Addition of enhanced end-to-end financial solutions further strengthens UST's comprehensive portfolio of services
TORONTO and BENGALURU, India, Jan. 31, 2023 /PRNewswire/ -- UST, a leading digital transformation solutions company, has acquired TCB Corporation, a Canadian technology service company that operates under the name of Prodigy Labs, as part of a deal with Prodigy Ventures Inc. (TSXV: PGV) that will be worth up to CAD12.5 million. A leading provider of innovative technology solutions, Prodigy Labs plays an active role helping financial services firm drive comprehensive digital transformation campaigns. The acquisition significantly strengthens UST's position in the financial services sector.
This latest strategic move aligns with UST's focus on delivering modern solutions that help financial institutions accelerate their digital transformation. The acquisition of Prodigy Labs will allow UST to 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 Canadian 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," said Mehmet Pasa, General Manager for Banking and Payments, UST.
"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. 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, Chief Information Officer and Chief Investment Officer, UST.
"Prodigy Labs has played an active role in modernizing 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.
UST is committed to enhancing its competitiveness by collaborating with leading organizations advancing groundbreaking digital transformation solutions that simplify operations for clients and internal stakeholders alike.
About UST
For more than 23 years, UST has worked side by side with the world's best companies to make a real impact through transformation. Powered by technology, inspired by people, and led by our purpose, we partner with our clients from design to operation. Through our nimble approach, we identify their core challenges, and craft disruptive solutions that bring their vision to life. With deep domain expertise and a future-proof philosophy, we embed innovation and agility into our clients' organizations—delivering measurable value and lasting change across industries, and around the world. Together, with over 30,000 employees in 30+ countries, we build for boundless impact—touching billions of lives in the process. Visit us at www.UST.com
About Prodigy Ventures Inc.
Prodigy delivers Fintech innovation. The Company provides leading edge platforms, including IDVerifact™ for digital identity, and tunl.™ for open banking and customer chat support, coupled with seamless integration of our partners best-of-breed Fintech platforms. Prodigy has been recognized as one of Canada's fastest growing companies with multiple awards.
Media Contacts, UST:
Tinu Cherian Abraham
+1 (949) 415-9857
Merrick Laravea
+1 (949) 416-6212
Neha Misri
+91-9284726602
media.relations@ust.com
Media Contacts, U.S.:
S&C PR
+1-646.941.9139
media@scprgroup.com
Makovsky
ust@makovsky.com
Media Contacts, Australia:
Team Lewis
ust@teamlewis.com
Media Contacts, U.K.:
FTI Consulting
UST@fticonsulting.com
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