Acquires Solutions Only, a leading credit union and retail banking solution provider
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VANCOUVER, Aug. 18, 2015 /CNW Telbec/ - CGI (TSX: GIB.A) (NYSE: GIB) and Northern Savings Credit Union have entered into a 10-year agreement for the outsourcing of core banking services.
In addition, CGI entered into a definitive agreement to acquire the business of Solutions Only Financial Solutions Ltd., a Northern Savings indirect subsidiary, which will augment CGI's industry-leading banking solutions portfolio and strategy of providing clients with high-value IP-based services. The closing of the transaction is subject to customary closing conditions. As part of the acquisition, 31 Solutions Only employees will join CGI.
Northern Savings selected CGI as its long-term strategic IT partner to support their future growth, improve operational excellence and reduce risk. The transition to CGI will also enable Northern Savings and other credit unions to benefit from end-to-end hosting and support services that will increase quality and return on investment.
"We chose CGI because of its strong banking and outsourcing experience and track record across Canada," said Bill Nicholls, Acting Interim President and Chief Executive Officer of Northern Savings. "We're excited to enter into this long-term partnership to not only help grow our business but enable us to focus on providing excellent member service."
"CGI works with more than 110 credit unions across Canada, representing 3 million end customers. We are pleased to add Northern Savings as a client and to enhance our credit union and retail banking capabilities with the addition of the Solutions Only portfolio and its employees. This reinforces our commitment to this market and makes us one of the country's largest providers of credit union services and solutions," said Jay MacIsaac, Senior Vice-President, CGI.
"We're very pleased that Northern Savings has put their trust in us to be their technology partner and are thrilled to be welcoming the Solutions Only team to CGI," added Paul Mackley, CGI's Vice President, Services to Credit Unions.
About CGI Founded in 1976, CGI Group Inc. is the fifth largest independent information technology and business process services firm in the world. Approximately 68,000 professionals serve thousands of global clients from offices and delivery centers across the Americas, Europe and Asia Pacific, leveraging a comprehensive portfolio of services including high-end business and IT consulting, systems integration, application development and maintenance, infrastructure management as well as a wide range of proprietary solutions. With annual revenue in excess of C$10 billion and an order backlog of approximately C$20 billion, CGI shares are listed on the TSX (GIB.A) and the NYSE (GIB). Website: www.cgi.com.
Forward-Looking Statements All statements in this press release that do not directly and exclusively relate to historical facts constitute "forward-looking statements" within the meaning of that term in Section 27A of the United States Securities Act of 1933, as amended, and Section 21E of the United States Securities Exchange Act of 1934, as amended, and are "forward-looking information" within the meaning of Canadian securities laws. These statements and this information represent CGI's intentions, plans, expectations and beliefs, and are subject to risks, uncertainties and other factors, of which many are beyond the control of the Company. These factors could cause actual results to differ materially from such forward-looking statements or forward-looking information. These factors include but are not restricted to: the timing and size of new contracts; acquisitions and other corporate developments; the ability to attract and retain qualified members; market competition in the rapidly evolving IT industry; general economic and business conditions; foreign exchange and other risks identified in the press release, in CGI's annual and quarterly Management's Discussion and Analysis ("MD&A"), in CGI's Annual Report, and in the Company's Annual Information Form filed with the Canadian securities authorities (filed on SEDAR at www.sedar.com), in CGI's Annual Report on Form 40-F filed with the U.S. Securities and Exchange Commission (filed on EDGAR at www.sec.gov), as well as assumptions regarding the foregoing. The words "believe," "estimate," "expect," "intend," "anticipate," "foresee," "plan," and similar expressions and variations thereof, identify certain of such forward-looking statements or forward-looking information, which speak only as of the date on which they are made. In particular, statements relating to future performance are forward-looking statements and forward-looking information. CGI disclaims any intention or obligation to publicly update or revise any forward-looking statements or forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable law. Readers are cautioned not to place undue reliance on these forward-looking statements or on this forward-looking information.
SOURCE CGI Group Inc.