Intellect Design Arena Limited — Updates, 23-01-2025: Press Release

Intellect has entered into an agreement to take over the digital banking operations of Central 1 Credit Union in Canada, following Central 1's decision to discontinue its digital banking offerings. This agreement involves the transfer of Central 1's applications, such as Forge and Member Direct, along with associated engineering and service teams. Central 1 will continue delivering the necessary technology infrastructure as part of the agreement. To ensure a smooth transition for clients, select team members from Central 1 will join Intellect to manage the software and support clients. This move underscores Intellect's commitment to enhancing its presence in the North American market and building on its long-standing collaborations with financial institutions. Investors should watch this development closely, as it presents an opportunity for growth and greater market share in Canada. The transaction is expected to close in the coming weeks.