PRNewswire
Aliso Viejo (California) [US] / Bengaluru (Karnataka) [India], October 9: UST, a leading AI and technology transformation solutions company, has acquired Modus Information Systems Private Limited (Modus) in a strategic move that will strengthen UST's position in the financial sector. Based in Bengaluru, India, Modus is a core banking implementation partner that primarily serves several banks in India and across the broader Global South. As banks across the Global South accelerate digital transformation and core modernization, this acquisition positions UST to meet growing demand for scalable, future-ready banking solutions. Strategic move equips UST for further success serving finance and banking clients in emerging markets worldwide.
This acquisition further strengthens UST's leadership position in the growing market for core banking software and accelerates the company's growth strategy by equipping it to serve emerging markets across the Global South. Furthermore, the move aligns with UST's Banking-as-a-Service utility offering, BanktrUST, and represents a step forward in building a robust global financial services practice.
Modus, with its team of approximately 340 skilled professionals, brings deep expertise in implementing and supporting industry-leading core banking solutions. With a history of success and innovation dating back to 2003, and a Finacle Value Partner, the company's established partnerships and its proven ability to collaborate with leading platform companies will significantly enhance UST's ability to deliver comprehensive banking services. By combining UST's AI and platform engineering strengths with Modus's deep domain expertise, the company will deliver differentiated value to banking clients worldwide.
"This is a defining moment for Modus. Joining forces with UST enables us to expand our capabilities and bring a broader, more powerful suite of services to our customers. By becoming part of the UST family, Modus will significantly enhance its ability to deliver end-to-end solutions at greater scale, speed, and depth--particularly in key areas such as application services, domain-centric technology solutions, infosec and cybersecurity, platform and hosting services, and system integration. Together, we will deliver greater innovation, agility, and measurable business outcomes," said KL Mohan Kumar, Chief Executive Officer, Modus.
"India and the rest of the Global South have experienced rapid economic growth for over a decade, and this long-term trend is likely to continue. Banks in these markets have accordingly grown in both scale and absolute numbers. Increasing financial inclusion, coupled with large unbanked and underbanked populations, means that these growth figures will be sustainable in the long term. In addition, the region's expanding and maturing telecom infrastructure, combined with evolving expectations of banking users and regulatory changes, makes a compelling case for banks to invest in core banking technologies and broader digital transformation initiatives. Modus has been transforming the core banking landscape in India for over two decades. The acquisition of Modus enables UST to holistically address the increased demand that accompanies the growth of the financial industry while maintaining the same high standards for customer experience, efficiency, and regulatory compliance needs. Together, UST and Modus will redefine how banks in emerging markets approach modernization--enabling faster innovation, deeper financial inclusion, and more resilient digital ecosystems," said Kaushal Tripathi, Chief Growth Officer, UST.
This strategic acquisition underscores UST's commitment to driving innovation and operational excellence in the financial services industry. Modus' services and expertise will be offered from Bengaluru as part of UST's global financial services practice. UST and Modus did not disclose the investment value.
About UST
Since 1999, UST has worked side by side with the world's best companies to make a powerful impact through transformation. Powered by technology, driven by AI, inspired by people, and led by our purpose, we partner with our clients from design to operation. Our AI-driven digital solutions, proprietary platforms, engineering, R&D, products, and innovation ecosystem turn core challenges into impactful, disruptive solutions. With deep industry knowledge and a future-ready mindset, we infuse expertise, innovation, and agility into our clients' organizations--delivering measurable value and positive lasting change for them, their customers, and communities around the world. Together, with 30,000+ employees in 30+ countries, we build for boundless impact--touching billions of lives in the process. Visit us at www.UST.com.
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