UST Acquires Prodigy Labs, Enhancing its Ability to Drive Digital Transformation in the Financial Sector in Canada
UST 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.