WINNIPEG, MB, CALGARY, AB, and REGINA, SK, July 4, 2024
/CNW/ - Credit Union Central of Manitoba (CUCM), Credit Union Central of
Saskatchewan (SaskCentral), and
Credit Union Central of Alberta (Alberta Central) have reached a
definitive agreement to sell the business of Celero, a leading
provider of IT solutions to credit unions and financial
institutions across Canada, to CGI
(NYSE: GIB) (TSX: GIB.A), a leading global IT and business
consulting services firm. This strategic transaction aims to
position the Canadian credit union system as a technological
innovator in the financial services industry for years to come.
Under the terms of the agreement, CGI will acquire Celero's
services and business which includes core banking, digital banking,
managed services, integration, and security. The majority of
Celero's employee base will also join CGI, who is committed to
providing support and resources to ensure a smooth transition for
all new employees.
"CGI is the ideal partner to continue the legacy of outstanding
service Celero has established," said Curtis Wennberg, CEO, CUCM and Chair of Celero.
"We believe this transaction will provide a great path forward for
the credit union system overall as well as for Celero's employees.
Combining Celero's expert knowledge of credit unions' needs with
CGI's global portfolio of services and solutions will create new
opportunities for growth and innovation in the credit union
system."
The owners of Celero have been evaluating the most sustainable
and scalable ownership structure to support the evolving needs of
the credit union system. After a thorough review, the owners agreed
that the acquisition of its business by CGI would be a strategic
fit, allowing CGI to further develop and expand its services while
offering continuity and enhanced capabilities to Celero's
clients.
"We believe this agreement is in the best interests of the
Canadian credit union system," said Stephen
Fitzpatrick, CEO, SaskCentral. "CGI's extensive experience
in serving the credit union sector will ensure the ongoing delivery
of stable and innovative solutions for our credit unions."
"Celero has been instrumental in delivering technology solutions
that support the credit unions' unique needs," said Benjamin Chappell, CEO, Alberta Central. "Together with CGI, we are
committed to ensuring continuity of service for Canadian credit
unions through the transition."
"We extend a warm welcome to Celero's team and the valued
banking expertise each person brings to clients and now to CGI,"
said Michael Godin, President,
Canada operations at CGI. "This
acquisition aligns with our strategic goals and enhances our
capabilities to best partner with our clients. The addition of
Celero's operations will further deepen CGI's presence and
positioning across Canada for this
important sector which serves hundreds of thousands of Canadians
nationwide. This transaction is consistent with our build and buy
profitable growth strategy, while acting as a catalyst for future
organic growth."
As a result of this transaction, CGI will enhance and expand its
services to credit unions. CGI has been serving Canadian credit
unions with a range of innovative digital offerings, including core
and online banking solutions and professional services for nearly
30 years.
About Celero
Celero is a leading provider of IT solutions to credit unions
and financial institutions across Canada. Known for its expertise in core
banking services, Celero has been instrumental in delivering
technology solutions that support the financial services sector's
unique needs for over 20 years. Celero was established as a joint
venture among the three Prairie Centrals, to provide core banking
and other technology solutions to credit unions.
About CGI
Founded in 1976, CGI is among the largest independent IT and
business consulting services firms in the world. With 90,000
consultants and professionals across the globe, CGI delivers an
end-to-end portfolio of capabilities, from strategic IT and
business consulting to systems integration, managed IT and business
process 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. CGI Fiscal 2023
reported revenue is C$14.30 billion
and CGI shares are listed on the TSX (GIB.A) and the NYSE (GIB).
Learn more at cgi.com.
About Credit Union Central of Manitoba (CUCM)
CUCM is the trade association and service provider for
Manitoba's credit unions. CUCM
advocates on behalf of its members on sector priorities, manages
liquidity reserves, monitors credit granting procedures, and
provides support in multiple areas including system governance.
CUCM also provides services to its members in the areas of
treasury, credit adjudication, human resources, compliance,
strategic consulting, and more. Manitoba credit unions jointly own CUCM and
representatives sit on its board of directors. CUCM is financed
through assessments and fee income derived through its
operations.
About SaskCentral
SaskCentral is owned by, and is the liquidity manager for,
Saskatchewan's credit unions. By
aggregating statutory liquidity deposits, SaskCentral facilitates
clearing and settlement, provides credit facilities that support
daily cash flow management, coordinates emergency liquidity support
and provides investment management services. SaskCentral also
maintains business relationships with, and investments in, a number
of entities on behalf of Saskatchewan credit unions.
About Alberta Central
Alberta Central is the central banking facility and trade
association for Alberta's credit unions. Alberta Central offers
credit unions in Alberta
innovative products and services, thought leadership, research and
analytics from The Intelligence Centre, advocacy on priority system
issues, lending and liquidity management products, and much more.
It also supports building awareness of the credit union difference
through the Credit Unions of Alberta brand.
SOURCE Canadian Credit Union Association Cooperative