Leading digital transformation solutions company UST has acquired TCB Corporation, a Canadian technology service company that operates under the name Prodigy Labs as part of a deal with Prodigy Ventures Inc.A UST spokesman put the value of the deal at 12.5 million Canadian dollars (₹76 crore). Prodigy Labs helps financial services firms in their digital transformation campaigns. The acquisition strengthens UST’s position in the financial services sector, the spokesman said.
Digital transformation drive
The acquisition will allow UST to develop solutions for financial institutions venturing into financial services landscape, besides expanding the company’s presence in the Canadian market.
Mehmet Pasa, General Manager for Banking and Payments, UST, said 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. “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.”
Evolving Canadian market
Sunil Kanchi, Chief Information Officer and Chief Investment Officer, UST, said the acquisition will add strength and capability to its practice of delivering end-to-end digital transformation in the financial services industry. “It positions us for success in the Canadian financial services market, a key vertical for UST, enhancing our ability to meet demand while also providing near-shore support to serve the US market.”
Tom Beckerman, Founder, Chairman and CEO, Prodigy Ventures, said Prodigy Labs has played an active role in modernising service delivery. Strengthening relationship with UST will empower its team in delivering services to its client base. “I am excited Prodigy Labs will continue its growth as a UST company, building on its financial strength and broad global portfolio of products, services and resources.”