Acquisition of Paragon solidifies CGI position in U.S. Northeast corridor encompassing Greater New York City/New Jersey and Philadelphia
CGI (NYSE: GIB) (TSX: GIB.A) today announced the acquisition for all cash consideration of Paragon Solutions, Inc., a high-end commercial business consultancy with depth in health and life sciences and IT expertise in digital transformation and systems integration. Paragon strengthens CGI’s position in the key metropolitan growth region encompassing the Greater New York City/New Jersey and Philadelphia metro markets.
Through long-term relationships built by their experts, Paragon supports client organizations in delivering better business outcomes across multiple business domains, including research and development, manufacturing and their own product commercialization and enterprise support services. The Paragon transaction represents CGI’s seventh metro market acquisition over the last 15 months and the fifth in the U.S. over the last 5 quarters. Paragon adds more than 300 talented professionals to CGI in the U.S., which now represents more than 12,000 of the company’s 71,000 professionals.
“Paragon represents another step in furthering the CGI client-proximity model, deepening our presence in a major U.S. metropolitan region while expanding our end-to-end capabilities globally, particularly in life sciences,” said George D. Schindler, CGI President and Chief Executive Officer.
“Paragon adds talented health and life sciences experts to our U.S. operations and scale with facilities in the Greater New York City/New Jersey and Philadelphia metro areas,” said David L. Henderson, CGI President of U.S. operations for Commercial and State Government. “The merger with Paragon better positions CGI, locally and globally, to serve the healthcare ecosystem end-to-end for payers, providers and life sciences enterprises.”
Founded in 1976, CGI is the fifth largest independent IT and business consulting services firm in the world. With approximately 71,000 professionals worldwide, CGI delivers an end-to-end portfolio of high-end IT and business consulting services, systems integration and IT and business process outsourcing services. CGI's client proximity model, best-fit global delivery network, and intellectual property solutions help clients accelerate results and digitally transform their organizations. With annual revenue of C$10.8 billion, CGI shares are listed on the TSX (GIB.A) and the NYSE (GIB). Website: www.cgi.com.
All statements in this press release that do not directly and exclusively relate to historical facts constitute “forward-looking statements” within the meaning of Section 27A of the United States Securities Act of 1933 and Section 21E of the United States Securities Exchange Act of 1934, as amended, and are “forward-looking information” within the meaning of Canadian securities laws. 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 but are not restricted to: the timing and size of new contracts; acquisitions and other corporate developments; the ability to attract and retain qualified employees; market competition in the rapidly evolving information technology industry; general economic and business conditions; foreign exchange and other risks identified or incorporated by reference in this press release, in CGI’s annual and/or quarterly Management’s Discussion and Analysis and in other public disclosure documents filed with the Canadian securities regulatory authorities (on SEDAR at www.sedar.com) and the U.S. Securities and Exchange Commission (on EDGAR at www.sec.gov), 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.
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