TORONTO, May 8, 2018 /CNW/ - 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.
About Symbility
Symbility (TSX.V: SY) believes in creating world-class
experiences that simplify business and improve lives. With a
history in modernizing insurance claims solutions for the property
and casualty industry, Symbility has established itself as a
partner that puts security, efficiency and customer experience
first. Symbility PROPERTY™ brings smarter thinking to property
insurance. Our strategic services team, Symbility INTERSECT™
empowers a variety of businesses with smarter mobile and IoT
product development strategy, design thinking and engineering
excellence. We push industries forward and prove that change for
the better is entirely possible. symbilitysolutions.com
Forward Looking Statements
This news release contains forward-looking information.
Forward looking statements in this release include those related to
the impact of the divestiture on Symbility Solutions' financial
results. Forward looking statements involve known and unknown
risks, uncertainties and other factors that may cause actual
results, performance or achievements of Symbility Solutions to
differ materially from the anticipated results, performance or
achievements expressed or implied by such forward-looking
statements. More detailed information about potential factors that
could affect financial results is included in the documents filed
from time to time with the Canadian securities regulatory
authorities by Symbility Solutions Inc. Readers are cautioned not
to place undue reliance upon any such forward-looking statements,
which are made as at the date of this press release and Symbility
Solutions does not undertake any obligation to update publicly or
to revise any of the included forward-looking statements, whether
as a result of new information, future events or otherwise, except
as may be required by applicable securities laws.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
All trade names are the property of their respective owners.
View original content with
multimedia:http://www.prnewswire.com/news-releases/symbility-solutions-completes-agreement-to-sell-its-symbility-health-division-300644661.html
SOURCE Symbility Solutions Inc.