Canadian IT and business consulting services major CGI Group (NYSE:GIB) is expanding its presence in the U.S. with the acquisition of Momentum Consulting Corp.
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Miami-based Momentum has expertise in digital transformation, data analytics, and managed services. The strategic transaction strengthens CGI’s presence in the U.S.
Under its proximity-based business model, CGI has set up a global network of experts that provide end-to-end services while ensuring local accountability for clients. Tim Hurlebaus, the President of Commercial and State Government Operations for CGI in the U.S., commented, “The combined strength of Momentum consulting 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.”
CGI’s expansive footprint in the U.S. includes nearly 13,000 consultants spread across 80 locations. The company did not disclose the financial details of the transaction.
What Is the Price Target for CGI Stock?
Overall, the Street has a Strong Buy consensus rating on CGI. The average CGI Group price target of $116.75 implies a nearly 18% potential upside. That’s on top of a 32% rise in CGI shares over the past year.
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