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CGI is like an Accenture or IBM Global Services for global IT and business consulting.

CGI is similar to Capgemini or Deloitte for large-scale IT integration and outsourcing services.

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• IT and Business Outsourcing: Provides comprehensive management of clients' IT functions and business processes.
• Systems Integration and Consulting: Offers services for integrating disparate IT systems and providing expert advisory.
• Software Solutions: Engages in selling, developing, integrating, maintaining, testing, and modernizing software applications.
• Business Process Services: Delivers a suite of specialized services designed to address the operational needs of specific industries.
• IT Infrastructure Services: Manages and supports the underlying IT hardware, networks, and operational systems for clients.

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Major Customers of CGI (GIB)

CGI Inc. primarily provides information technology (IT) and business process services to other companies and governmental entities across a wide range of sectors globally. The provided company description does not list specific customer companies by name, but rather the industries and types of organizations it serves. Therefore, its major customers can be categorized by the sectors it operates in, which include:

• Government
• Banking and capital market
• Health
• Utility
• Communication and media
• Oil and gas
• Retail, consumer and services
• Space
• Manufacturing
• Insurance
• Life sciences
• Transportation and logistics

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François Boulanger
President and Chief Executive Officer

François Boulanger was appointed President and CEO of CGI and a member of the Board of Directors in October 2024. Prior to this role, he served as President and Chief Operating Officer (COO) for CGI's operations in Canada, U.S. Commercial and State Government, Asia Pacific Global Delivery Centers of Excellence, and Global Intellectual Property Solutions since 2022. Mr. Boulanger was CGI's Executive Vice-President and Chief Financial Officer from October 2014 until his appointment as COO. In his CFO role, he oversaw global financial operations, internal audit, investment management, procurement, real estate, investor relations, and environmental, social, and governance (ESG) functions. He has been actively involved in numerous transformational mergers for CGI, including IMRGlobal, Cognicase, AMS, Stanley, and Logica, playing a pivotal role in consolidating teams in different countries after the Logica merger in 2012. Before joining CGI, Mr. Boulanger was a financial controller at SHLSystem House and Alex Informatique, and a senior auditor at Deloitte.

Steve Perron
Executive Vice-President and Chief Financial Officer

Steve Perron was appointed as CGI's Executive Vice-President and Chief Financial Officer in October 2022, overseeing the company's global financial operations. His responsibilities include controllership, treasury, taxation, investment management, internal audit, real estate functions, risk management, and global procurement. Mr. Perron has been a leader within CGI's finance organization for over 20 years, contributing to the company's growth strategy, including its international expansion. He is recognized as an expert in international taxation. Before joining CGI in 1999, he was part of the finance team at a Canadian telecommunications company and began his career in corporate tax and audit with a leading professional accounting firm.

Serge Godin
Founder and Co-Chair of the Board of Directors

Serge Godin founded CGI in 1976. He served as President and Chief Executive Officer from the company's founding until 2006, when he became Executive Chairman of the Board. In 2025, he became Co-Chair of CGI's Board of Directors, with responsibilities for overseeing transformational acquisitions and large-scale client engagements. Mr. Godin is the controlling shareholder of CGI. Under his leadership, CGI expanded through both organic growth and over 70 acquisitions, growing from two consultants in 1976 to 94,000 today.

Julie Godin
Co-Chair of the Board and Executive Vice-President, Strategic Planning and Corporate Development

Julie Godin is the Co-Chair of the Board of Directors and Executive Vice-President, Strategic Planning and Corporate Development at CGI. She plays a key role in the company's strategic direction and corporate development initiatives.

George D. Schindler
Member of the Board of Directors and Strategic Advisor

George D. Schindler served as President and Chief Executive Officer of CGI from 2016 to 2024. During his tenure as CEO, CGI's annual revenue grew to over $14 billion. He joined CGI through its acquisition of American Management Systems, Inc. (AMS) in 2004, where he started his career as a coder. Following the acquisition, he led CGI's U.S. strategy and growth for commercial and government clients and oversaw Canadian operations. From 2006 to 2011, Mr. Schindler was president of CGI Federal, leading a significant acquisition that expanded U.S. capabilities. He then served as President and Chief Operating Officer before becoming CEO. Mr. Schindler retired as CEO on September 30, 2024, and now serves on the Board of Directors and as a strategic advisor to Serge Godin.

