CGI Closes Callibrity Acquisition as Net Debt Climbs to $3.68 Billion

Insider Monkey·18 Sep 2026·

3▲0 ▼0Impact / 5

Earnings M&A · Partnership Semiconductors & Semiconductor Equipment

Summary · why it matters

CGI Inc. closed its acquisition of Callibrity, a Cincinnati-based consulting firm, on September 8, adding 120 consultants with production-ready AI and platform engineering expertise. The deal follows CGI's fiscal third-quarter results, in which diluted earnings per share jumped 22.5% to $2.23 while revenue grew just 2.5%, or 1.3% in constant currency. Bookings reached $4.20 billion in the quarter for a 108.1% book-to-bill ratio over the trailing twelve months, and backlog stood at $31.79 billion, 1.9 times annual revenue, up from $30.58 billion a year earlier. CGI spent $412.9 million buying back and canceling 4,427,600 Class A shares, cutting weighted average diluted shares outstanding to 208.9 million from 224.4 million, a nearly 7% reduction. Net debt rose to $3.68 billion from $3.12 billion a year earlier, lifting the net debt-to-capitalization ratio to 26.6% from 23.4%, while cash and cash equivalents fell to $625.6 million from $1.13 billion and return on invested capital slipped to 13.4% from 14.6%. Adjusted net earnings rose just 1.7% year over year, and hedge fund ownership of CGI fell from 21 funds to 14 in the most recent quarter.