CGI (NYSE: GIB) (TSX: GIB.A) has been selected to design, build and support a next generation electricity information exchange system for Fingrid Datahub Oy, a subsidiary of Fingrid Oyj, Finland’s electricity transmissions operator.
The new centralized IT system, called “Datahub,” will store and manage data from all of Fingrid’s 3.5 million energy consumption locations, driving a wide range of strategic benefits for the utility’s nationwide operations, Finland’s retail utility sector as a whole, and consumers across the country. Datahub also will support Finland’s transition towards becoming a fossil-free society.
The contract is valued EUR 41.9 million and covers project delivery, licenses, and support and maintenance services for a four-year period.
Fingrid Datahub Oy, which was established to operate Databub, will adopt CGI’s proprietary central market system to replace its current EDI message exchange system. CGI’s system addresses key requirements driven by energy legislation, energy sector demands and Fingrid’s own business needs in terms of data processing, protection and security, synchronized electricity retail market processes, and support and maintenance.
Datahub, through advanced process automation, will simplify, speed up and enhance the efficiency of data exchange across the retail electricity market in Finland. For consumers, the Datahub also will support various services to significantly improve the customer experience.
“The energy sector will undergo a major transformation in the coming years,” said Asta Sihvonen-Punkka, CEO of Fingrid Datahub Oy. “We are heading towards a clean, reliable and market-driven environment for distributing electricity. Datahub will play a very important role in this market transition.”
“We are very pleased that CGI has been chosen as Fingrid’s partner,” said Leena-Mari Lähteenmaa, Senior Vice-President of CGI’s operations in Finland. “We are witnessing the biggest shift in the retail electricity market since the liberalization of electricity trade. This strategic digitalization project will lead to more efficient day-to-day business processes, the opportunity for consumers to change electricity sellers more quickly and enjoy many other new services, and the launch of innovative capabilities such as demand-side electricity management.”
CGI teams in Finland, the Netherlands and India will collaborate on the system’s development, delivery and maintenance. CGI also will partner with First Derivatives plc to integrate its Kx technology into innovative meter data management and settlement functions within the new system.
CGI has built and currently runs two-thirds of all central market systems worldwide, including systems across the Nordics and the UK. These systems are supported by more than 500+ CGI central market system experts across the globe.
With more than 40 years of experience supporting the transformation of utilities globally, CGI is partner to 450+ utility providers in the electricity, water and natural gas sectors, including 8 of the top 10 utilities in Europe and North America.
Founded in 1976, CGI is among the largest independent IT and business consulting services firm in the world. With 73,000 professionals across the globe, CGI delivers an end-to-end portfolio of capabilities, from IT and business consulting to systems integration, outsourcing services and intellectual property solutions. CGI works with clients through a local relationship model complemented by a global delivery network that helps clients digitally transform their organizations and accelerate results. With annual revenue of C$10.8 billion, CGI shares are listed on the TSX (GIB.A) and the NYSE (GIB). Learn more at www.cgi.com.
Forward-looking information and statements
This press release contains “forward-looking information” within the meaning of Canadian securities laws and “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and other applicable United States safe harbours. All such forward-looking information and statements are made and disclosed in reliance upon the safe harbour provisions of applicable Canadian and United States securities laws. Forward-looking information and statements include all information and statements regarding CGI’s intentions, plans, expectations, beliefs, objectives, future performance, and strategy, as well as any other information or statements that relate to future events or circumstances and which do not directly and exclusively relate to historical facts. Forward-looking information and statements often but not always use words such as “believe”, “estimate”, “expect”, “intend”, “anticipate”, “foresee”, “plan”, “predict”, “project”, “aim”, “seek”, “strive”, “potential”, “continue”, “target”, “may”, “might”, “could”, “should”, and similar expressions and variations thereof. These information and statements are based on our perception of historic trends, current conditions and expected future developments, as well as other assumptions, both general and specific, that we believe are appropriate in the circumstances. Such information and statements are, however, by their very nature, subject to inherent risks and uncertainties, of which many are beyond the control of CGI, and which give rise to the possibility that actual results could differ materially from our expectations expressed in, or implied by, such forward-looking information or forward-looking statements. These risks and uncertainties include but are not restricted to: risks related to the market such as the level of business activity of our clients, which is affected by economic conditions, and our ability to negotiate new contracts; risks related to our industry such as competition and our ability to attract and retain qualified employees, to develop and expand our services, to penetrate new markets, and to protect our intellectual property rights; risks related to our business such as risks associated with our growth strategy, including the integration of new operations, financial and operational risks inherent in worldwide operations, foreign exchange risks, income tax laws, our ability to negotiate favorable contractual terms, to deliver our services and to collect receivables, and the reputational and financial risks attendant to cybersecurity breaches and other incidents; as well as other risks identified or incorporated by reference in this press release, in CGI’s annual and quarterly MD&A and in other documents that we make public, including our filings with the Canadian Securities Administrators (on SEDAR at www.sedar.com) and the U.S. Securities and Exchange Commission (on EDGAR at www.sec.gov). Unless otherwise stated, the forward-looking information and statements contained in this press release are made as of the date hereof and CGI disclaims any intention or obligation to publicly update or revise any forward-looking information or forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law. While we believe that our assumptions on which these forward-looking information and forward-looking statements are based were reasonable as at the date of this press release, readers are cautioned not to place undue reliance on these forward-looking information or statements. Furthermore, readers are reminded that forward-looking information and statements are presented for the sole purpose of assisting investors and others in understanding our objectives, strategic priorities and business outlook as well as our anticipated operating environment. Readers are cautioned that such information may not be appropriate for other purposes. Further information on the risks that could cause our actual results to differ significantly from our current expectations may be found in the section titled “Risk Environment” of CGI’s annual and quarterly MD&A, which is incorporated by reference in this cautionary statement. We also caution readers that the above-mentioned risks and the risks disclosed in CGI’s annual and quarterly MD&A and other documents and filings are not the only ones that could affect us. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial could also have a material adverse effect on our financial position, financial performance, cash flows, business or reputation.
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