UST, a digital transformation solutions company, has acquired TCB Corporation, a Canadian tech service company that operates under the name of Prodigy Labs, as part of a deal with Prodigy Ventures Inc. that will be worth up to CAD12.5m. A provider of innovative tech solutions, Prodigy Labs plays an active role helping financial services firm drive comprehensive digital transformation campaigns. The acquisition strengthens UST’s position in the sector.
What does the acquisition mean for UST?
This latest strategic move aligns with UST’s focus on delivering modern solutions that help financial institutions accelerate their digital transformation. In addition, the acquisition of Prodigy Labs will allow UST to globally develop solutions that make it easier for financial institutions to fully participate in the rapidly expanding financial services landscape.
In addition to further strengthening the company’s digital transformation capabilities in the financial services sector, the acquisition expands UST’s presence in the Canadian market.
“The financial sector is evolving in a number of exciting ways, and the acquisition of Prodigy Labs will position UST for long term success in a growing market. Adding the cutting-edge solutions developed by Prodigy Labs will enhance UST’s services portfolio, improving our ability to deliver end-to-end digital transformation in the financial services industry,” commented Mehmet Pasa, General Manager for Banking and Payments, UST.
What does this mean for the financial services industry?
“With the acquisition of Prodigy Labs, UST is adding additional strength and capability to its practice of delivering end-to-end digital transformation in the financial services industry,” commented Sunil Kanchi, Chief Information Officer and Chief Investment Officer, UST.
“UST is ready for the future and is also ready to help move financial institutions into a modern digital framework for the delivery of a first-class customer and member experience. This strategic acquisition positions us for success in the Canadian financial services market, a key vertical for UST, enhancing our ability to meet demand in this dynamic sector while also providing near shore support to serve the US market,” said Sunil Kanchi further said.
“Prodigy Labs has played an active role in modernising service delivery and strengthening Prodigy Labs’ relationship with UST will empower its team to keep delivering these critical services to its devoted client base. I am excited that Prodigy Labs will continue its growth as a UST company, building on its financial strength and broad global portfolio of products, services, and resources,” said Tom Beckerman, Founder, Chairman & CEO, Prodigy Ventures.
This acquisition further shows that UST is committed to enhancing its competitiveness by collaborating with leading organisations advancing groundbreaking digital transformation solutions that simplify operations for customers and internal stakeholders alike.