TORONTO, ONTARIO — (May 8, 2018) Symbility Solutions (TSX.V: SY), a global software company focused on modernizing the insurance industry, today announced it has completed a definitive agreement to sell its Symbility Health Division business to TELUS Health. The transaction is valued at approximately CA$16.5 million, subject to working capital adjustments.
“We are proud to announce the sale of the Symbility Health division to TELUS Health, one of Canada’s leading health technology companies and most recognized brand. TELUS Health is an experienced and longstanding contributor in the area of digital enablement for the insurance sector which will ensure the continued support for our customer’s growth,” commented James Swayze, CEO, Symbility Solutions. “This divestiture will allow Symbility Solutions to apply greater focus to its core Property and Casualty insurance platform while contemplating further transformative M&A with the proceeds of the sale.”
“We welcome the Symbility team and customers and look forward, together, to delivering the best possible customer experience by providing third party payors and administrators with the latest user-friendly digital health management tools. These can enhance efficiency and flexibility for employers of all sizes and their employees, as well as support them in their growth,” said Luc Vilandré, Vice-President, Health Benefits Management, TELUS Health.
About TELUS Health
TELUS Health is a leader in telehomecare, electronic medical and health records, consumer health, benefits management and pharmacy management. TELUS Health solutions give health authorities, providers, physicians, pharmacists, patients and consumers the power to turn information into better health outcomes. For more information about TELUS Health, please visit: telushealth.com.