Symbility Solutions completes agreement to sell its Symbility Health Division
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.
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.
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FOR FURTHER INFORMATION, PLEASE CONTACT:
James R. Swayze
Chairman & Chief Executive Officer
(647) 775- 8603
Blair R. Baxter
Chief Financial Officer
Lucy De Oliveira
VP, Global Marketing
TELUS Social and Media Relations