CGI acquires Celero’s business serving Canada credit union clients

Acquisition expands CGI's managed service offerings to more than 90 credit unions nationwide
PRNewswireJuly 5, 20244 min

CGI announced the acquisition of Celero’s credit union business serving clients across Canada, consisting of master services agreements that span managed services, core banking, digital banking and related IT services. The strategic acquisition complements and expands CGI’s core banking service offerings and digital banking solutions to the Canadian credit union sector.

Under the agreement, CGI acquires the managed services business with more than 90 credit unions and creates new partnerships with Credit Union Central of¬†Manitoba¬†(CUCM), Alberta Central and SaskCentral. The business will be seamlessly integrated into CGI’s existing operations, ensuring continuity and quality of service for all clients. As part of the agreement, more than 150 Celero employees will join CGI, benefitting from the company’s ownership-based culture which will ensure smooth onboarding as well as future professional development opportunities.

“We extend a warm welcome to Celero’s team and the valued banking expertise each person brings to clients and now to CGI,” says¬†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 serving as a catalyst for future organic growth.”

“CGI is the ideal IT services firm to continue the legacy of outstanding service Celero has established,” says¬†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.”

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.

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