CGI acquires Celero’s credit union operations to bolster digital banking solutions across Canada
CGI (TSX: GIB.A) (NYSE: GIB) has officially announced the acquisition of Celero’s credit union business, significantly enhancing its digital and core banking service offerings within the Canadian market. This strategic move involves acquiring master services agreements that span managed services, core banking, digital banking, and related IT services, catering to more than 90 credit unions across Canada.
This acquisition not only broadens CGI’s capabilities but also fosters new partnerships with prominent institutions such as Credit Union Central of Manitoba (CUCM), Alberta Central, and SaskCentral. The seamless integration of Celero’s operations into CGI’s existing framework is designed to maintain continuity and elevate the quality of service for all clients involved. Additionally, over 150 Celero employees will transition to CGI, benefiting from the company’s robust professional development opportunities and ownership-based culture.
Michael Godin, President of Canada operations at CGI, expressed enthusiasm about the acquisition: “We extend a warm welcome to Celero’s team and the valued banking expertise each person brings to clients and now to 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.”
Curtis Wennberg, CEO of CUCM and Chair of Celero, also reflected on the transition: “CGI is the ideal IT services firm to continue the legacy of outstanding service Celero has established. 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.”
This acquisition is a strategic component of CGI’s ongoing growth strategy, aiming to build and buy profitable growth while serving as a catalyst for future organic expansion within the sector. CGI has been a leading provider of innovative digital solutions to Canadian credit unions for nearly three decades, and this acquisition marks a significant enhancement of its service offerings in the digital banking sphere.