01:40 PM EDT, 07/05/2024 (MT Newswires) -- CGI this week acquired Celero's credit union business. The acquisition expands CGI's core banking service offerings and digital banking solutions to the Canadian credit union sector, notes RBC.

Under the agreement, CGI will acquire the managed services business of 90+ credit unions and create new partnerships with Credit Union Central of Manitoba (CUCM), Alberta Central and SaskCentral. RBC analyst Paul Treiber estimates $32 million revenue annually and a $35 million purchase price. CGI did not disclose any financial details.

Celero's credit union business is CGI's first acquisition in nine months, since the acquisition of Miami-based Momentum Consulting in October 2023, Treiber notes.

CGI is rated Outperform, with a $163 target.

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