Technology

CGI announces intent to repurchase 1.67 million of its shares

Published

7 months ago

February 23, 2024

Stock Market Symbols
GIB.A (TSX)
GIB (NYSE)
cgi.com/newsroom

MONTRÉAL, Feb. 23, 2024 /CNW/ – CGI (TSX: GIB.A) (NYSE: GIB) announced today that it intends to enter into a private agreement with Mr. Serge Godin, Founder and Executive Chairman of the Board of CGI, for the purchase for cancellation of 1,674,930 Class A subordinate voting shares (“Class A Shares”) indirectly held by him at a price of $149.26 per Class A Share, for a total consideration of $250 million. The price represents a discount of 3 percent (3%) to the closing price of the Class A Shares on the Toronto Stock Exchange (“TSX”) on February 22, 2024. CGI will fund the repurchase from cash on hand.

A Special Committee of CGI’s Board of Directors, composed exclusively of independent directors, was established in connection with the share repurchase. After consultation with its external legal advisor Norton Rose Fulbright Canada LLP and financial advisor National Bank Financial Inc. and the receipt of an opinion regarding the reasonableness of the terms of the transaction from National Bank Financial Inc., the Special Committee unanimously determined that the share repurchase was in the best interest of the Company and recommended that the Board of Directors approve the transaction. Following the recommendation of the Special Committee, the share repurchase was also unanimously approved by the Board of Directors. All non-independent directors, including Mr. Serge Godin, refrained from participating in the Board of Directors’ deliberations and from voting on matters relating to the transaction. A favourable decision was obtained from the Autorité des marchés financiers (Quebec securities regulator) to exempt CGI from the issuer bid requirements under applicable securities legislation.

Michael B. Pedersen, Chair of the Board of Directors’ Special Committee, noted that: “This strategic transaction presented a good opportunity to repurchase shares at a discount and offers immediate value to our shareholders.”

The transaction is entered into by Mr. Godin for estate planning purposes.

After completion of the transaction, there will be 206,130,115 Class A Shares and 25,179,340 Class B shares (multiple voting) of CGI issued and outstanding. Mr. Godin will continue to beneficially own, directly or indirectly, or exercise control or direction over 53.0% of the total voting rights and 10.5% of the CGI issued and outstanding shares compared with 54.3% and 11.1% respectively prior to the transaction.

The share repurchase, which is expected to be entered into later today, will be made under CGI’s normal course issuer bid (“NCIB”) commenced on February 6, 2024. Under the NCIB, CGI is authorized to repurchase up to 20,457,737 Class A Shares until the earlier of February 5, 2025 or the date on which CGI will either have acquired the maximum number of Class A Shares allowable under the NCIB or otherwise decided not to make any further purchases for cancellation under it. The NCIB allows for purchases outside the facilities of the TSX by private agreements pursuant to exemption orders issued by securities regulators. As at February 22, 2024, CGI had not repurchased any Class A Shares under its current NCIB.

Information regarding the share repurchase, including the number of Class A Shares purchased for cancellation and aggregate price paid, will be available on the SEDAR+ website at www.sedarplus.ca following the completion thereof. CGI will not issue any additional press release in respect of this share repurchase.

About CGI
Founded in 1976, CGI is among the largest independent IT and business consulting services firms in the world. With 90,500 consultants and professionals across the globe, CGI delivers an end-to-end portfolio of capabilities, from strategic IT and business consulting to systems integration, managed IT and business process services and intellectual property solutions. CGI works with clients through a local relationship model complemented by a global delivery network that helps clients digitally transform their organizations and accelerate results. CGI Fiscal 2023 reported revenue is $14.30 billion and CGI shares are listed on the TSX (GIB.A) and the NYSE (GIB). Learn more at cgi.com.

