TELUS sells financial solutions business for $500M

TELUS sells financial solutions business for $500M
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VANCOUVER – TELUS Corporation (TSX: T; NYSE: TU), a leading communications and information technology company, announced today the sale of its financial solutions business to Dye & Durham, a leading provider of cloud-based software and technology solutions designed to improve efficiency and increase productivity for the legal community, business professionals, governments and financial institutions. The transaction closing date is today, December 6, 2021.

“As a long-standing, trusted partner to leading financial institutions across Canada, our team has provided the financial community with robust solutions that help them leverage technology to transform and advance their core business through digitization,” said Darren Entwistle, President and CEO of TELUS. “Dye & Durham shares our commitment to delivering customer service excellence, as demonstrated by its expansive and loyal client base. When combined with the company’s passion for human capital development and employee engagement, we are confident that this is the right organization to support our team members and the ongoing transformation of the financial services industry for many years to come.”

Net proceeds from the transaction will be used to support strategic growth investments including connecting more homes and businesses to the PureFibre network, advancing the 5G network build and investments to support enhancing new areas of growth including offerings to small and medium sized businesses, as well as in TELUS Health and TELUS Agriculture.

Proceeds will also support debt retirement. TELUS will provide operational transition services to Dye & Durham for up to 24 months following closing to ensure a smooth transition of operations.

 

 

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