Caisse de Depot et Placement du Quebec and CGI to create a new information technology company for the financial sector.MONTREAL, Quebec--(BUSINESS WIRE)--June 7, 1996--The Caisse de depot et placement du Quebec and CGI CGI in full Common Gateway Interface. Specification by which a Web server passes data between itself and an application program. Typically, a Web user will make a request of the Web server, which in turn passes the request to a CGI application program. announce the creation of a new company specializing in information services See Information Systems. for portfolio management. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. a letter of agreement signed yesterday by the two partners, the company, held jointly by CGI and Sofinov, an investment subsidiary of the Caisse, will begin operations with a services contract to ensure the Caisse's information services requirements. In the course of this transaction, CGI will issue in favour of Sofinov Societe financiere d'innovation inc. 266,667 Class A voting common shares, representing 8.14 percent of shares outstanding in this category, at $6.75 a share, for a total of $1,800,000. Following this share issue, the Caisse will hold, jointly with Sofinov, 645,167 Class A common shares representing 18.2 percent of the shares outstanding in this category. The new company will start operating on July 1 with this contract valued at $8.7 million per year over a period of five years. The contract is renewable for an additional period of five years. The new company will offer its portfolio management systems development services to other clients in the financial community across North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. . "This initiative marks a positive step for CGI and the Caisse," pointed out Jean-Claude Scraire Jean-Claude Scraire was born in Montreal in 1946. Since 2002, he has been working as an independent advisor on matters of strategic development with various organizations and enterprises in Asia, Europe, and Quebec. , Chairman of the Board and Chief Executive Officer of the Caisse. "Through this partnership, the Caisse is assured of information services by a company with an excellent track record. The new company will henceforth be able to offer its expertise to other financial community clients." Serge Godin, Chairman of the Board and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , stated that he is "very pleased" with this initiative. He continued: "This agreement will make the new company an uncontested leader in a niche market destined des·tine tr.v. des·tined, des·tin·ing, des·tines 1. To determine beforehand; preordain: a foolish scheme destined to fail; a film destined to become a classic. 2. for a promising future. This is good news for both CGI and the Caisse, its partner. In fact, with the proven competence of the Caisse's computer staff in portfolio management systems and CGI's assets, the largest Canadian-owned provider of end-to-end information technology solutions, we will form a winning team across North America." Sofinov, which specializes in high-technology companies offering sound profitability and growth potential, will invest an equal share in the new company, in which CGI will hold 70 percent of the voting shares Voting Shares Shares that give the stockholder the right to vote on matters of corporate policy making as well as who will compose the members of the board of directors. Notes: Different classes of shares, such as preferred stock, sometimes don't allow for voting rights. . The creation of this company marks another step in the Caisse's efforts to acquire the most efficient information systems in order to better fulfill its mission. High-performance information services are essential to the smooth running of any financial services company. The sale of its expertise will reduce the new company's costs, while enhancing its efficiency thanks to the resulting economies of scale. The some 60 employees of the Caisse's current Information Systems and Technology Division will be transferred to the new company effective July 1. CGI is the largest Canadian-owned public information technology consulting Information technology consulting (IT consulting or business and technology services) is a field that focuses on advising businesses on how best to use information technology to meet their business objectives. company. The Company has over 1,500 professionals across Canada and in the United States. CONTACT: CGI Group Inc. Paule Dore, (514) 841-3200 or Sofinov Societe financiere d'innovation inc. Kevin Dougherty, (514) 847-2315 |
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