Forward-looking information and statements
This press release contains “forward-looking information” within the meaning of Canadian securities laws and “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and other applicable United States safe harbours. All such forward-looking information and statements are made and disclosed in reliance upon the safe harbour provisions of applicable Canadian and United States securities laws. Forward-looking information and statements include all information and statements regarding CGI’s intentions, plans, expectations, beliefs, objectives, future performance, and strategy, as well as any other information or statements that relate to future events or circumstances and which do not directly and exclusively relate to historical facts. Forward-looking information and statements often but not always use words such as “believe”, “estimate”, “expect”, “intend”, “anticipate”, “foresee”, “plan”, “predict”, “project”, “aim”, “seek”, “strive”, “potential”, “continue”, “target”, “may”, “might”, “could”, “should”, and similar expressions and variations thereof. These information and statements are based on our perception of historic trends, current conditions and expected future developments, as well as other assumptions, both general and specific, that we believe are appropriate in the circumstances. Such information and statements are, however, by their very nature, subject to inherent risks and uncertainties, of which many are beyond the control of CGI, and which give rise to the possibility that actual results could differ materially from our expectations expressed in, or implied by, such forward-looking information or forward-looking statements. These risks and uncertainties include but are not restricted to: risks related to the market such as the level of business activity of our clients, which is affected by economic and political conditions, additional external risks (such as pandemics, armed conflict, climate-related issues and inflation) and our ability to negotiate new contracts; risks related to our industry such as competition and our ability to develop and expand our services, to penetrate new markets, and to protect our intellectual property rights; risks related to our business such as risks associated with our growth strategy, including the integration of new operations, financial and operational risks inherent in worldwide operations, foreign exchange risks, income tax laws and other tax programs, the termination, modification, delay or suspension of our contractual agreements, our expectations regarding future revenue resulting from bookings and backlog, our ability to attract and retain qualified employees, to negotiate favourable contractual terms, to deliver our services and to collect receivables, to disclose, manage and implement environmental, social and governance (ESG) initiatives and standards, and to achieve ESG commitments and targets, including without limitation, our commitment to net-zero carbon emissions by 2030, as well as the reputational and financial risks attendant to cybersecurity breaches and other incidents, and financial risks such as liquidity needs and requirements, maintenance of financial ratios, interest rate fluctuations and the discontinuation of major interest rate benchmarks and changes in creditworthiness and credit ratings; as well as other risks identified or incorporated by reference in this press release, in CGI’s annual and quarterly MD&A and in other documents that we make public, including our filings with the Canadian Securities Administrators (on SEDAR+ at www.sedarplus.ca) and the U.S. Securities and Exchange Commission (on EDGAR at www.sec.gov). Unless otherwise stated, the forward-looking information and statements contained in this press release are made as of the date hereof and CGI disclaims any intention or obligation to publicly update or revise any forward-looking information or forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law. While we believe that our assumptions on which these forward-looking information and forward-looking statements are based were reasonable as at the date of this press release, readers are cautioned not to place undue reliance on these forward-looking information or statements. Furthermore, readers are reminded that forward-looking information and statements are presented for the sole purpose of assisting investors and others in understanding our objectives, strategic priorities and business outlook as well as our anticipated operating environment. Readers are cautioned that such information may not be appropriate for other purposes. Further information on the risks that could cause our actual results to differ significantly from our current expectations may be found in the section titled Risk Environment of CGI’s annual and quarterly MD&A, which is incorporated by reference in this cautionary statement. We also caution readers that the above-mentioned risks and the risks disclosed in CGI’s annual and quarterly MD&A and other documents and filings are not the only ones that could affect us. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial could also have a material adverse effect on our financial position, financial performance, cash flows, business or reputation.

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SOURCE CGI Inc.

Technology

Siemon Announces Optical Patching Solutions for GenAI Networks Using NVIDIA Accelerated Computing

Published

52 mins ago

September 22, 2024

Siemon announces it is offering its full range of optical patching solutions to work specifically with NVIDIA AI infrastructure for generative AI networks.

