Source: Corpus
Corpus, Inc., a provider of custom application development and information technology services in the banking, financial services and telecommunications industries, today announced that it has expanded its presence in the global capital markets sector with the acquisition of Lab49, Inc.
Lab49 is a boutique Wall Street consultancy that specializes in custom software solutions for the capital markets sector. The firm will operate as a wholly owned subsidiary of Corpus, which has experienced exponential growth since its founding in 1999. Corpus has offices in Atlanta, Charlotte, Chicago, Columbus, Dallas, New York and Tampa, as well as in Bangalore and Hyderabad, India.
Corpus, with a proven capacity for global delivery, has numerous Fortune 100 clients across the Telecom, Finance, and Media sectors.
Lab49, founded in 2002, serves leading investment banks, hedge funds and mortgage institutions and has completed custom software engagements in equities, fixed income, foreign exchange, portfolio management, and real-time risk information delivery systems.
"This is a very beneficial business combination that will enhance our goal to further penetrate global markets with sophisticated, high-end services," said J. Brant Arseneau, VP of Banking and Financial Services Technology for Corpus. Lab49 will be part of the Corpus Financial Services Technology division, which provides leading-edge professional service to institutions in capital markets, asset management, reinsurance and retail banking.
"We are pleased and excited to welcome Lab49 into our corporate family," said Corpus CEO Sachin Tummala, who noted that the combination resulted from referrals by mutual clients of the two firms. "Our pursuit to build a $100 million financial practice in the next four years is becoming more and more attainable with specialists like Lab49 joining our team. We embrace Lab49's best-in-class service offerings and will make the value of these services the centerpiece of our Financial Services Practice."
Luke Flemmer, Managing Director and co-founder of Lab49, said, "We are excited to be joining forces with Corpus. The combination of Lab49's high-end financial services expertise with Corpus's global reach and resources makes for a phenomenal offering. We look forward to offering our customers even more execution capability, as we expand our services into multiple markets."