IT and business consulting services firm CGI has acquired payment processing technology and solutions provider Celero’s credit union business serving clients across Canada.

The financial terms of the deal were not disclosed.

The Canadian credit union business includes master services agreements that encompass managed services, digital banking, core banking, and related IT services.

Through the acquisition, CGI aims to expand its core banking service offerings as well as digital banking solutions to the Canadian credit union sector.

Under the agreement, CGI has acquired the managed services business with over 90 credit unions.

The company also aims to build new partnerships with Credit Union Central of Manitoba (CUCM), Alberta Central and SaskCentral.

CUCM CEO and Celero chair Curtis Wennberg said: “CGI is the ideal IT services firm to continue the legacy of outstanding service Celero has established.

“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.”

Celero’s credit union business will seamlessly integrate into CGI’s existing operations to ensure continuity and quality of service for all clients.

As part of the transaction, over 150 Celero employees will join CGI. They will benefit from the company’s ownership-based culture that guarantee smooth onboarding and future professional development opportunities, said CGI.

CGI Canada operations president Michael Godin said: “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.”