CGI Inc (NYSE:GIB) disclosed the acquisition of Momentum Consulting Corp. in Miami for an undisclosed amount.
Momentum Consulting is an IT and business consulting firm specializing in digital transformation, data analytics, and managed services.
The buyout is expected to strengthen CGI’s foothold in the high growth market of Miami.
“CGI and Momentum Consulting Corp. are a great cultural fit as both companies share a strong commitment to their people, a dedication to management fundamentals and a passion for excellence in execution for clients. The combined strength of Momentum Consulting Corp. and CGI creates additional value for clients through deep industry and technology expertise, a commitment to delivering ROI-led digitization to address business and IT objectives—and with a priority focus on client satisfaction,” commented Tim Hurlebaus, President of U.S. Commercial and State Government operations.
As of June 2023, the company had cash in hand of C$1.5 billion, excluding funds held for clients.
Price Action: CGI shares are trading higher by 1.99% at $101.07 on the last check Wednesday.
