One after another, North America’s biggest technology companies have announced thousands of job cuts. Canadian tech-services firm CGI Inc. says it’s not even considering following their lead.
CGI saw its payroll rise 10 per cent last year, to 90,250 people worldwide. But layoffs aren’t on the agenda as the company, which provides outsourced IT services and consulting, tries to win contracts from organizations that are reducing staff, Chief Executive Officer George Schindler said in an interview.
Montreal-based CGI this week reported a 12 per cent increase in revenue for the three-month period that ended Dec. 31 and beat analyst expectations with adjusted earnings of $1.66 per share. Bookings — a measure of new contract wins, extensions and renewals — rose 12 per cent to $4 billion in the quarter.
About a third of CGI’s business is with governments, which “tend to be a bit countercyclical,” Schindler added. Schindler said he’s growing more interested in larger-sized acquisitions. “We’re looking at hundreds of millions rather than $50 million to $100 million,” said Schindler. “Then, there’s transformational deals. Those are the deal that are multibillions. Yes, we are having those discussions, but those can go on for a very long time.
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