UST buys Toronto-based IT consultancy Prodigy Labs
UST, a US-based global IT consulting firm, has acquired Prodigy Labs, a Toronto-based IT consulting and staffing firm.
Founded in 2014, Prodigy Labs supports financial services firms with solutions in IT product advisory, business process transformation, legacy modernization, mobile, project rescue, and data science. The firm also provides talent solutions in staff augmentation, customized workforce, and project teams.
Prodigy Labs’ technology partners include Microsoft Dynamics, Workday, SAP, and MuleSoft. The consultancy has 29 employees listed on LinkedIn.
UST will pay a cash consideration of up to $12.5 million to parent company Prodigy Ventures, with up to $4 million contingent on the achievement of certain Ebitda and revenue targets. The transaction will leave Prodigy Ventures as a pure SaaS platform business focusing on its IDVerifact and Ficanex technology businesses.
UST’s acquisition of Prodigy Labs will expand its digital transformation capabilities in the financial services industry and grow its footprint in Canada, where it currently has a Vancouver office.
"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.
Headquartered in Orange County, California, UST has more than 30,000 employees in 30+ countries. The firm delivers services across IT strategy, implementation, and operations; experience design; UST proprietary products and platforms; and digital transformation.
“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, and CEO of Prodigy Ventures.
