CyberBranch brings CGI a suite of leading edge Web-based technology solutions, backed by a highly skilled team of professionals with the know-how and expertise to develop and operate these solutions for credit unions. Of particular interest is the Loan Navigator solution that provides instant decisioning for all types of Internet loan applications in under a minute.
CyberBranch Corporation has been acquired for a cash consideration of approximately US$ 1 million (CDN$1.5 million) plus future royalty considerations.
Through this acquisition, CGI will expand its Web-enabled solutions and build upon its Web-enabled delivery channel capabilities. The CyberBranch expertise and solution set, including a Web-enabled core banking front end, various Web-enabled credit union member access components, and its expertise at delivering Web solutions in an ASP mode, accelerates CGI’s implementation of this strategy.
Warren Marshall, CyberBranch’s president and CEO, added: We are extremely pleased about joining CGI. Our current clients and technology partners investment in CyberBranch e-commerce solutions is preserved now and for the future. CGI’s established distribution network, combined with our leading edge technologies and expertise, will allow us to significantly increase our critical mass in a rapidly consolidating North American market place. Leveraging both companies’ solutions and skill sets will allow us to present a compelling offering to our credit union clients all across Canada and the U.S.
John R. Davis, president and CEO of Stanford Federal Credit Union said: The acquisition by CGI offers the Credit Union an ability to continue to work as a technology partner with CyberBranch, while participating in the future success of the company as it sells into an expanded, international market place.
We are delighted to welcome the 21 professionals of CyberBranch to CGI, said Gilles Godbout, senior vice-president of Credit Union Solutions and Services, CGI. With operations in the Silicon Valley and some 170 clients in the credit union sector, CyberBranch enhances our already established presence in the US credit union market. It also brings highly valuable IT solutions, and its skilled staff will contribute to our leading edge expertise in meeting the needs of financial services clients.
