Toronto-based software company Symbility Solutions Inc. has sold its health division to Telus Health for approximately $16.5 million.
“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 brands,” said James Swayze, chief executive officer of Symbility Solutions, in a news release. “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 customers’ growth.”
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Swayze noted the deal would allow Symbility Solutions to focus in on its core property and casualty insurance platform while at the same time considering further mergers and acquisitions with the proceeds.
“We welcome the Symbility team and customers and look forward, together, to delivering the best possible customer experience by providing third-party payers and administrators with the latest user-friendly digital health management tools, said Luc Vilandré, vice-president of health benefits management at Telus Health.
“These can enhance efficiency and flexibility for employers of all sizes and their employees, as well as support them in their growth.”