CGI Group, Inc. (GIB) recently declared the extending of its outsourcing agreement with League Data to the year 2021. This renewed five-year contract, which was originally valid till 2016, is worth $30 million Canadian Dollars.
Based in Canada, League Data specializes in providing advanced computer related services along banking and loan platforms. The company also offers innovative financial solutions in fields like online banking, customer relationship management and ATM services. League Data delivers its IT services primarily to credit unions in Atlantic Canada.
CGI Group had initially signed this contract in 2002, which was extended till 2016 later on in 2005.
Under the renewed contract, CGI Group will continue to administer League’s banking technology infrastructure, software applications and client service desk. CGI Group’s responsibility also includes expanding League’s SaaS core banking solution — HorizonFinancial Suite application — to incorporate integrated loan origination, delinquency management and CRM components
Extension of this contract highlights CGI Group’s expertise in the information technology and banking industry.
CGI has received numerous contracts over the past months. The company won a contract last month, from oil and gas major Royal Dutch Shell plc (RDS.A), to serve as a lead Key Application Services (KAS) supplier for Shell's Projects & Technology business.
Moreover, last month it also won a three-year managed services contract from telecommunications major, Orange Poland, to aid the latter’s mobile IT business support systems.
CGI Group is an independent information technology and business process services firm, with about 69,000 employees across the United States, Europe and Asia Pacific. The company’s services include high-end business and IT consulting, systems integration, application development and maintenance, infrastructure management and diverse proprietary solutions. Some of its proprietary solutions include core banking, loan origination, CRM and delinquency management solutions.
CGI Group currently carries a Zacks Rank #4 (Sell). Better-placed stocks in the industry are Syntel, Inc. (SYNT) and Edgewater Technology Inc. (EDGW). All these stocks hold a Zacks Rank #2 (Buy).
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