-F filed with the U.S. Securities and Exchange Commission (filed on EDGAR at www.sec.gov www.sedar.com ), the Company's Annual Information Form filed with the Canadian securities authorities (filed on SEDAR at ), 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. You will find more information about the risks that could cause our actual results to significantly differ from our current expectations in the Risks and Uncertainties section.
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