07:32 AM EDT, 07/04/2024 (MT Newswires) -- CGI (GIB-A.TO) said Thursday that it agreed to acquire Celero's credit union business that serves clients across Canada.

The IT and business consulting services firm said Celero's credit union business comprises master services agreements that span managed services with over 90 credit unions, core banking, digital banking and related IT services.

CGI said the acquisition complements and expands its core banking service offerings and digital banking solutions to the Canadian credit union sector.

With the deal, CGI said it creates new partnerships with Credit Union Central of Manitoba, Alberta Central and SaskCentral.

"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," said Michael Godin, president of CGI's Canadian operations. "This transaction is consistent with our build and buy profitable growth strategy, while serving as a catalyst for future organic growth."

CGI's share price closed 0.5% lower yesterday to $138 on the TSX.