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Here are the key risks to CGI Inc.'s business:

1. Intense Competition and Slower Organic Growth, particularly in emerging technologies like AI: CGI faces significant competition from larger global integrators such as Accenture, and lower-cost models from firms like TCS and Infosys, leading to pricing pressure and potential margin compression in its consulting segment. The company's business model is not designed to aggressively capture high-growth technology frontiers like generative AI, where competitors are investing more, potentially leading to slower organic growth and limiting its ability to win the largest digital transformation projects. The rapid evolution of AI and machine learning could also necessitate substantial resource allocation and investments in proprietary datasets and models, which may negatively impact profitability.
2. Risks Associated with its Acquisition Strategy: CGI's growth relies heavily on a "buy-and-build" strategy, which involves frequent acquisitions. While this strategy helps in scaling the business, it also leads to increased debt to fund these acquisitions. Additionally, this strategy introduces integration challenges and costs, such as those related to redundancy of employment, contractual agreements, and aligning acquired entities with CGI's operating model, which can impact net earnings and operational efficiency.
3. Exposure to U.S. Federal Government Spending Fluctuations and Political Volatility: CGI has a notable portion of its revenue, estimated around 13-16%, derived from contracts with the U.S. federal government. This exposure makes the company vulnerable to reductions in U.S. government IT consulting projects, budget cuts, and political events, such as government shutdowns, which can directly result in revenue loss or delayed projects. Broader geopolitical risks, trade disputes, or economic downturns can also cause clients across various sectors to delay or reduce large IT projects.

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The rapid advancement and adoption of generative artificial intelligence (AI) and intelligent automation tools pose a clear emerging threat to traditional IT and business process services providers like CGI.

Generative AI has the potential to automate significant portions of tasks involved in application development, integration, maintenance, testing, and various business process outsourcing activities. This could lead to a reduction in demand for human-centric services, drive down service costs, and enable clients to perform more tasks in-house or with highly automated solutions. Furthermore, new competitors specializing in AI-native service delivery models could emerge, offering more efficient and cost-effective alternatives to established integrators.

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CGI Inc. (GIB) operates in several large addressable markets for its information technology (IT) and business process services. These include the broad IT services market, IT consulting, business process outsourcing (BPO), systems integration, and application development and maintenance.

Addressable Markets for CGI's Main Products or Services:

• IT Services Market
  • The global IT services market was valued at approximately USD 1.22 trillion in 2024 and is projected to reach USD 2.29 trillion by 2033, growing at a compound annual growth rate (CAGR) of 7.26% from 2025 to 2033. Other estimates place the global market size at USD 1.65 trillion in 2025, projected to reach USD 3.30 trillion by 2033 with a CAGR of 8.9% from 2026 to 2033.
  • North America is a dominant region in the IT services market, holding a significant share of 36.5% in 2024.
• IT Consulting Services Market
  • The global IT consulting services market was estimated at USD 69.59 billion in 2025 and is expected to rise to USD 106.58 billion by 2034, with a CAGR of 6.4%. Another report states the market reached approximately USD 103.2 billion in 2023 and is expected to grow to USD 181.8 billion in 2028, with a CAGR of 12%.
  • North America accounts for a significant portion of global IT consulting demand, contributing around 38%. Europe holds approximately 25%, and Asia-Pacific accounts for nearly 28% of global activity.
• Business Process Outsourcing (BPO) Market
  • The global business process outsourcing market was valued at USD 327.01 billion in 2025 and is projected to grow to USD 741.60 billion by 2034, exhibiting a CAGR of 9.7% during the forecast period. Another estimate indicates the global market size was USD 347.95 billion in 2025 and is predicted to increase to approximately USD 906.27 billion by 2035, expanding at a CAGR of 10.05% from 2026 to 2035.
  • North America held the largest business process outsourcing market share, valued at 36.62% in 2024.
• Systems Integration Market
  • The global system integration market size was valued at USD 385.95 billion in 2023 and is expected to grow at a CAGR of 13.8% from 2024 to 2030. Another source reports the global market size was estimated at USD 516.8 billion in 2024 and is predicted to increase to approximately USD 1.95 trillion by 2034, expanding at a CAGR of 14.18% from 2025 to 2034.
  • North America dominated the system integration market with a share of over 35% in 2022. Asia-Pacific currently dominates the market, holding a market share of 35% in 2025 and is the fastest-growing region.
• Application Development and Maintenance (ADM) Market
  • The global Application Development and Maintenance (ADM) Market was valued at USD 423.15 billion in 2024 and is expected to reach USD 685.85 billion by 2030, with a CAGR of 8.38% through 2030.
  • For the broader application development software market, the global size was estimated at USD 257.94 billion in 2024 and is projected to reach USD 862.67 billion by 2030, growing at a CAGR of 22.8% from 2025 to 2030.
  • North America led the market with 36.8% of the global revenue share in 2024. The application management services market, a component of ADM, is valued to increase by USD 70.89 billion, at a CAGR of 21.5% from 2025 to 2030. North America accounts for over 41% of the application management services market's incremental growth.