WATERTOWN, Conn., Sept. 22, 2024 /PRNewswire-PRWeb/ — The Siemon Company, a global leader in network infrastructure solutions, today announced it is offering its full range of optical patching solutions to work specifically with NVIDIA AI infrastructure for generative AI networks. Large complex GPU clusters can benefit from using structured cabling patch panels versus point-to-point cabling. Siemon acts as a trusted advisor to customers by providing expert advice and best practice recommendations for design & deployment of NVIDIA AI Infrastructure.

“Siemon is very familiar with NVIDIA reference architectures and has worked with many customers to design and deploy NVIDIA clusters… Siemon offers a full range of AI-ready fiber cabling, DAC, and AOC solutions that support 400G, 800G, and 1.6T applications.”

As part of the solution integration, Siemon has joined the NVIDIA Partner Network (NPN) as a Solution Advisor Consultant. NPN Solution Advisor Consultants provide consultation services and expert advice to customers looking to implement NVIDIA-based solutions or technologies. Siemon joins the network to offer its expertise in addressing the unique infrastructure and cabling challenges presented by accelerated computing.

NVIDIA optical reach specifications are calculated assuming two optical patch panels are used in the link and assuming each employ two optical connectors, which makes for a total allowance of four optical connectors in the link. The Siemon optical patching solutions meet NVIDIA requirements and provide customers with flexibility and ease of management.

Media Contact

Brian Baum, Siemon, 1 8609454200, brian_baum@siemon.com

View original content:https://www.prweb.com/releases/siemon-announces-optical-patching-solutions-for-genai-networks-using-nvidia-accelerated-computing-302254640.html

SOURCE Siemon

Technology

AMSimpkins & Associates Awarded Wisconsin Technical Purchasing Consortium Contract RFB 25-002TP – for Identity Verification Solutions

Published

2 hours ago

September 22, 2024

AMSimpkins & Associates has been awarded the Wisconsin Technical Colleges Purchasing Consortium (WTC-PC) contract for Identity Verification Solutions. This partnership includes providing their advanced S.A.F.E. (Student Application Fraudulent Examination) platform to 16 Wisconsin technical colleges, enhancing security and safeguarding against fraudulent student applications. With a focus on higher education, AMSA aims to support these institutions in maintaining the integrity of their admissions processes and preventing identity fraud. This collaboration underscores AMSA’s commitment to delivering innovative solutions tailored for the education sector.

ATLANTA, Sept. 22, 2024 /PRNewswire-PRWeb/ — AMSimpkins & Associates is proud to announce its selection by the Wisconsin Technical College System Purchasing Consortium (WTC-PC) to provide Identity Verification Solutions through the S.A.F.E. platform. The WTC-PC comprises 16 independent, publicly funded two-year technical colleges across Wisconsin, including Blackhawk Technical College, Chippewa Valley Technical College, Fox Valley Technical College, and Milwaukee Area Technical College, among others.

“We are honored by the Wisconsin Technical College Consortium’s trust in AMSA. This partnership further emphasizes our commitment to providing secure, innovative identity verification solutions that support the needs of educational institutions in protecting their students and operations.”

With a focus on preventing identity fraud, AMSimpkins & Associates’ comprehensive solutions will strengthen the security measures across admissions, enrollment, and financial aid processes, ensuring secure verification and compliance with federal and state regulations. S.A.F.E. will now support Wisconsin’s higher education system, offering its cutting-edge technology to streamline operations and safeguard student data.

“We are honored by the Wisconsin Technical College Consortium’s trust in AMSimpkins & Associates,” said Maurice Simpkins, President and Founder. “This partnership further emphasizes our commitment to providing secure, innovative identity verification solutions that support the needs of educational institutions in protecting their students and operations.”

As part of this agreement, AMSimpkins & Associates will deliver comprehensive services, including system integration, training, and ongoing support to ensure seamless implementation. S.A.F.E.’s capabilities are designed to evolve with growing threats of fraudulent activities, keeping institutions one step ahead in securing student identities.

