CGI Snags $399 Million Deal in CA

CGI (NYSE: GIB; TSX: GIB.A) has an agreement in place with California’s Franchise Tax Board Enterprise Data to Revenue project.

The deal carries a value of $399 million over 5-and-a-half year term a a five-year option for maintenance and operation worth another $139 million.

According to the firm, “EDR will be a performance-based, benefits-funded contract where CGI is paid from a percentage of the increased revenues generated.”

“FTB has a well-deserved national reputation for using technology to make the taxpayer’s and the State’s jobs easier while taking maximum advantage of existing systems and data, ” said Josetta Bull, CGI VP and strategic account manager. “CGI is proud to support FTB in reducing California’s tax revenue gap while continuing to build public confidence in government.” CGI’s prior work for FTB includes a ground-breaking, multi-program effort to increase revenues that yielded $784 million in incremental benefits for the State from 1994 to 2003.

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