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CGI Inc. (GIB) is expected to drive future revenue growth over the next 2-3 years through several key strategies and market trends:

1. Expansion of AI-embedded Managed Services and Digital Transformation Solutions: CGI is actively leveraging artificial intelligence within its managed services offerings and focusing on digital transformation initiatives for its clients. This strategic emphasis addresses the rising demand for advanced technology solutions, contributing significantly to revenue expansion.
2. Strategic Mergers and Acquisitions (M&A): Acquisitions have been a notable contributor to CGI's past revenue growth and are anticipated to continue fueling future expansion. The company's disciplined capital allocation priorities include pursuing accretive acquisitions to deepen its market position and extend its service capabilities.
3. Robust Order Backlog and Sustained Client Demand: CGI consistently maintains a strong backlog of contracted work, demonstrating a healthy pipeline for future projects. For instance, in Q1 Fiscal 2026, the backlog stood at $31.32 billion, representing 1.9 times its annual revenue, coupled with a book-to-bill ratio of 109.5%. This strong booking performance indicates continued client trust and demand for CGI's services.
4. Growth in the Government Sector: The company has identified the government sector as a significant growth area, with its pipeline of new opportunities in this segment increasing by 30% year-over-year. This indicates a targeted expansion within a key industry vertical.

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Share Repurchases

• CGI consistently utilizes Normal Course Issuer Bids (NCIB) as a primary method of returning capital to shareholders, with annual expenditures on share buybacks typically ranging between C$870 million and C$1.5 billion.
• Under the NCIB that concluded on February 5, 2026, CGI repurchased 12,945,271 Class A Shares for approximately $1.72 billion at a weighted average price of $133.10 per share.
• In the NCIB that ended on February 5, 2025, the company repurchased 7,088,507 Class A Shares for a total consideration of approximately $1.03 billion at a weighted average price of $145.37 per share.

Share Issuance

• CGI has not reported significant share issuances over the last 3-5 years. Instead, the number of shares outstanding has consistently declined due to ongoing share repurchase programs.

Outbound Investments

• CGI actively pursues a "buy-and-build" acquisition strategy to expand its market presence and enhance its service offerings.
• Recent acquisitions include Online Business Systems (December 2025), which strengthened its presence in Winnipeg and capabilities in digital transformation, cybersecurity, and AI, and Stratfield Consulting (February 2026).
• Other strategic acquisitions in the past three years include Comarch Polska SA (January 2026), BJSS (January 2025), Apside (March 2025), Novatec (January 2025), and Daugherty (December 2024), which aimed to expand local presence in various regions and enhance data and AI capabilities.

Capital Expenditures

• CGI is characterized as a low-capital-expenditure business, with reported and forecasted annual capital expenditures in the range of approximately $90 million to $123 million (USD) between 2021 and 2026.
• In Q4 Fiscal 2025, CGI invested $80.5 million back into its business.
• The primary focus of CGI's investments is on strategic priorities such as AI, digital transformation, data, cloud modernization, cybersecurity, and business process optimization.