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Thursday, November 13, 2014

Canada's CGI posts 52 percent jump in profit, eyes acquisitions, (NYSE: GIB)

Canadian computer services provider CGI Group posted a 52 percent rise in fourth-quarter profit on Thursday, and said it was looking at new buying opportunities as it completed the integration of Logica, which gives the company a major boost in Europe. The Montreal-based company, which had lost the contract to manage last year's U.S. healthcare plan known as Obamacare after a botched launch, said it had since finished work on a range of state-based healthcare projects."We successfully completed the remaining U.S. healthcare exchange projects resulting in a notable performance improvement in the second half of the year," Chief Executive Michael Roach told analysts on a conference call.He said CGI had improved its position with respect to U.S. federal government business despite ongoing industry-wide delays.CGI, one of Canada's largest technology companies, has diversified its customer base thanks to acquisitions including the 2012 purchase of UK-based Logica, for which integrations costs have now been fully accounted for.

CGI Group Inc. (CGI) provides information technology (IT) consulting, systems integration, IT outsourcing and business solutions. Shares of GIB traded higher by 0.55% or $0.19/share to $35.05. In the past year, the shares have traded as low as $29.40 and as high as $39.47. On average, 175492 shares of GIB exchange hands on a given day and today's volume is recorded at 67462.