Institutions in the Wisconsin Technical College System:

Blackhawk Technical CollegeChippewa Valley Technical CollegeFox Valley Technical CollegeGateway Technical CollegeLakeshore Technical CollegeMadison Area Technical CollegeMid-State Technical CollegeMilwaukee Area Technical CollegeMoraine Park Technical CollegeNicolet Area Technical CollegeNorthcentral Technical CollegeNortheast Wisconsin Technical CollegeNorthwood Technical CollegeSouthwest Wisconsin Technical CollegeWaukesha County Technical CollegeWestern Technical College

The S.A.F.E. platform’s advanced identity verification services will play a pivotal role in securing sensitive data and ensuring a safe and fraud-free environment for Wisconsin’s technical colleges and their students.

For more information about AMSimpkins & Associates and the S.A.F.E. platform, please visit amsa-highered.com.

Media Contact

LAQWACIA SIMPKINS, AMSimpkins & Associates, 1 6786824193, LSIMPKINS@AMSA-CONSULTING.COM, amsa-highered.com

Twitter, Facebook, LinkedIn

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SOURCE AMSimpkins & Associates

Technology

Shijingshan: Committed to High-Level Openness

Published

7 hours ago

September 22, 2024

BEIJING, Sept. 22, 2024 /PRNewswire/ — Following the third plenary session of the 20th Central Committee of the Communist Party of China, China successfully hosted its first national-level international large-scale fair—the China International Fair for Trade in Services (CIFTIS) 2024, which concluded on September 16. The event featured exhibitors from 85 countries and international organizations, participating under their national governments or headquarters, with over 450 Fortune Global 500 companies and industry leaders showcasing their offerings both online and offline.

Adhering to the open, cooperative and mutually beneficial principle, the CIFTIS injects new momentum into global economic development through concrete actions. As one of the “dual venues” for the fair, Shijingshan District hosted a variety of business activities, including exhibitions, negotiations, and conferences. While providing meeting organization services, it showcased the achievements of Shijingshan in fostering openness and development. By leveraging the Fair’s platform, Shijingshan seeks to promote its developmental advantages globally and aims to attract more partners to this welcoming district for mutually beneficial and win-win cooperation.

Presenting Achievements in Open Cooperation and Development in Multiple Dimensions

This CIFTIS’s Shougang Park venue is composed of nine thematic exhibitions, including telecommunications, computer and information services; financial services; culture & tourism services; education services; sports services; supply chain & business services; engineering consulting & construction services; health services; and environmental services. It circles around cultivating new quality productive forces while showcasing the latest achievements, technologies, and applications in the digitalization, intelligentization, and greening of services trade, creating a “debut stage” for global services trade.

Shijingshan leverages its strengths by organizing five thematic exhibitions and four promotional booths on-site. The culture & tourism services exhibition promoted Shijingshan’s rich culture and tourism resources, while also building a support area for paired assistance to highlight its revitalization efforts to a global audience. The financial services exhibition showcased its achievements in economic development across five sectors, that is, sci-tech finance, green finance, inclusive finance, pension finance, and digital finance. The exhibition of telecommunications, computer and information services highlighted the growth of Shijingshan’s the artificial intelligence large model industry cluster and key humanoid robot enterprises. In addition, the primary and secondary school science education experimental zone invited participation from six national-level science education centers, including Shijingshan District, to display their accomplishments. Four schools, including the Beijing National Day School Shijingshan, showcased their scientific research and learning outcomes through visual presentations and videos, while also engaging visitors in interactive science experiments.

The AIES Beijing Open is made up of four competition areas, virtual cycling, virtual rowing, virtual dance, and virtual table tennis. The event welcomed international competitors, domestic professional athletes, high-level amateurs, and university students, while showing the achievements of the “digital + sports” industry. Besides, four promotional booths focused on taxation, justice, investment, and commerce showcases Shijingshan’s tax and judicial policies, offering one-stop policy guidance for participating businesses and visitors. These booths also clarified investment promotion policies, creating a unique event that integrates commerce, tourism, culture, and sports.

