Business
Credit Union Central of Manitoba, SaskCentral, and Alberta Central Announce Sale of Celero business to CGI
Credit Union Central of Manitoba, SaskCentral, and Alberta Central Announce Sale of Celero busine...
About this update from Cgi Inc. Class A
[{"type":"text","content":"\n \n \n \n Credit Union Central of Manitoba, SaskCentral, and Alberta Central Announce Sale of Celero business to CGI\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n WINNIPEG, MB\n \n ,\n \n CALGARY, AB\n \n , and\n \n REGINA, SK\n \n \n ,\n \n \n July 4, 2024\n \n \n /CNW/ - Credit Union Central of\n \n Manitoba\n \n (CUCM), Credit Union Central of\n \n Saskatchewan\n \n (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\n \n Canada\n \n , 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.\n \n \n 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.\n \n \n \"CGI is the ideal partner to continue the legacy of outstanding service Celero has established,\" said\n \n Curtis Wennberg\n \n , 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.\"\n \n \n 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 o...