AI and technology transformation solutions company UST has announced that it has acquired Modus Information Systems, aiming to solidify its position in the financial sector.
With financial institutions across the Global South accelerating digital advancement and core modernisation, the acquisition of Modus, which is a core banking implementation partner that mostly offers services to banks in India and across the broader Global South, is set to enable UST to meet the scaling demand for future-ready banking solutions.
Furthermore, the strategic deal emphasises UST’s commitment to assisting innovation and operational efficiency in the financial services sector. According to the official press release, Modus’ services are set to be provided from Bengaluru as part of UST’s global financial services practice. However, at the time of writing, no details on the investment value were disclosed to the public.
Improved market position and more capabilities
By acquiring Modus, UST aims to strengthen its position as a provider of core banking software while also accelerating its development strategy by allowing it to deliver services in emerging markets across the Global South. Additionally, the deal falls in line with UST’s Banking-as-a-Service (BaaS) utility offering, BanktrUST, and advances its mission to build an optimal global financial services practice.
As part of this transaction, Modus, which currently has a team of nearly 340 professionals, will bring its knowledge in implementing and supporting core banking solutions. At the same time, the company’s partnerships and its ability to work with platform companies are set to improve UST’s ability to provide comprehensive banking services.
Moreover, commenting on the move, representatives from Modus underlined that becoming part of UST will enable the company to offer end-to-end solutions at a larger scale, especially in areas such as application services, domain-centric technology solutions, infosec and cybersecurity, platform and hosting services, and system integration. Also, by working together, the two companies seek to support faster advancement, increased financial inclusion, and a more resilient digital ecosystem.