Working Together for Global Open Cooperation and Development

The Open Cooperation Forum 2024 was held on the afternoon of September 13. Experts, scholars, government representatives, and business leaders from both domestic and international backgrounds gathered at the Shougang Park to engage in in-depth discussions on promoting high-level open cooperation and supporting regional economic development. Shijingshan District is committed to taking industrial transformation as the strategic foundation for its initiatives, establishing several distinctive industrial parks, including the Intelligent Technology Park, Industrial Internet Park, Virtual Reality Park, Science Fiction Industry Cluster, and Artificial Intelligence Large Model Cluster. What’s more, the district is focusing on new opportunities in future information, future health, future manufacturing, and future space, continually enhancing its innovation capacity, development vitality, economic strength, and overall competitiveness.

It is dedicated to expanding openness as a key driver for integrating into the capital’s new development pattern. The district capitalizes on a range of policy opportunities, including the construction of Beijing’s two zones, effectively leveraging the role of expanding services and deepening economic reforms. It continues to optimize the business environment, actively participates in organizing the CIFTIS, and develops high-standard international cooperation zones to provide a broad platform and efficient services for enterprises to settle and cluster. Shijingshan aims to implement high-level openness to promote high-quality development, enhance mechanisms for foreign openness, innovate and elevate services trade, and align with international economic and trade standards, creating a premier business environment characterized by marketization, rule of law, and internationalization.

Three parallel forums took place during this CIFTIS. With the theme of “Leveraging Overseas Strength for Development • Pursuing Broad Horizons Through Innovation”, the Dream Incubator of Overseas Chinese Beijing Forum set up ten sub-venues abroad, aiming to enhance the involvement of overseas Chinese’s capital and expertise in Beijing’s high-quality development. The Artificial General Intelligence Computility Forum focused on “Releasing New Quality Productive Forces with Unbounded Intelligence and Computational Foundations”, where industry experts and scholars explored new possibilities in artificial general intelligence computility. The Digital Energy Development Forum 2024, themed as “Energizing the Future with Digital Innovation”, showcased a range of quality development achievements and finalized partnerships for several high-quality projects, uniting all parties to advance digital innovation and development.

The rich array of side events is one of the highlights of this CIFTIS. The International Open Cooperation Promotion Conference circled around developing the international open cooperation zone, drawing representatives from international organizations, leading global companies, and prospective businesses seeking to establish a presence in these areas. It centered on the advantages of Shijingshan’s key industries to attract target enterprises. Furthermore, the Roundtable Discussion of Foreign-Funded Enterprises engaged representatives from international organizations, business associations, and foreign-funded companies from countries like Malaysia, Singapore, and France to explore collaboration in aligning with high-standard international economic and trade rules, as well as market access in the service sector, sharing the successes of modernization with Chinese characteristics.

To enhance the consumer experience for attendees of the CIFTIS, Shijingshan has expanded its comprehensive service offerings in areas such as food, accommodation, transportation, tourism, entertainment and shopping. The Second “Here I Am for CIFTIS” Shijingshan Culture and Tourism Carnival has been significantly upgraded, evidenced by the “Divine Beasts Ascend to Immortal Mountain”: Enchanting Night Tour in Shijing Mountain. The “Surprises Await in Shijingshan. Hey There, CIFTIS!” promotional event was held during the 14th Shijingshan Consumption Festival. This included online surprise announcements and a consumption map showcasing quality shopping venues. Special surprise floats were on display, with oversized themed shopping bags distributed. Shopping centers like Joy City, Xirondo Plaza, Modern Plaza, and Chang’an Mills in Shijingshan also launched supporting promotional activities. Business tours in Shijingshan offered three dedicated routes, inviting exhibitors from digital technology, finance and insurance, culture and tourism, and sports related industries to explore relevant industrial parks and attractions for in-depth exchanges.

The China International Fair for Trade in Services 2024 has successfully concluded. Utilizing this platform, Shijingshan has once again showed its high-quality development achievements and favorable business environment to a global audience. We look forward to collaborating with more partners in an open and inclusive manner to create a win-win future.

View original content:https://www.prnewswire.com/news-releases/shijingshan-committed-to-high-level-openness-302254872.html

SOURCE Open Cooperation Forum