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Acquisition expands CGI’s managed services offerings to more than 90 credit unions nationwide
Under the agreement, CGI will acquire managed services businesses with more than 90 credit unions and create new partnerships with Central Credit Union 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 customers. As part of the agreement, more than 150 Celero employees will join CGI, benefiting from the company’s culture of ownership that will ensure a seamless integration as well as future professional development opportunities.
“We warmly welcome the Celero team and the valuable banking expertise each individual brings to clients and now to CGI,” he says.
“CGI is the ideal IT services company to continue the legacy of service excellence that Celero has established,” said Curtis Weinberg, CEO of CUCM and Chairman of the Board of Directors of Celero. “We believe this transaction will provide a great path forward for the credit union system as a whole as well as for the employees of Celero. Combining Celero’s specialized knowledge of the needs of credit unions with CGI’s global suite 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 provided Canadian credit unions with a range of innovative digital offerings, including core banking, internet and professional services solutions, for nearly 30 years.
About CGI
Founded in 1976, CGI is among the world’s largest independent IT and business consulting services firms. With 90,000 consultants and professionals worldwide, CGI offers a comprehensive range of capabilities, from strategic IT and business consulting to systems integration, managed IT services, business processes, 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’s fiscal 2023 revenue was C$14.30 billion, and CGI’s shares are listed on the Toronto Stock Exchange (GIB.A) and the New York Stock Exchange (GIB). Learn more at cgi.com.
Forward-Looking Information and Statements
This press release contains “forward-looking information” within the meaning of Canadian securities laws and “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and other applicable laws.
Forward-looking information and statements include all information and statements regarding CGI’s intentions, plans, expectations, beliefs, objectives, future performance and strategy, as well as any other information or statements that relate to future events or conditions and do not relate directly and exclusively to historical facts. Forward-looking information and statements often, but not always, use words such as “believes,” “estimates,” “expects,” “intends,” “anticipates,” “plans,” “forecasts,” “plans,” “aims,” ”seeks,” “potential,” “continues,” “targets,” “may,” “could,” “should,” and similar expressions and variations thereof. Such information and statements are based on our perception of historical trends, current conditions and expected future developments, as well as other assumptions, both general and specific, that we believe are appropriate under the circumstances. However, such information and statements are inherently subject to inherent risks and uncertainties, many of which are beyond CGI’s control, resulting in the possibility that actual results could differ materially from our expectations expressed or implied by such forward-looking information or forward-looking statements.
These risks and uncertainties include, but are not limited to: market-related risks such as the level of business activity of our customers, which is affected by economic and political conditions, additional external risks (such as pandemics, armed conflicts, climate-related issues, and inflation) and our ability to negotiate new contracts; risks related to our industry such as competition and our ability to develop and expand our services, penetrate new markets, and protect our intellectual property rights; Risks relating to our business, such as risks associated with our growth strategy, including the integration of new operations, financial and operational risks inherent in global operations, foreign exchange risks, income tax laws and other tax programs, termination, modification, delay or suspension of our contractual agreements, our expectations of future revenues from bookings and arrears, our ability to attract and retain qualified employees, negotiate favorable contractual terms, deliver our services and collect receivables, disclose, manage and implement environmental, social and governance (ESG) initiatives and standards, and achieve our ESG commitments and targets, including but not limited to our commitment to net zero carbon emissions by 2030, as well as reputational and financial risks associated with cybersecurity breaches and other incidents, and financial risks such as liquidity needs and requirements, maintaining financial ratios, interest rate fluctuations and discontinuation of key interest rate benchmarks and changes in creditworthiness and credit ratings; In addition to other risks identified or incorporated by reference in this press release, in CGI’s Annual Discussion and Analysis Report and in other documents we publish, including our filings with the Canadian Securities Commission (on SEDAR+ at www.sedarplus.ca) and US Securities and Exchange Commission (On EDGAR in www.sec.gov).
Unless otherwise stated, the forward-looking information and statements contained in this press release are made as of the date hereof, and CGI disclaims any intention or obligation to publicly update or revise any forward-looking information or statements, whether as a result of new information, future events or otherwise, except as required by applicable law. While we believe that our assumptions underlying such forward-looking information and statements were reasonable as of the date of this press release, readers are cautioned not to place undue reliance on such forward-looking information or statements.
Further, readers are reminded that forward-looking information and statements are provided for the sole purpose of assisting investors and others in understanding our objectives, strategic priorities and business outlook as well as our anticipated operating environment. We caution readers that such information may not be appropriate for other purposes. Further information about the risks that could cause our actual results to differ materially from our current expectations can be found in the section entitled “Risk Environment” of CGI’s Annual MD&A Report, which is incorporated by reference into this cautionary statement. Readers are also cautioned that the risks described above and the risks described in CGI’s Annual MD&A Report and other documents and filings are not the only risks that could affect us. Additional risks and uncertainties not currently known to us or that we currently consider immaterial could also have a material adverse effect on our financial condition, financial performance, cash flows, business or reputation.
