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Enhances IP portfolio and strengthens
partnership with European space agencies
LONDON, June 14, 2019 /PRNewswire/ - CGI (NYSE: GIB)
(TSX: GIB.A) today announced a cash offer of 254.15 pence
per share to acquire the entire issued and to be issued ordinary
share capital of SCISYS through its wholly owned indirect
subsidiary CGI Group Holdings Europe Limited. The offer is
unanimously recommended by the SCISYS Board of Directors and CGI
has received irrevocable undertakings to vote in favour of the
transaction from SCISYS directors representing approximately 25.0%
of the existing issued share capital of SCISYS. The offer
represents a premium of 43.7% to SCISYS' volume weighted
average closing price over the last 6 months, 47.0% to its
volume weighted average closing price over the last 12
months and 24.6% to its closing price on June 13, 2019. The offer values the entire issued
and to be issued ordinary share capital of SCISYS at approximately
£78.9 million.
With annual revenue of approximately £58.4 million (representing
approximately C$100 million),
Dublin-based SCISYS operates in
several sectors, with deep expertise and industry leading solutions
in the space and defence sectors, as well as in the media and
broadcast news industries. With approximately 670 highly skilled
professionals predominantly based in the UK and Germany, SCISYS will complement CGI's strong
capabilities and client relationships in these countries.
The transaction is expected to close during the second half of
2019.
"CGI's offer to merge its operations with those of SCISYS is
aligned to our Build and Buy strategy, providing opportunities to
expand our industry depth in space, defense, government and media
in the UK and Germany," said
George Schindler, President and CEO,
CGI. "SCISYS' industry-leading expertise and IP-based services and
solutions will provide an opportunity to globalise certain
platforms utilizing the broader CGI geographic footprint and client
relationships."
"We look forward to welcoming SCISYS' highly-skilled innovators
to CGI, sharing and collaborating with a focus on the success of
our clients," said Tara McGeehan,
CGI President of UK operations. "The addition of SCISYS consultants
and IP to CGI's local presence and global reach will benefit our
clients, and in particular making our investment in the European
space industry more relevant than ever before," added Torsten
Strass, CGI President of Central and Eastern Europe Operations.
For more details, please visit:
https://www.cgi.com/en/SCISYS.
About CGI
Founded in 1976, CGI is a leading independent information
technology ("IT") and business consulting services firm. With more
than 77,000 consultants and professionals across the globe,
CGI delivers an end-to-end portfolio of capabilities, from IT and
business consulting to systems integration, outsourcing services
and intellectual property solutions. CGI works with clients
through a local relationship model complemented by a global
delivery network that helps clients digitally transform
their organizations and accelerate results. With annual
revenue of C$11.5 billion, CGI
shares are listed on the TSX (GIB.A) and the NYSE
(GIB). Learn more at cgi.com.
Forward-looking information and statements
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release contains "forward-looking information" within the meaning
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Statements required by the Irish Takeover Rules
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Holdings Europe Limited (who, in each case, have taken all
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SOURCE CGI Inc.