CGI Extends Deal With TD Bank Group - Analyst Blog

CGI Group, Inc. GIB extended its present contract with The Toronto-Dominion Bank TD till 2026, under which it processes TD Bank's Mutual fund transactions.

Per the agreement, CGI will continue to utilize its Wealth360 Investment Funds platform to process TD Bank's mutual fund transactions under a managed services model.

Wealth360 Platform

CGI's Wealth360 provides top-notch fund accounting services to some of North America's foremost fund houses, one of which is TD Bank. Using an extensive validation engine, it conducts the valuation process with efficiency and accuracy, and is scalable and optimized to deal with high volumes.

CGI has been a long-term partner to TD Bank in providing information technology services to the latter. In addition, CGI also facilitates complete access to its services to TD Bank's Canadian retail branch network, advisor network and third-party distribution channels.

Headquartered in Toronto, TD Bank has over 1.8 million mutual fund investors.

Ranking fifth globally in information technology and business process services, CGI boasts annual revenues exceeding C$10 billion and an order backlog amounting to over C$19 billion.

At the beginning of this month, CGI renewed and extended its contract with EDP, a primary European energy producer with global operations. The 4-year agreement, wherein CGI will provide comprehensive data center and infrastructure management services, will boost CGI's top-line by €40 million.

In the same time period, CGI Federal, a wholly owned subsidiary of CGI, secured a "Provisional Authority to Operate" certification from the Defense Information Systems Agency, which acts as the cloud service agent for the U.S. Department of Defense. CGI Federal is a highly competent provider of cloud computing solutions, and an integral division of CGI.

CGI Group currently holds a Zacks Rank #3 (Hold). Other notable stocks in the industry include Computer Sciences Corporation CSC and iGATE Corporation IGTE, each holding a Zacks Rank #2 (Buy).