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CGI (NYSE: GIB) (TSX: GIB.A) today announced the closing of its all-cash acquisition of Pittsburgh-based Summa Technologies, Inc., a high-end IT consultancy with expertise in digital experience and agile software development, strengthening CGI's position in the technology and growth market of Pittsburgh and the surrounding region.
A seven-time Inc. 5000 "Fastest-Growing Private Companies in America" recipient, Summa brings skills and experience in high-growth, in-demand IT services, including mobility, agile transformation and user experience design to CGI's business in the United States. Summa leverages commercial market expertise in banking and financial services, retail, manufacturing and healthcare. The transaction represents CGI's fourth strategic consulting acquisition in the U.S. in the 2017 fiscal year.
"Merging with Summa is another step toward fulfilling our strategic objective to double the size of our company through a balanced blend of organic and acquisition growth," said George D. Schindler, CGI President and Chief Executive Officer. "Summa adds capabilities, strength, and size to our U.S. business, allowing us to create additional focus in one of our target growth metros."
In the U.S., CGI employs 12,000 professionals located in 80 cities and 34 states and is committed to working with clients to propel their digital transformation. The addition of Summa, which increases CGI's U.S. workforce by nearly 200 professionals, helps further that commitment, providing CGI's clients, professionals and shareholders with a long-term partner dedicated to their success.
"CGI and Summa are a great cultural fit, with experts that are passionate problem solvers who bring trusted client relationships and a reputation for client satisfaction," said David L. Henderson, CGI President of United States. operations. "We both share a strong commitment to our professionals, a dedication to management fundamentals and a passion for excellence in execution which leads to a formidable combination of strengths."
Founded in 1976, CGI Group Inc. is the fifth largest independent information technology and business process services firm in the world. Approximately 70,000 professionals serve thousands of global clients from offices and delivery centers across the Americas, Europe and Asia Pacific, leveraging a comprehensive portfolio of services including high-end business and IT consulting, systems integration, application development and maintenance, infrastructure management as well as 150 IP-based services and solutions. With annual revenue in excess of C$10 billion and an order backlog exceeding C$20 billion, CGI shares are listed on the TSX (GIB.A) and the NYSE (GIB). Website: www.cgi.com.
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7 Mile Advisors provides Investment Banking & Advisory Services to the Business Services and Technology Industries globally. 7 Mile Advisors advises on M&A and private capital transactions, and provide market assessments and benchmarking. As a close knit team with a long history together and a laser focus on our target markets, 7 Mile Advisors helps its clients sell companies, raise capital, grow through acquisitions, and evaluate new markets. All securities transactions are executed by 7M Securities, LLC, member FINRA / SIPC. For more information, including research on the M&A markets, visit www.7mileadvisors.com