FAIRFAX, Va., Jan. 15, 2014 /PRNewswire/ -- CGI (NYSE: GIB) (TSX: GIB.A) today announced that, by mutual agreement, CGI and the State of North Carolina will not move forward with any additional planned releases for its Tax Information Management System (TIMS). TIMS has been operational since 2011 and has allowed the State to collect more than $320 million in tax revenue that otherwise would not have been recovered.
TIMS is the result of a long-term information technology initiative that spanned multiple administrations. The project has returned more than three times its cost to the State in just over five years. Since 2010, CGI has been paid out of the benefits stream generated from the project. The project continues to generate additional benefits of $7-10 million each month, 100% of which accrue to the State.
The benefits of TIMS were referenced in the Department of Revenue's Strategic Plan, 2013-2015, published October 30, 2012, which said, "The TIMS system has already paid for itself and generated additional revenue for the state."
"CGI's unique, benefits-funded approach to quickly identify and collect revenue has delivered more than $2.5 billion in benefits to our state tax modernization clients," said George Schindler, President, CGI U.S. and Canada. "The results realized by North Carolina are similar to those achieved by California, Missouri, and Virginia, which is evidence of the true value of strong public-private partnerships."
CGI has a 15-year history working with the State of North Carolina, where more than 250 employees live and work, supporting other public sector agencies and some of the world's largest corporations.
Founded in 1976, CGI Group Inc. is the fifth largest independent information technology and business process services firm in the world. Approximately 68,000 professionals serve thousands of global clients from offices and delivery centers across the Americas, Europe and Asia Pacific, leveraging a comprehensive portfolio of services including high-end business and IT consulting, systems integration, application development and maintenance, infrastructure management as well as a wide range of proprietary solutions. With annualized revenue in excess of C$10 billion and an order backlog exceeding C$18 billion, CGI shares are listed on the TSX (GIB.A) and the NYSE (GIB). Website: www.cgi.com.
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